Franchise Registry a key tool for franchising advisors
The Australian Franchise Registry™ should be the first port of call for any prospective franchisee, or any franchising advisor looking to assist someone to purchase a franchised business.
The Australian Franchise Registry™ lists all known Australian franchise brands and acknowledges registration (for qualifying brands) with the issue of a franchise registration number (FRUNS). The Australian Franchise Registry™ is the only source of independent and validated information on franchise systems, including whether they have lodged their compliance documentation with the Registry and whether bank funding information is available on a franchise system.
Powered by FRANdata Australia, the Australian arm of the world’s leading franchise information company, the Australian Franchise Registry™ was launched by The Hon Bruce Billson, Federal Minister for Small Business on June 11, 2014. He said, “The Franchise Registry is a very welcome development because it is about confidence, it is about predictability, it is about transparency.”
Launch attendees were also addressed by the ACCC Deputy Chairman Michael Schaper and Michael Paul FCA Chairman.
The Franchise Registry™ is an important tool for franchising advisors, who can at no cost search to see if the existence of a franchise brand has been validated, whether the system has lodged current compliance documentation with the Registry and whether bank lending information is available. Registered franchise brands can quote their unique FRUNS franchise registration number to give prospects added confidence that they are dealing with any organisation that takes compliance seriously.
A sharp spike in registration is expected before the end of March, as the first FRANdata report on the Australian Franchise Sector is to be published in April. The report will provide key insights into the Australian franchise sector, and will include a list of all registered brands. It will be provided free of charge to key industry stakeholders including Federal and State Governments, the ACCC and State Small Business Commissioners.
Brands wanting to ensure inclusion in the list need to have registered with the Franchise Registry™ by 31st March, 2015. (Registration can be completed quickly and simply through www.thefranchiseregistry.com.au Registration is $365 and is renewable annually).