A business name can only be registered for one or three years, therefore there may come a time when a business may need assistance in the renewal process with the ASIC – The Australian Securities and Investment Commission.
A business name can be renewed via the ASIC Connect website or via an email that will be sent to the Business Owner. It will include a ‘Pay Now’ option.
The one year renewal is a good option for a new business, or the three year option will result in a discount being applied for that renewal. Payment can be made via credit card using teh ‘Pay Now’ option, via BPay or alternatively via Australia Post if an invoice is requested.
Scams
The ASIC is not immune to being impersonated by scammers. There have been emails circulating lately claiming to be from the ASIC and demanding payment to renew your business. If you find an email like this in your inbox, do not open and delete it straight away or discuss it with your Bookkeeper.
ALWAYS ensure that you are confident of the source.
An email is probably a scam and is not from ASIC if it asks you:
- To make a payment over the phone
- To make a payment to receive a refund
- For your credit card or bank details directly by email or phone
- Pay fees that are different to the fees on the website
ASIC notifications will ONLY come from this email address:
ASIC.Transaction.No-reply@asic.gov.au
You will receive the renewal 30 days before it is due, and in most cases, it will come via email.
Below is an example of a legitimate email from ASIC sent to a business owner.
Here is an example of an email scam regarding a Business Name Renewal sent to a business owner:
If the email the Business owner received contains the above information, it is not from ASIC.
How Can Business Owners Protect Themselves From Email Scams?
- Keep your anti-virus software up to date and run weekly anti-virus and malware scans.
- Be on the lookout for emails that don’t address you by name or misspell your details and have unknown attachments.
- Remove email access from people who no longer need it.
- Use a spam filter on your email account, and don’t click any links on a suspicious email.
- Secure your wireless network and be careful when using public wireless networks.
Business owners can also check their registration renewal dates via the ASIC Business name register. ASIC will only issue a renewal notice 30 days before the renewal date. If the renewal notice is outside the usual timeframe, it might be a scam. You can notify ASIC of a potential scam email by forwarding the entire email to ReportASICEmailFraud@asic.gov.au.
Other Providers
Private registration providers are HIGHLY proactive in sending Business Renewal notices to businesses whose name is coming up for renewal. These are usually sent via postal mail and are easy to spot as they will be sent several months before the renewal is due.
These private business registration service providers are legitimate and will often reference the fact that they are not representatives of ASIC. They may also state that the Business name renewal information in the letter is not a renewal notice issued in accordance with the Business Names Registration Act 2011 by ASIC. This offering has an extra fee for the business on top of the standard ASIC Business Name renewal charges for either one year or three years.
It is highly recommended that business owners consider engaging with their Bookkeeper to renew a business name. They should use the options described in this article and not engage with a private business registration service provider.
