Selling a business or changing the entity that holds a business name
If you sell your business and business name, you will need to cancel the business name and transfer the business name to the new holder.
Once the new business name holder applies to register the business name, they can start trading using that business name, even before it appears on the register with the new holder details.
Changing the entity that holds a business name
If the entity that holds the business name changes, you must lodge an application to cancel the business name and transfer it to the new entity. Once the application has been accepted, we will issue a consent to transfer number to you. You need to provide the proposed business name holder with the consent to transfer number to enable them to register the business name. When applying for registration the proposed holder needs to provide a new ABN and the consent to transfer number for the new entity. Examples of possible changes are:
For current business name holders:
Step 1: Log into ASIC Connect
Log into ASIC Connect by selecting the ‘Log in’ button or create an ASIC Connect account by selecting the 'Get started' button.
Step 2. Get an ASIC key
You will need the ASIC key (similar to a PIN number for a bank account) for the business name to cancel and transfer the business name. Learn more about the ASIC key.
When you log in for the first time, if you don’t already have an ASIC key for your business name, request one when prompted. It will be sent to the address for service of documents we have on record for the business name.
Check the address for service of documents we have for your business name by searching the Business Name Index on ASIC Connect Search. If your address is incorrect, please contact us.
Step 3. Use your ASIC key to link your business name to your account.
Use your ASIC key to link your business name to your account.
Step 4. Complete a 'Cancel/Transfer business name' transaction.
From the 'Lodgements & Notifications' tab, select your business name and then select the 'Cancel/Transfer business name' transaction.
Then select ”I would like to cancel & transfer this business name” (second option).
Please note that once a cancellation application is submitted it cannot be withdrawn.
Step 5: Obtain 'consent to transfer number'
Once you have submitted your transaction, we will send a consent to transfer number to the email address of the person that submitted the transaction. Each business name holder (and any other representatives recorded in the business names register) will also receive a written notification of the intention to cancel the business name.
This provides them with at least 28 days notice that we intend to cancel the business name. This is to ensure that all relevant parties are informed of the request to cancel the business name and prevents unauthorised attempts to cancel a business name.
Step 6: Give the 'consent to transfer number' to the proposed business name holder
You need to give the consent to transfer number to the proposed business name holder. They will then be able to apply to register the business name online using ASIC Connect.
For proposed business name holders:
Step 1: Obtain consent to transfer number
The current business name holder or authorised third party is responsible for providing you the consent to transfer number.
Step 2: Register business name
If you received the consent to transfer number on or after Monday 13 August, you can apply at any time to register the business name online through ASIC Connect.
When registering your business name through ASIC Connect , ensure that the business name is entered EXACTLY as it appears on our register. You can check how it appears by searching the Business Names Index on ASIC Connect Search.
You must also enter the 'consent to transfer number' in the format provided – ‘1-' followed by 10 digits e.g. 1-1234567890.
Your online application will be registered, however the business name will not display on the national business names register until 28 days from the date of issue of the ‘consent to transfer number’.
Until that time you can see details on the Register of recently transferred business names.
After you have applied to register the business name, you can conduct business under the business name for up to three months without committing an offence even if the registration has not been finalised.
The name will not be available for registration by anyone who cannot provide the consent to transfer number until after three months have passed.
If you receive a consent to transfer number on or before Friday 10 August, contact us and provide the following information:
• the business name being transferred
• the consent to transfer number
• your name
• a valid contact number, and
• a valid email address.
We will then contact you with instructions on how to register the business name.