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01 Feb 13 More on ASIC's Business Names register

MEMBER 12 writes in response to Member 9's comments in last week's TAXVINE - see 2013 TAXVINE No 1 (25 January 2013):

"In reply to Member 9 we also have experienced many problems with ASIC's Business Names register. A simple transfer of business names on the sale of a business in July 2012 took until November 2012 to finalise. A simple process of completing one form that took 15 minutes to prepare and lodge when administered by the State government is now a process with numerous steps involving 28 day waiting periods that took 5 months in total and dozens of phone calls, emails and letters to ASIC. The business purchaser was from New Zealand and it was very difficult to explain why a simple transfer of a business name was taking so long and was so time consuming. We had to write off much of our time as the client just could not believe it. In the meantime as the business name had not been transferred to the purchaser's name the client could not open a bank account with that business name and had great difficulty getting workers compensation insurance for the business."

And MEMBER 13 writes:

"I totally sympathise with Member 9. It took us 6 months (July to December), many phone calls and emails before we could transfer and register a business name; not to mention an upset client..."

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