Under newly introduced legislation, businesses will only have to pay one fee to register their company name.
A single national bill, The Business Names Registration Bills 2011, will replace the individual state and territory registration services, a decision resulting from the Council of Australian Governments (COAG) agreement signed in 2009.
The new bill reduces red tape, saves time and cuts costs for business. Businesses will no longer have to register their business name in every state and territory they trade in.
Parliamentary secretary to the treasurer David Bradbury told the House of Representatives today that this could cut business costs by $1.5 billion over eight years.
“At present, a business operating in every state and territory faces a cost of more than $1000 to register a business name for three years,” he said.
Under the new system it will only cost $70 to register a name for three years.
A joint online application for an Australian Business Number (ABN) and national business name registration will also be available to facilitate business start-ups.
