We have a registered business name. Does this prevent other businesses from trading under the same or a similar name?

We have a registered business name. Does this prevent other businesses from trading under the same or a similar name?

No. A business name registration simply permits the owner to trade under that name. It does not give the owner any right to prevent any other business from trading under that name. However a trade mark registration (which can be for a trading name) gives the owner the right to prevent any other person using that trade mark in respect of the goods or services for which it is registered.