With the new business name register a new system has been implemented by ASIC designed to help verify ownership of a business name. Since the rollover from the state based to a national business name system every business name in the register, old and new, has been assigned what is called an ASIC Key. The key is a unique 11 digit number sequence which in laymen’s terms can be compared with a bank card PIN number, only longer.
Same as with a bank account PIN, having access to the number will allow for making any updates or changes to the corresponding business name and hence, it is important to only share the ASIC Key with trusted individuals.
Without the ASIC Key you will not be able to make any changes to the business name data, including change of address, renewal of business name at time of expiry or cancellation of a no longer used business name.
So how do you get an ASIC Key?
If your business name was registered prior to 28 May 2012, the ASIC Key will be sent to you along with your next renewal notice. Keep in mind that this notice will be sent to the registered address in the business name register. This address was provided along with your initial business name application. If details such as your registered address, or physical business address has changed since you initially set up your business, it is your responsibility to advise ASIC.
If your business name was registered after 28 May 2012, the ASIC key was sent to you, detailed in the registration confirmation letter. This document is sent out by ASIC after payment for the business name registration is cleared.
Who can request an ASIC Key?
If you do not have an ASIC Key, but need to source it prior to your next renewal date, you can either create and ASIC Connect Account or give an authorised third party, such as an accountant, lawyer, registered agent or corporate services provider like Shelcom, written consent to obtain the Key on your behalf *.
- If the proprietor of the business name is an individual they will be able to request the Key.
- If the proprietor of the business name is a company, a company director or secretary will be able to request the Key.
- If the proprietor of the business name is a company with a registered agent, the agent is also authorised to request the Key.
- If the proprietor of the business name is a partnership or a joint venture, the partners will all be able to request the Key.
- If the proprietor of the business name is a trust, an authorised representative of the trust will be able to request the Key.
* Third parties must have a written statement on letterhead, that they have been given authority by each of the business name holders, to retrieve the ASIC Key on behalf of the business.
Once a request for the Key has been made the process should not take longer than 1-2 business days.