Transfer Business Name Ownership
If you own a business name, you are entitled to transfer the business name to another entity. For example, if you sell your business to another person.
To transfer your business name to another entity, you must first apply to cancel your existing business name registration.
During the cancellation request process;
- You need to select the option to transfer the business name to another entity,
- You will receive a ‘consent-to-transfer reference number’ when you submit your application,
- You should provide this number to the proposed transferee—this will allow them to register that exact business name.
- You cannot transfer the remaining registration period to another entity.
ASIC holds the business name for the proposed transferee for a maximum of 4 months and 28 days from the date the business name holder applies to cancel the business name.
If you have applied to transfer the business name, the proposed transferee may commence carrying on a business under the business name before the name is actually registered to them. However, the proposed transferee must register the business name within 3 months from the date you applied to cancel the business name.
This allows the business conducted under the business name to continue while the proposed transferee’s application for registration is being processed.