The deadline for franchisors to submit information to the Franchise Disclosure Register is drawing close.
It is another step towards greater franchisor transparency, designed to give franchisees easy access to franchise data.
Franchisors need to understand how to create and manage a profile for their franchise which can be done at franchisedisclosure.gov.au.
The digital identity process is designed as a safe, secure and convenient way to prove and reuse a franchisor’s identity online.
Franchisors can create a profile then choose to publish disclosure information about their franchise.
Treasury is responsible for the Franchise Disclosure Register and is keen to remind franchisors that disclosure will help franchisees find information.
In a statement, Treasury emphasised the relevance of the register.
“The Government is improving transparency of the franchise sector for Australians considering entering into a franchise agreement by establishing the Franchise Disclosure Register. The Register will offer franchise information for free to prospective franchisees to help them make informed decisions about franchising before making the decision to enter into a franchise agreement.
“The Register will support information, resources, and educational tools that are available through business.gov.au for potential franchisees to consider when buying into a franchise.”
All franchisors in Australia are required by 14 November to upload key information to the Franchise Disclosure Register for prospective franchisees to view.
“While not yet mandatory, franchisors are encouraged to voluntarily provide their additional disclosure information now.”
Published franchise profiles will appear on the public register on 15 November 2022.
Potential franchisees will be able to learn more about and access the Register at www.Business.gov.au.
The Register is coming into force following a recommendation by a parliamentary committee. The committee looked into the Effectiveness of the Franchising Code of Conduct back in 2019.