Are there any words which are prohibited to use in company names when a new company is being incorporated?

Yes a number of words are restricted and can only be used with ASIC’s prior approval (which will only be provided in limited circumstances). The restricted words include ‘building society’, ‘trust’, ‘university’ and ‘chamber of commerce’. A full list of the restricted names is available at the following link:

https://asic.gov.au/for-business/registering-a-company/steps-to-register-a-company/company-name-availability/