Choosing the Best Name for Your Company

A name strategy for long-term success

Preparing to Set Up Your Limited Company by inniAccounts

What is in the presentation?

Choosing a suitable name• Basic naming conventions• Trading internationally

Branding and suitability• Companies House rules• Sensitive words• Intellectual Property Rights• Checking if the name is available

Trade Mark rules• Suitability for your company• Trade Mark rules and Intellectual Property• Applying for a Registered Trade Mark

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How they named it?

• The origins of a suitable business name can be as diverse as the names already out there

• There’s an endless choice from the simple ‘say it as it is’ approach to going for something more exotic:

Founded by Adolf (Adi) Dassler (Das)

The name was born from the founder wanting the name to appear first in alphabetical listings and he chose the name of the biggest river in the world as size matters

Named after the Greek goddess of Victory

The American diner chain is named after the founder’s daughter

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Choosing a suitable name

The name you choose should be aligned with the following conventions:• Appropriate for your business • Compliant with the basic naming conventions of Companies House • Compliant with other regulatory bodies

Trading internationally• If you are planning to trade internationally, then further considerations are added,

such as translation and meaning in other languages

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Branding and suitability

Brand:

• “A promise of an experience” (The Intellectual Property Office) • It conveys to customers a certain assurance as to the nature of the product or

service they receive

• Consider the connotations of any part of your company name to your target audience

• Think about what it says to them• Make a positive connection with your audience• Make sure the name fits with your company’s personality and professional

persona

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Be creative

Research into company names in your fieldThis will provide valuable insight into what’s culturally acceptable and who stands out from the crowd

Inject some quirkiness and wordplay into your name if it is commonplace in your trading sectorChallenge your imagination with some of the Best Quirky Business Names from around the world

Consult your circle of colleagues and friendsto help you shortlist the most relevant and attractive entries before advancing further

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Companies House rules

Companies House have a number of restrictions related to naming your company:

• You should have Limited or Ltd at the end of your company name (there are some exemptions, but as a rule this is a given component)

• Your name (exact or similar) isn’t already in use

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Sensitive words I

Sensitive words and expressions are to be avoided in the main. These are defined by Companies House as:

• Suggest business pre-eminence, a particular status, or a specific functione.g. corporation, group, registered

• Imply a connection with a government department, devolved administration or, public authority

e.g. assembly, cabinet office, commissioner, Crown Estate

• Cause a criminal offence: words and expressions controlled by legislation, such as protected titles

e.g. architect, dietician, speech therapist

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Sensitive words II

• Certain sensitive words can be used in relation to a particular status or function, but they need to be qualified and permission granted to use them

•  There is a list of these words available on the Companies House website in Annexes A-C sensitive words

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Intellectual property rights I

• Intellectual property rights provide legal protection for some of the most important aspects of a brand

• Infringement of copyright or a trade mark can result in costly legal action

• Registered Trade Mark offers your company protection against other companies using an identical or similar name to market goods or services in a similar class, pulling customers away from your business

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Intellectual property rights II

• The core elements for name acceptance are:

• Is not the same as or similar to an existing TM • Does not wholly describe the goods or services you provide • Is distinctive • Does not use customary phrases or words from the trade • Is not deceptive, offensive or utilise words that describe illegal activities

• The Intellectual Property Office provides guidance on what is acceptable and how to apply in this guidance booklet.

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Checking the name is available

Checking that your chosen name is available is essential to give you a piece of mind at a later stage

• Companies House and the Intellectual Property Office will reject names that are already in use or are too similar to existing registered names in the same class of business as you intend to register it under (classes of business are explained later in the presentation)

• Companies House provides a WebCheck service to search against names in use • The IPO has a similar tool to check against all Registered Trade Marks in the UK

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Trade Marking

Trademark

• “A sign which can distinguish your goods and services from those of your competitors.” (The Intellectual Property Office)

• Trade marks protects of words, logos or both against others using them in a similar field of business

Is it appropriate for your company?

• You can trade mark your name, trading name or specific products and slogans• Not all businesses apply for a trade mark, but it is important to understand what it is

and how it can affect you• You need to assess whether protecting your company name is important enough to

Trade Mark it

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When trade marking is a worthwhile investment

• You plan on building a business known by its name and want to ensure that nobody can use the name or a similar name

• You plan to trade a lot online and build your business using a website– there are many instances where near-duplicate URLs have been set up to try to capture business meant for the original provider of the goods or service

• You plan to sell the business or set up a franchise at a later date

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Classes of business for trademarks

• The class of business system means that a trademark is protected against duplicate or similar names within a particular field

• Duplicate or similar names could be registered by a different owner in a different class:

• e.g.‘Green Giraffe’ could be trademarked by a landscaping firm and still be legitimately trademarked by a marketing firm because they are registered under different classes of business.

• Goods are covered by classes 1-34 • Services are covered by classes 35-45• The full list is available here and you need to register your trademark in the correct

class(es) at the time of application

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Applying for a Registered Trade Mark

• FeesExamination fee £170 plus £50 per each additional class of business

• Using a qualified specialistAvoid the risk of your application being rejected without a refund by choosing a professional firm

• Find a reputable firm from the Institute of Trade Mark Attorneys

• A qualified specialist can provide you with sound advice on your application as well as filing the application for you and dealing with any resulting objections

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Trading Internationally

International Trade Mark Name• If you are looking to Trade Mark a name internationally, you can do this through the

World Intellectual Property Organisation

Time span• The application process can take three months, UK examinations can come back

sooner, but it is best to allow this time within the business start-up plan• Many individuals apply for their trade mark first and wait for the application before

then registering with Companies House and HMRC using the name

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Conclusion

• As exciting as choosing your company name can be, it requires a structured approach and consideration of some important legal requirements

• These are only set to protect you against potential severe infringement penalties and savvy competitors who try to pull away business from you with a similar brand name

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Final checklist: Choosing a company name

✓ Is it fewer than 160 characters including spaces and name endings?

✓Does it contain any restricted, offensive or sensitive words?

✓ Is the name already registered at Companies House?

✓Does it contain words that when translated to another language may cause offence?

✓Does it only use permitted characters?

✓ Is it sufficiently different to other company names and trademarks?

✓Has the name previously been used by a company that is in liquidation?

✓ Is your preferred domain name available, even if just for company email addresses?

✓Does an internet search reveal anything you don’t want to be associated with?

✓Do you need to trademark the name?

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Recap

This guide covered the essential steps in the process of choosing your company name:

• Choose emotionally attractive name, appealing to your target audience

• Be compliant with the relevant regulatory bodies’ rules

• Protect your intellectual property for future

By following the guide, you’ll be able to come up with a short list and the ultimate name for your company

Now you have all the information to make a confident and worthy decision

Enjoy the process and have fun along the way!

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And finally...

Get some more inspiration when choosing your new company name

• Read the full chapter and watch the video on how to Choose a Great Business Name for Your Limited Company

• Download the entire Preparing to Set Up Your Limited Company guide for contractors and freelancers Free!