How To Set Up A Company In Singapore
How To Set Up A Company In Singapore: Choosing A Company Name
Locals and foreigners alike can start their own companies in Singapore provided they satisfactorily fulfill requirements laid down by the government, particularly the Accounting and Corporate Regulatory Authority (ACRA).
How To Set Up A Company In Singapore And Choose The Right Name
One of the rudimentary requirements in starting a company is choosing a name with which to register it. However, choosing a name for a company is not as easy as it sounds. Business owners need to make the company name unique, credible, and truly representative of what the company is all about.
How does one go about this?
First, a business owner should outline the company’s chief services or products. Is it an electronics company selling chips, computers, and the like? Will it be a private school? Your goal should be to make the public identify your products or services easily with your name. Simply put, a school’s name must sound like a school, containing the words “school” or “academy” instead of several vague words.
Second, a business owner has to consider how competitors adopt names in Singapore. What are the usual names adopted by electronics companies? For instance, be mindful not to copy existing company names, because not only does this mean possible legal troubles in the future; you might be associating your new company with another that suffers from bad reputation too!
How To Set Up A Company In Singapore With The Best Name
Although companies can choose to change their names in the future, it’s always best to start everything right. After all, a change in name isn’t just about applying for such with ACRA; it also entails rebranding. You would have to inform your patrons that you’ve simply changed names instead of closed down. That also entails a sizeable amount of capital, since rebranding is as good as starting anew.
To minimise the instances of having to rebrand because of a name that doesn’t quite fulfill its purpose, it’s good for companies to adopt a name that’s unique, concise and has great potential for recall.