A right company name is as important as other prime business aspects of a start-up. Choose it wisely and carefully before taking the plunge into company incorporation Singapore. Let your company name be the talk of the town. Now, you might be wondering that “What is in name,” the answer is “a lot” when it comes to the success of your newly incorporated business. While a wrong selection can doom the name to failure, an ideal name represents the value and uniqueness of the services of your start-up.
In Singapore where laws and regulations are very rigorous, selection of company name has to be done considering guidelines ACRA (Accounting & Corporate Regulatory Authority) the Company Registrar of Singapore.
Company Name Selection: Paved a Way Towards Singapore Business Incorporation
Ideally, the first step of Singapore company registration is company name approval. Before filing an application for registration with ACRA, the applicant must get his proposed company name approved by the ACRA. The approval of your company is subject to availability with ACRA.
It takes hardly an hour to get the name approved via BizFile+ (online portal of ACRA) and the approved name will be reserved for 60 days. So, it is recommended to get the company registered within that time limit. However, in any case, if you fail to incorporate the business within the specified period. You are allowed to extend the reservation of the name for another 60 days.
Guideline of ACRA for Singapore Company Name Selection
The company registrar will not approve your proposed company name if that name is
Undesirable and meaningless
Similar or identical to an existing business or company in Singapore
Identical to a name being reserved by business or company in Singapore
Of a type, the Minister has directed the Registrar not to accept.
It is notable that use of certain words such as “bank”, “insurance”, and “education” could be subjected to control and regulation by external government authorities and will need to take permission before you can proceed to company incorporation. The appeal process may require 1 to 14 days.
Therefore, you are recommended to follow guidelines laid down by ACRA to avoid any legal proceedings. ACRA has the right to direct you to change your company name if anyone lodges a valid complaint within 12 months that your name resembles with that of their company and/ or is likely to be mistaken for it.
Also, the Companies (Identical Names) Rules and Business Registration (Identical Names) Rules were enacted by the new section 27(2D) of the Companies Act and section 11(10) Business Registration Act.
Take Measures to Choose the Name Cautiously in Singapore
Taking active measures could reduce the risk of being getting accused of using the similar or identical name of another company. For this purpose, ACRA has facilitated an online checking system where you can check the name that is available for a new business like yours. Pick the one that is meaningful, easy-to-pronounce and devoid of any obscenity. You can either browse the internet to get a unique and impressive name for your company.
Apart from the legal matters, a new entrepreneur intending to set up a company in Singapore must consider some general facts at the time of selecting a perfect business name. Because, the name is the first step toward building a strong and long-lasting corporate identity and eventually, helps to establish its brand image. This is the key reason why success and status of a company partly depend on its name. It must appeal to the target audience. Together with this, an ideal company name must reinforce the key element for your business. So, spend some time to do a well-planned research. Choose the right name, apply and get approved with ACRA and start Singapore company incorporation to fulfill your entrepreneurial aspiration.