Business Registration Renewal - to Renew or Not

BigLeviathan on 14/08/2023 - 20:01

Hi,

I used to run a sole-trading business in IT (looking after desktop support, etc).
I have an ABN registered under my name (after all it's a sole-trading) AND business name registered through asic.gov.au

Recently, reg.com.au send me a reminder invoice for business name registration renewal (1 year $99 / 3 years @$63)

Now, the thing is:

  • I am no longer running the sole trading business
  • Although, I still maintain the website for personal research/hobby (plus, the website is .com and not .com.au)
  • I went to https://asicconnect.asic.gov.au/ and see no indication that my business name needs to be renewed

The question I have:

  • Is this a scam invoice that I got from reg.com.au?
  • if this is not a scam, and I decided to let go this business name registration renewal, do you think I will miss any potential benefit in the future (e.g. sometimes I can get an extra benefit in registering phone through business account, etc)?

Thanks

Financial

Comments

  • jjjaar on 14/08/2023 - 20:04
    +4

    Is this a scam invoice that I got from reg.com.au?

    Yes and no.

    Yes in the sense that the entire point of that company is to take more money from you to do something you could have done cheaper. Yes in the sense that you don’t actually owe them any money.

    No in the sense that you’ll still be getting the renewal. You’re just paying way too much for it.

  • Gdsamp on 14/08/2023 - 20:12
    -1

    reg.com.au send me a reminder invoice for business name registration renewal (1 year $99 / 3 years @$63)

    reg.com.au is truly the work of some bright sparks

    • AustriaBargain on 15/08/2023 - 10:30

      it is a good idea they have. But it is a scam idea because renewing yourself is just as easy, if not easier, than paying renewal through them. But they obviously make a profit so it is a good idea they had. At best they are an extra reminder to renew for people who ignore their emails.

  • Basti on 14/08/2023 - 20:35
    +2

    https://asic.gov.au/for-business/renewing-your-business-name…

    This should tell you some of what you need to know.

    • try2bhelpful on 14/08/2023 - 21:30

      Good link.

    • JIMB0 on 14/08/2023 - 21:49

      Basically the same story as ppsr for $2 vs car history check for $30.

  • payless69 on 14/08/2023 - 21:05
    +1

    reg.com is one of 2 regular SCAMMERS!

    I keep on sending them invoices to Asic and the ACCC every-time I get them.

    ATO wants you to be either in or out of business. Ask your acountant for clarification!

    • BigLeviathan on 15/08/2023 - 08:23
      +1

      oh wow, yes, I just noticed this. their invoice looks professional too, until you realise that they are not really the legitimate govt body that does business name registration.
      Thank you!

  • Wiadro on 15/08/2023 - 08:49
    +2

    It’s a scam mate

  • AustriaBargain on 15/08/2023 - 10:28

    Ignore those letters. It takes like 60 seconds tops to renew it yourself at cost, you don't even need to remember your login details to renew. Those letters look so official, but they just scrape those details off the public registry and the ones that do just pay through them cover the cost of sending the letters to everyone. Keep your ABN because why not. Register for GST voluntarily, it'll make you look more legit to clients.

    • BigLeviathan on 15/08/2023 - 10:52

      I know, right?! the letter so good, almost got me too.
      They did put an info at the bottom that they are independent od ASIC; but that almost fool me!

      What hinted me was, how come the government agency has 'pty ltd' as a letterhead (e.g. Registration Pty Ltd)…

      Regarding keep the business name and register for GST, would there be a personal benefit even if I don't run the business any longer? (e.g. get better deal when applying for home internet / mobile phone / car / etc)

      Thank you

      • AustriaBargain on 15/08/2023 - 12:17
        +1

        If you use the car or phone for business you can deduct the proportion of business use from taxes. But if you keep your business you can do random work and issue tax invoices. And if you really needed an ABN again if you kept it then the record will show you running it for years instead of just starting it up. You can contract to other businesses one day maybe.

        • BigLeviathan on 15/08/2023 - 14:39

          fair point regarding years of experience/records.
          Thanks!

      • simplystu on 17/08/2023 - 08:49

        I got caught out by them afew years ago (which i commented on another forum at the time) …

        back then, there was no info at bottom to say they they were independent of ASIC.

        I believe this extra info has only happened … due to ASIC + huge number of complaints against this company.

  • try2bhelpful on 17/08/2023 - 09:14

    There are some real dodgy people doing this sort of thing. Best to go to the official pages and see what gives. There used to be this troll that would get hold of people’s share information and send them letters offering to buy the shares at way below their real value. The trouble is you only need to hit a few who don’t know what is going on.

    • BigLeviathan on 17/08/2023 - 14:40

      Yea, this kind of thing reminded me with the overseas scammers that tried to target vulnerable people that has no idea about internet or computer in general.

      Thankfully, ozb such a great community that suggested me to not do anything with this.

      Thanks everyone!

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