This trips up more sellers than any other part of the sale. A company name is the legal identity registered with the Australian Securities and Investments Commission, or ASIC, when you incorporated (usually a “Pty Ltd”).

If you’re selling or buying shares in the company itself, the company name doesn’t move anywhere. The company keeps existing; only its ownership changes hands. Nothing needs lodging with ASIC beyond updating shareholder and director details.

When selling or buying a business sometimes it makes sense for the buyer to also pick up the Company Name where the Company Name is identical to the Trading Name (e.g. ABC Pty Ltd trading as ABC).

There are two ways you can transfer the Company Name:

(1) Appoint the Buyer as Director and the Seller resigns as Director.  This will give immediate effect with no change to the ACN. The Director will be an individual or individuals.

To change the Director details along with any other contact details you will need to submit the following Online form:   Change to Company Details    

(2) Seller cancels the Company Name and the Buyer re-registers the Company Name under a new ACN. This is a longer process requiring the Company Name to sit in “quarantine” on the ASIC register for up to 2 months before it can be released for registration (you will need to check the ASIC register at the 2 month mark to see when it becomes free. The Buyer can reserve the name by following the last link provided below).  

To complete this you will need to submit the following Online forms:  

Step 1: Deregister Company Name
Step 2: Register Company Name
Optional Step: Reserve Company Name