If you are a business owner, you will need to keep on top of all your business processes. This includes the renewal of your business name. This is usually a standard process, however, scammers pretending to be from the Australian Securities and Investments Commission (ASIC) have become more prevalent in recent years. To help you both identify and avoid these scams, this article will take you through key things to look out for that will help you identify an ASIC business name renewal scam.
Renewing Your Business Name
As a business owner, you must renew your business name on a regular basis. The price of renewing your business name will depend on the period for which you renew your name. Currently, to renew your business name with Registration, the renewal prices are:
|One year renewal||$99|
|Three year renewal||$63 / year for 3 years|
You will be able to renew your business name once you receive our Renewal Notification Letter which we send to you on a green notification letter a few months before your renewal is due. Once we send you a request for renewal, you should make your payment within 30 days before your business name has expired. Knowing the approximate date your business name renewal is due will help you avoid scams in the meantime.
Some scammers are sending fake emails pretending to be ASIC and they ask you to pay them money but never provide any actual service. They pretend to be from the ASIC Registry in Australia. This is a scam.
With an ASIC business name renewal scam, the two main forms are:
- fake emails; and
- fake letters in the mail using the ASIC logo and pretending to be from ASIC.
These scams are dangerous because they request both money and your personal information. Payment details or personal identifiers in the wrong hands could be a serious detriment to your business.
How to Identify Renewal Scams
It can be difficult to determine if an email or letter from us (ASIC Registered Agent) or from ASIC directly is authentic. Scam letters and emails often have very genuine looking ASIC logos. Some things to look out for when determining if you are being scammed include if:
- you cannot contact the company on the phone.
- you are due to renew your business name; and
- they are asking you to provide credit card or banking details by email.
Note whether the fees requested are something you’re comfortable with and be sure to double check you have received your Record of Registration shortly after your business name was due to be renewed.
How to Protect Yourself from Business Name Renewal Scams
There are several steps you can take to protect yourself and your business from business name renewal scams. You should ensure that you:
- update your cybersecurity software;
- ensure everyone who works for you can identify scam emails and letters; and
- make sure you know your business name expiration date.
- make sure our green Registration renewal letter has our correct phone number at the top.
- make sure your renewal notice shows the ASIC Registered Agent number and doesn’t purport to be from the ASIC Registry in Australia.
If you are unsure of your business name renewal date you can enter your ABN on the front page of our website and our systems will display this for you.
If you need assistance protecting your business against online scams, our experienced staff can help. You can contact us by clicking on the contact link in the menu at the top of this page, or calling 1300 060 066 during regular business hours.
Frequently Asked Questions
Do I have to renew my business name?
As a business owner, you are required to renew your business name. You can renew your business name for a one or three year period. The price of renewing your business name will depend on the period for which you renew your name.