How to Change Business Name as a Sole Trader

27 September, 2024 · 5 min read

Author

Nikita Filippov

Learn how to change business name as a sole trader in Australia, including the steps involved, legal requirements, and tips for a smooth transition.

1. The Basics: What You Need to Know
2. Find the Perfect Name (and Make Sure It’s Available!)
3. Out with the Old: Cancel Your Existing Business Name
4. Register Your New Business Name: The Fun Part!
5. Update Your Business Records
6. Tell the World!
Final Thoughts: A Fresh Name, a Fresh Start!
A Seamless Business Transformation with ANNA One

Ready to give your business a fresh new identity? Whether your old name no longer fits or you've come up with something that truly captures your vision, changing your business name as a sole trader in Australia is totally doable.

Let's walk you through the steps so you can switch things up smoothly and with confidence.

1. The Basics: What You Need to Know

As a sole trader in Australia, you can either trade under your own personal name (like "Emma Lee") or register a business name ("Emma's Crafty Creations").

If you want to change your business name, there are a few rules to follow – but don't worry, it's easier than it sounds!

Already have a business name? You'll need to cancel the old one before you can register a new one.
Only using your personal name? You can skip the cancellation and head straight to registering your shiny new name.

2. Find the Perfect Name (and Make Sure It’s Available!)

You've probably already thought up the perfect name for your business, but before you start printing new business cards, make sure it's available! Here's how:

Go to the ASIC website to check if anyone else is already using your dream name. Just type it into their name search tool.
Double-check it isn't a registered trademark, and while you're at it, see if the domain name is free. You might want your website to match!

📌 Tip: If you have the perfect name for your business but can’t register it now, you can still reserve it for up to 2 months!

3. Out with the Old: Cancel Your Existing Business Name

If you're already operating under a registered business name and want to switch things up, you'll need to cancel the old name first. Here's how to do it:

Log into your ASIC Connect account (this is where you manage your business details).
Find the "Cancel Business Name" option and follow the steps.
Confirm the cancellation, and voila! You're ready to move on to the next step.

📌 Tip: There's no fee for canceling a business name, so you won't have to part with any cash just yet.

4. Register Your New Business Name: The Fun Part!

Once your old name is out of the way (or if you're starting fresh), it's time to register your new business name officially.

1. Log in to ASIC Connect

Do you already have an account? Great! If not, creating one on the ASIC Connect website is quick and easy.

2. Start Your Registration

Choose "Business Name Registration" from the menu and get started on registering your new name.

3. Fill in Your Details

ASIC will ask for things like your Australian Business Number (ABN) and business address. Then, enter your new business name and choose whether to register it for one or three years.

4. Pay the Registration Fee

Here's what it costs:

$44 for one year, or
$102 for three years. It's a small investment for your brand-new business identity!

5. Confirmation Time!

Once you've paid and submitted everything, ASIC will send you a confirmation email along with your official registration certificate. Now, you've got the green light to start using your new name.

5. Update Your Business Records

Your business has a new name – now it's time to make sure everything else matches. Here's what to update:

Australian Business Number (ABN): Your ABN stays the same, but you'll need to link it to your new business name on the Australian Business Register (ABR).
Bank Accounts & Financials: Notify your bank, accountant, and anyone else handling your business finances.
Marketing Materials: Your website, email signatures, business cards, and social media all need to reflect your new name.
Tax Details: Let the Australian Taxation Office (ATO) know about the change, especially if you're registered for GST or have other tax obligations.

📌 Tip: For all the necessary information, check out our 5 Steps to Update Your ABN DetailsDetails guide!

6. Tell the World!

Once everything is official, it's time to let your customers, clients, and suppliers know about the change. Make a splash with a fun announcement!

Here are a few ways to spread the word:

Post about it on your social media platforms.
Send out an email newsletter.
Add a banner to your website letting visitors know about the exciting change.

You've worked hard to build your business – your customers will want to know all about the transformation!

7. Bonus Steps to Protect Your Brand

Domain Name: If your business operates online, make sure your domain reflects the new name. If your ideal domain is taken, try adding an extra word or use ".com.au" instead of ".com."
Trademarks: If your new name is unique and you want to protect it, consider trademarking it through IP Australia. It's a great way to safeguard your brand's identity.

Final Thoughts: A Fresh Name, a Fresh Start!

Changing your business name as a sole trader in Australia is more than just paperwork – it's an opportunity to refresh your brand and move your business in a new direction. Following these steps will help ensure a smooth and hassle-free transition, from checking name availability to updating your records.

A Seamless Business Transformation with ANNA One

If you're just changing your business name or starting fresh with a whole new company, there's one tool that can take care of everything – ANNA One.

Whether you're a sole trader looking to switch up your business identity or someone ready to incorporate a brand-new venture, ANNA simplifies the process, offering comprehensive support from registration to bookkeeping and tax management.

With ANNA One, registering your business in Australia is a breeze. You'll not only get your Australian Business Number (ABN) and Australian Company Number (ACN) sorted, but also have access to a complete suite of financial tools designed to help your business grow and thrive.

Here's what ANNA offers:

Free company registration: Yes, you read that right. ANNA covers the registration cost with ASIC, so you can get started without paying a dime.

Business name check: Instantly check if your desired business name is available using ANNA's easy search tool. Once verified, you're ready to go.

Business banking and more: ANNA doesn't just stop at company registration. You can also open a business account, get access to professional invoicing, and even automate your taxes!

Key Features of ANNA One ⚡

Business documents in one place: Keep your receipts, invoices, and company documents organized. ANNA will automatically match transactions and extract key details, making bookkeeping a breeze.
Automated tax calculations: ANNA calculates your GST, income tax, and other obligations automatically, keeping you compliant with the Australian Tax Office (ATO). You'll never have to worry about missing deadlines or filing errors again.
Bookkeeping Score: Get tips on improving your bookkeeping practices to save money on taxes. The higher your score, the more efficient and tax-saving your business becomes!
Invoicing that gets paid fast: Send professional invoices in seconds, and let ANNA handle the follow-up. ANNA's smart reminders ensure your invoices get paid on time.

Ready to take your business to the next level?

From setting up your company with ASIC to managing your taxes and bookkeeping, ANNA offers an all-in-one solution that makes running a business easier than ever.

Don't just register your business – sign up and set it up for success with ANNA One!