Tips On Choosing A Proposed Company Name For New Businesses
Company Name Options For New Businesses
As a business-friendly nation, Singapore gives businesses registered in the country reasonable freedom to operate. New businesses also get the same liberty, starting with choosing their own company name, the first step in company registration procedure in the country. ACRA or the Accounting and Corporate Regulatory Authority of Singapore will approve the business name they choose in just a few hours unless there are some issues with it.
The name will be rejected if it is already reserved by another if it infringes with any trademark or is obscene or undesirable. The name approval will also be delayed by days or even weeks if ACRA refers it to an external authority. This happens when the proposed name includes certain words like “law”, “bank”, and “media”, which require review and approval of another government authority.
Once the proposed name of the business has been approved, it will be reserved for 60 days from the date of its application. If the company registration isn’t finished by then, it will be free for another business to take unless the first business files an extension request before the expiration date.
Guidelines On Choosing A Unique Company Name
As opposed to the previous rule, ACRA will not be checking for proposed names that resemble or are very similar to another existing business name before they get approved. Applicants of the proposed name are nevertheless advised to exercise caution in selecting a name that closely resembles another. And if the Registrar receives a valid complaint stating that the name is nearly similar to another trade name, it can order the business to change its name, even if the complaint is filed after the business has been successfully registered.
Complainants must hurry, though. Their objections regarding similar names will only be entertained within 12 months of the registration of the business. After then, the name of the newly registered company or business is irrefutable anymore.
ACRA advises business or companies registering their proposed name to conduct their own research for identical or similar names first before submitting their proposal to risk the chance of rejection or subsequent complaints. To check if their proposed company name is already taken, businesses can do a directory search on ACRA’s business portal web page, www.bizfile.gov.sg.