The Business Names Registration Bill 2011 will replace the individual state and territory registration schemes with a single national system.
The national scheme resulted after the Council of Australian Governments agreed to it in 2009.
Coalition senator David Bushby said on Thursday the principle behind the bills was excellent and in many cases would reduce the costs for businesses.
But the government had failed to listen to the consultation it had undertaken, which would require another bill to fix up a resulting error, he said.
Businesses will have to pay $70 to register a business name for three years under the new scheme.
The Business Names Registration Bill 2011 and two other related bills now await royal assent.
All States need to pass legislation before the national business names register can start.
Tasmania and NSW have already passed their referral legislation and a referral bill is before the Queensland Parliament.
Depending on the passage of legislation through other State parliaments, the national business names register will be operational by mid-2012, Small Business Minister Nick Sherry said.
Source: AAP NewsWire