How to manage company renewal and keep your business name registered with ASIC

Renewing your business on time keeps it legally active and compliant. Company renewal ensures your business name or company registration remains valid. This guide explains key deadlines, renewal steps and how to update your details to avoid issues.[ez-toc]

A quick guide to company renewal

Company renewal ensures that a business remains legally registered and compliant with ASIC. Businesses must renew their business name or complete an annual review for companies. Missing deadlines can lead to penalties or deregistration. ASIC sends a renewal notice before the due date. Businesses can renew through ASIC Connect or a private service provider.

Key deadlines and legal requirements for renewal

Staying on top of renewal deadlines is crucial for businesses in Australia. Missing a renewal can lead to penalties or even the cancellation of your business name or company registration. Understanding the legal requirements and key timelines will help ensure compliance and avoid disruptions.

Legal requirements for business name and company renewal

Businesses operating in Australia must renew their business name or company registration within the required timeframe. The Australian Securities and Investments Commission (ASIC) manages this process and ensures that companies are operating legally.

• Business name renewal: A registered business name must be renewed every one or three years, depending on the selected renewal period.
• Company renewal: A company must complete an annual review to confirm its details and comply with all legal requirements.
• ASIC sends a renewal notice: This is sent at least 30 days before your renewal is due to the business email address or mailing address listed on record.

If the renewal is not completed by the due date, the business name registration or company status may lapse. This could result in legal consequences or extra fees.

What happens if you don’t renew

Failing to renew can have serious effects:

• Your business name may be removed from the business register.
• Your company may lose its legal status and no longer be allowed to trade.
• You may be required to pay a late fee if the payment is late.
• If a company does not meet its obligations under the Corporations Act 2001, it may face legal action.

How to check your renewal due date

It’s important to check your renewal date so you don’t miss key deadlines. You can do this by:

• Logging into your ASIC Connect account and reviewing your registration details.
• Checking your annual statement that ASIC sends to confirm your company’s information is up-to-date.
• Looking at past renewal notices in your email address or official documents.

Choosing your renewal period

When you renew your business name, you can select a renewal period of either one or three years.Renewal periodBenefitsOne yearLower upfront cost but requires annual renewal.Three yearsLess frequent renewals and long-term cost savings.Choosing a three-year renewal period can reduce the risk of missing deadlines and help with long-term business planning.Keeping track of key dates and meeting all legal requirements will ensure your business stays active and complies with all legal requirements.

How to use ASIC Connect for a seamless renewal process

Renewing your business name or company registration through ASIC Connect is a simple process. ASIC Connect is an online service that allows businesses to manage their details, submit renewals and make payments. Following the right steps ensures a smooth renewal process and helps avoid errors or delays.

Step-by-step guide to renewing through ASIC Connect

To complete your business name renewal or renew your company, follow these steps:

1. Log into ASIC Connect
   • Visit the ASIC Connect website.
   • Enter your username and password.
   • If you don’t have an ASIC Connect account, register for one.
2. Access your business details
   • Click on the “Lodgements & Notifications” tab.
   • Select the business or company you want to renew.
   • Review your business name details or company information.
3. Update business details if needed
   • Ensure your email address, contact details and address are current.
   • If you need to update details, submit the changes before renewing.
4. Select your renewal period
   • Choose a one-year or three-year renewal period.
   • A longer renewal period reduces the chance of missing future renewals.
5. Confirm payment and submit the renewal
   • Review the invoice amount.
   • Select a payment method, such as BPAY, credit card or direct deposit.
   • Click submit to complete the renewal.

Troubleshooting common ASIC Connect issues

If you experience issues with ASIC Connect, try the following solutions:

• Forgot login details: Use the “Forgot password” option or check your business email address for past correspondence.
• Incorrect business details: Update details before completing the renewal.
• Payment issues: Ensure you use the correct BPAY details or request an invoice if needed.
• Did not receive a renewal notice: Check your email address and spam folder or log into ASIC Connect to view the due date.

By using ASIC Connect, businesses can complete their renewal process quickly and ensure their details remain up-to-date and accurate.

Understanding your renewal notice and payment details

Your renewal notice provides key details about when and how to renew. Missing a renewal can lead to penalties or cancellation of your business name or company registration. Knowing what to expect helps you stay compliant.

When and how ASIC sends a renewal notice

ASIC sends a renewal notice at least 30 days before your renewal is due. This notice goes to the business email address or mailing address linked to your account. It includes all the information needed to complete your renewal.If you don’t receive a renewal notice, check your email address, spam folder or ASIC Connect. You can also request an invoice through ASIC’s online services.

Key details in your invoice

The invoice in your renewal notice contains important payment details.Invoice detailDescriptionDue dateThe deadline for renewing your business name.AmountThe fee for your selected renewal period (one or three years).Payment optionsAccepted methods include credit card, BPAY and direct deposit.

How to handle a missing or lost renewal notice

If you lose your renewal notice, take these steps:

• Log into ASIC Connect to check your renewal process status.
• Request an invoice through the ASIC website.
• Contact ASIC for further support if needed.

Always ensure your business name details are up-to-date and accurate. This prevents missed notices and avoids late fees.

Choosing a private service provider for renewal assistance

A private service provider offers businesses an alternative way to manage their renewal process. These providers help with business name renewal and company renewal by handling paperwork, payments and compliance tasks. Many businesses choose a provider to save time and avoid missing deadlines.

When to use a private service provider

Not all businesses need a private service provider, but they can be helpful in certain cases:

• You have multiple renewals – Managing several business names or companies can be time-consuming. A provider ensures all registrations stay current.
• You want automated renewals – Some providers offer automatic business name renewal, reducing the risk of missed deadlines.
• You need compliance support – If you’re unsure about ASIC’s requirements, a provider can help you stay compliant.
• You missed a renewal notice – A provider can assist with late renewals and help pay a late fee if required.

Benefits of using a private service provider

A private service provider can simplify the renewal process with:

• Automated renewals – Providers track due dates and handle payments.
• Compliance checks – They ensure the business register is accurate and meets legal requirements.
• Reminder services – Some offer notifications before the renewal is due.
• Faster processing – They manage paperwork efficiently, reducing delays.

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Costs and choosing a reliable provider

Fees vary depending on the provider and services offered. When choosing one, consider:

• Reputation – Look for reviews and testimonials.
• Cost – Compare fees to ASIC’s standard renewal costs.
• Services – Ensure they offer what your type of business needs.
• Support – Check if they provide help with late renewals or compliance issues.

A private service provider can make renewals easier, but businesses should compare options before choosing one.

Updating your business information during renewal

Keeping your business details current is essential when completing a business name renewal or company renewal. Outdated information can lead to missed renewal notices, failed payments or compliance issues. The Australian Business Register and ASIC Connect store your details, so it’s important to check and update them as needed.

Why updating your details is important

ASIC and the Australian Business Register use your details to send important notices, including your annual statement that ASIC requires. If your business name details or company records are incorrect, you may not receive renewal reminders or invoices. This could lead to missed deadlines and extra costs, such as the need to pay a late fee.

How business structure changes affect the business register

Changes to your type of business or company structure can impact your obligations. ASIC and the business register must have accurate records to ensure compliance. If your company’s information is up-to-date, you can avoid delays or legal issues.Key updates may include:

• Business address changes – Your address for service of documents must be current. ASIC sends official notices here.
• Ownership or director modifications – Changes to company directors or owners must be updated. This ensures that the company complies with all legal requirements.
• Contact detail updates – Your business email address and phone number should be accurate. This ensures ASIC can send renewal notices and invoices.

How to update your details

• Log into ASIC Connect and select the business or company you need to update.
• Update your company’s details before submitting your renewal process.
• Lodge your changes late if needed, but you may be required to pay a late fee.

Regularly reviewing and updating your details ensures your business stays compliant and avoids unnecessary penalties.

Verifying your record of registration after renewal

A record of registration confirms that your business name or company remains active after renewal. It proves that ASIC has processed your renewal process and that your business is compliant. Keeping this record ensures you have proof of registration for banks, suppliers and clients.

What a record of registration is and why it’s important

When you renew your business name or renew your company, ASIC updates your business register and issues a record of registration. This document includes:

• Your business name details or company information
• The renewal date and expiry date
• Your Australian Business Number (ABN), if applicable
• Confirmation that your company complies with all legal requirements

This record is useful for tax purposes, financial transactions and legal verification. Businesses should store it securely and ensure all details are correct. Utilise Business Kitz to securely store your essential documents.

How to verify your renewal status

To check your renewal status and download your record of registration, follow these steps:

1. Log into ASIC Connect using your business email address.
2. Search for your business name or company in the business register.
3. Review the updated registration details and ensure the information is up-to-date and accurate.
4. Download and save your registration certificate for future reference.

If your status does not show as renewed, check your payment details or request an invoice to confirm that ASIC has processed the payment.

What to do if your registration lapses or is cancelled

If you miss your renewal, ASIC may cancel your business name registration or company status. This means you cannot legally trade under that name. If your registration lapses:

• Renew as soon as possible – You may need to pay a late fee or reapply.
• Check ASIC Connect – Confirm whether ASIC has officially cancelled your registration.
• Re-register if needed – If ASIC has removed your business name, you may need to start the registration process again.

Verifying your record of registration ensures your business remains compliant and avoids unnecessary delays or legal issues.

Final checklist: ensuring a smooth renewal process

A structured approach to your renewal process helps avoid missed deadlines, extra fees and business disruptions. Follow this checklist to keep your business name or company registration active and compliant.

Step-by-step checklist for renewal

✅ Verify renewal notice details and due date

• Check your renewal notice for accuracy.
• Confirm the due date to avoid missing the deadline.
• If you haven’t received your renewal notice, log into ASIC Connect or contact ASIC.

✅ Update business information if needed

• Log into ASIC Connect to check your business name details.
• Ensure your business email address, physical address and address for service of documents are correct.
• If you have new company directors, update ASIC records.

✅ Pay the renewal invoice on time

• Review the invoice amount in your renewal notice.
• Choose a payment method such as BPAY, credit card or direct deposit.
• If you need a new copy, request an invoice through ASIC’s online services.
• If you pay late, you may be required to pay a late fee.

✅ Keep a record of registration as proof of renewal

• Download your updated record of registration from ASIC Connect.
• Ensure it includes your business name registration and renewal confirmation.
• Store the document securely for tax, legal or banking purposes.

✅ Ensure your details in the Australian Business Register are current

• Log into the Australian Business Register to check for updates.
• If your type of business or ownership has changed, update ASIC records.
• Confirm that your company complies with all legal requirements under the Corporations Act 2001.

Following this checklist will help you complete your renewal correctly and on time.

Frequently asked questions about company renewal

How do I renew my business name with ASIC?

To renew your business name, log into ASIC Connect before your review date. Check your details, select a renewal period, and make the payment using BPAY, credit card or direct deposit. ASIC will send the renewal notice at least 30 business days before the due date. If you do not renew, you may need to register a business name again.

How do I renew my company registration?

A company needs to renew annually through an annual review. ASIC sends a notice with the required details. You must confirm your company information, ensure the legal status of the company remains valid, and pay any fees by the due date. The type of company (e.g. public company or proprietary company) determines your renewal obligations.

Where can I check my business register details?

You can check your details in the business register by logging into ASIC Connect. If you need to update your business name details, you must submit changes before renewal. The service of documents address must also be correct to ensure you receive legal notices.

How much does it cost to renew a business name or company?

The amount you will be required to pay depends on your renewal period and type of company. A Pty Ltd company has different fees than a public company. ASIC provides an invoice with the exact amount. If you need another copy, you can request a notice by email.

What are my payment options for company renewal?

You can use the pay now service through ASIC Connect. Payment methods include BPAY, credit card or direct deposit. Its important for your company to repay its debts on time to avoid penalties.

What do company directors need to do during renewal?

Company directors state that the company complies with all legal requirements and has the ability to repay its debts. If a company is struggling financially, a solvency resolution within two months may be required. The directors of your company must ensure all details are correct and submit any required documents.

How do I update my details in the Australian business register?

Log into the Australian Business Register and update your information before renewal. This ensures ASIC and other companies operating in Australia have accurate records.

Can I use a private service provider to handle renewals?

Yes, you can use our service or another private service provider to manage your renewal. This can help with reminders, automated renewals and compliance support. If you like to renew with extra assistance, consider outsourcing this process.

What happens if my company can’t pay on time?

If your company has the ability to pay but misses the deadline, ASIC may issue a late fee. If it cannot pay, the company directors state their financial position, and a solvency resolution within two months may be necessary. A company must prove its ability to repay its debts to continue trading legally.

Stay on top of your renewal

Managing your renewal process on time keeps your business name or company compliant. Missing deadlines can lead to extra fees, lost registrations or legal issues. Keeping your business name details and records updated ensures smooth operations.Business Kitz makes document management easier. Our tools help businesses track renewals, store important records and stay compliant. Using a reliable system reduces stress and saves time.Want to streamline your business systems? Sign up for free and explore Business Kitz for easy-to-use solutions that keep your business running smoothly.Disclaimer: This content is intended to be used for educational and informational purposes only. Business Kitz does not offer legal advice and cannot guarantee the accuracy, reliability, or suitability of its website content for a particular purpose. We encourage you to seek professional advice from a licensed professional and verify statements before relying on them. We are not responsible for any legal actions or decisions made based on the information provided on our website.Unless expressly stated otherwise, all content, materials, text, images, videos and other media on this website and its contents are the property of their respective copyright owners.