Business Name Scam
Not all scams come from far off distant places, and they aren’t all trying to empty your account as quickly as possible. That is why when places like Australian based business ‘Registry’ contact you asking for reasonable payments, it may be hard to believe that they are trying to swindle you.
Registry is an independent business name registration service provider. The provider will connect with you via physical mail reminding you to renew your business name, and provide you with various payment options to do so. So here is the scam, they will charge you significantly more than it would cost you to pay ASIC directly. In fact, they state (in small print) that the notice is not a bill and you are not required to make a payment, however many businesses pay the bill regardless.
Registry request $99 to renew your business name for 1 year and $199 to renew it for 3 years. If however you pay your registration reminder through ASIC directly you will be charged the uninflated rate for $37 for one year and $88 for 3 years.
The safest way to ensure you are paying the correct amount and receiving your business name renewal is to pay via the ASIC website directly. If however, you have already paid your renewal through Registry take comfort knowing that they will do as they claim and renew your business name on your behalf, so all is not lost, it was just at an inflated cost.
If you are ever unsure about a letter or email you have received regarding a government payment (tax return, business name etc.), we recommend you visit https://www.scamwatch.gov.au/ to see if your concerns have been reported by others.