A business name is the name you trade under and helps identify who you are to your customers and other businesses.
The Australian Bureau of Statistics (ABS) reports there are over 2.5 million businesses registered in Australia.
It is important to know, however, that registering a business name does not give you exclusive rights to use that name, nor does it prevent another person from registering a similar name.
How to protect your business name
To protect your business name and to prevent someone else from using that name or one that is similar to that name, you can consider registering it as a trademark.
A registered trademark is a type of intellectual property right that protects a business’s unique brand, products or services.
It gives your business exclusive use of the trademark and offers you legal protection to deter others from using your trademark for similar goods and services.
Registering a business name
When registering a business name, it is also important to check it is not similar to other registered names in your field of business (i.e. mortgage and finance broking).
You can check for similar registered and trademarked business names by searching:
ASIC’s Organisations and Business Names search tool
IP Australia’s trademark register
If you register a similar business name to a business name that is already registered, you may be open to claims such as:
Passing off – this is an action which protects a business whose reputation or ‘goodwill’ suffers damage or misrepresentation by an imitator and as a result, misleads consumers.
Misleading and deceptive conduct under the Australian Consumer Law – this is if the business name you have registered has misled customers into thinking the business is related to a similarly named business.
Therefore, do your due diligence and make sure the business name you choose, and register, is not similar to one already registered.
Disputes
If you are concerned that a third party is deliberately giving the impression that they are related to your financial services or credit services businesses by registering a business name that is similar to yours, we recommend you register your concern with ASIC. The resources below explain how to do this:
ASIC Information Sheet 199 Disputes about similar company names
business.gov.au: Difference between a business name and a trademark
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Article Reference: Mortgage & Finance Association of Australia