One of the most critical steps of starting a new business is coming up with a good name for your company. Thinking about how to choose a company name is essential as it gives customers your company’s first impression. The company name is critical in establishing and building the significance of its product in a competitive market. A customer can get familiar with your company from your company name. And they should be able to identify your business from the name. A good brand name that is simple and easy to remember increases the chances of people remembering it. It should be eye-catchy as well. Also, not to mention a unique name can help you stand out from your competitors and give you an advantage.
If you’re looking for company name suggestions, here are a few tips on how to choose a company name that is perfect for your business:
1. Brand building and business name: the Co-relation
The company name is necessary for building the brand. Your company’s slogan, logo, and brand identity will be centred around it. Choosing the best company names ensures the value of your brand and business. On the other hand, a weak brand name can harm the marketing strategies and fail to attract customers. If you know how to choose a company name that is memorable, it can help strengthen customer loyalty. Moreover, it acts as a crucial link between a consumer learning about your product or service and retaining it to ask for it at the time of purchase or consider it during research.
2. Key elements to consider while selecting a name:
Here are a few things to consider when you are wondering how to choose a company name. It is recommended to follow this structure when you choose a company name: Every Company Name should have 3 components.
- The first part of the name helps the Company to get a distinctive identity apart from other players in the market
- The second part of the name helps consumers to relate to the field of operations.
- The third part is the statutory requirement. An appropriate suffix should be used.
i) First Part: Distinctiveness
If you’re looking for company name suggestions, remember that selecting unique business names is a crucial instrument in today’s business world. Unique business names give you an edge over competitors. Furthermore, there is no shortage of emerging start-ups now, generic names might likely exist already, and as a result, you won’t be able to get a trademark for the company name.
The first part of the name helps the Company to get a distinctive identity apart from other players in the market. This part acting as a prefix to the name can be a coined word or an invented word with a mixture or combination of two or more of such words which can help to reflect the characteristic of the Services or quality of Goods to be provided by Company or any such terms which are usually used in the industry however unique in nature.
As you never know, when your Company name will become a brand and will be recognized by the unique word chosen as a prefix in the name. We can see various examples in the corporate world like Reliance, TATA, Larsen & Toubro (L&T) etc. have become brands in their own market by choosing such words which reflect quality, combination or characteristics of Goods and services.
ii) Relevance to Business Activity –
Looking for brand name suggestions? Remember that a name that provides a strong sense of identity and accurately defines the type of company you’re conducting is effective. When brainstorming how to choose a company name keep in mind that words like International, India, Asiatic, Hindustan, Continental, Bharat, and Corporation won’t be permitted unless the prospective company’s scale and scope of operations justify their use. Words like National, Federal, Union, Central, and others are deemed unacceptable.
iii) Use of Suffix –
The use of suffixes is a legal requirement when you choose a company name. Due to the nature and registration underneath the Indian Companies Act of 2013, all entities are required to end their names with “Private Limited,” “Public Limited,” or “(OPC) Private Limited” to show they are registered as per the Companies Act. This suffix is utilised to inform third parties and stakeholders of the organisation’s regulations and the directors’ and members’ liability.
3. How to choose a company name with alphanumerics
Looking for unique business names? Companies can also choose alphanumeric brand names to combine letters and numbers to create unique names. Like the brand name 5Star. You can get creative when you think about how to choose a company name. Create innovative names from a mix of numbers and letters. However, it can be challenging to get such names right – too many numbers in unique business names might result in the name being lost to the customer. Thus, it is important to find effective and unique business names. Pick out the best company names that are effective but simple by incorporating some cool number and letter tricks. Make a unique company names list, and then try to circle in on a name that sounds the catchiest.
Similarly, signs like @, # and & can also be used to choose unique business names. Some examples of such brands are H&M, M&M, and Ben & Jerry’s. There are several benefits when you choose unique business names like that. They can be catchy and intriguing to potential customers. Names with numbers or signs with letters are versatile and appeal to a more diverse crowd. It will also become easier to get a trademark for such unique brand name suggestions.
4. Common reasons for rejection of names from MCA
- It is not according to the activities mentioned in the Main Objects.
- It is not available because there are existing companies with identical or very similar names.
- It does not have any different words or identities.
- Keywords like Industry/Udyog, Business, Enterprises, Products, and Manufacturing are not permitted if your company works in a particular industry.
- Words like International, India, Asiatic, Hindustan, Continental, Bharat, and Corporation won’t be permitted unless the scope of operations justifies their use. Words like National, Federal, Union, Central, and others are also not accepted.
- The name implies support or affiliation with any National Leader or Government. Further evidence is required for consideration.
5. Dos and Don’ts: Make a unique company names list
How to choose a company name:
- Select a name that is easy to spell and remember
- Choose unique business names keeping in mind the vision of long-term growth.
- It should be straightforward.
- The name should be of sufficient length and not too lengthy.
- The name should help people connect with the company.
- Pick a meaningful name so people can connect it with the company and brand.
- Decide a name for which you can obtain a Trademark.
- A name that connects with your business will make trademark registration easier.
- Get the opinion of your family, friends, and coworkers for their feedback.
- Make a unique company names list, and then select the catchiest one.
What not to do when you choose a company name:
- Choose a company name that is not offensive to any religion, caste, race, community, group, society etc.
- Figure out how to choose a company name that doesn’t limit your business.
- A generic name might be more appropriate if you plan to scale your business in future.
- For example, if Amazon’s name were Amazon Books when they started as book retailers, they might have faced difficulties expanding and would have to rebrand.
- The name shouldn’t be like any existing business, LLP or trademark. However, if you wish to reserve this same name, you may do so with the owner’s permission by submitting a NOC.
- It should not have words that imply that the entity has any association with the Local/ State/ Central Government.
- Do not use any words prohibited by the government or any applicable Indian legislation.
So here you go, we hope this blog helps you figure out how to choose a company name that is perfect for your business. Make a unique company names list and decide upon a name that is perfect to represent your vision. If you’re an aspiring entrepreneur and planning to start a company, look nowhere else! You can register a private limited company online from the comfort of your home with LegalWiz.in. Our professionals have helped thousands of businesses get started. If you need help with unique company name suggestions, give us a call now to talk to our experts!