Using your existing business name for a new company is made quick and simple using Lawpath's company registration form
Sole Trader/Individual to a Company (Pty Ltd)
If you already own the name
If you are the same owner of the name (i.e. you own the name already and just changing business structure) you can simply select 'I own this business name' and then continue on with your application.
You will need to be listed as EITHER a shareholder OR director of the company to allow a successful transfer of the name (yes, can be listed as both!)
You will then need to enter the matching ABN for the business name before it can be used to register your company.
Continue on the rest of the company application, adding relevant information to the form.
You can add new shareholders and directors, they do not previously have to had been involved in the business
For a full list of information required, you can check the article here: What do I need to complete company registration?
Partnership to Company (Pty Ltd)
If you are in a Partnership and decide to move to a company structure, you can use the same name. You will follow the same steps as Sole Trader, however, both partners will need to be listed as directors or shareholders.
If only one partner wants to be involved in the company
If not all parties want to be involved, then you will need to complete a Business Name Transfer through ASIC Connect.
Transfer name to a new owner
If you are not going to be the new owner of the Business Name, you will need to have the transfer number from ASIC before the new owners will be able to use the name.
Create a free, ASIC Connect account if you don't already have one, and link it to your business name.
Then you complete an online application to transfer the business name. Be careful that you apply to transfer your business name and not to cancel it
ASIC will then send a secure transfer number to the email address you gave them when you registered your business name. If you didn’t give them an email address, they’ll send it to your service of documents address.
Give the new owner the transfer number
The new owner will need to register the business name within 4 months in their own account
FAQs
Q: Can I list the current owner to establish the company and then remove them from the new company?
Yes, however, please be aware that they will still show in historical records
Q: Do I need to close the previous business?
You can cancel the ABN of the business directly with ABR, and complete the transfer of the business name to ensure the name is only associated with your new company. (It is recommended you do this only when the new company is set up)
Still have questions? Speak to a Company Registration Expert about your application via the link here
For more information, you can contact ASIC directly here: Transfer your business name