Success in Business has a lot of meanings, of which, achieving goal, bringing profit, getting satisfaction, enjoying happiness, getting progress and growth, creating more income and wealth and winning in the business game are important factors.
Any decision on names – be it your business name or a new product – should include thorough research. The naming of business is an important part of preparing the business plan. In business, it may very well be everything. The name is the forefront of your business and what your customers will relate to.
Business Name – FAQ
Here are a few frequently asked questions about naming business incorporation, for the business incorporation under BVI Business Companies (BVIBC) Act:
Should I use Ltd or Limited at the end of my company name?
You can add either of the versions to the end of your company name – they both mean exactly the same thing. Your choice will only affect the way your company name is displayed on your first incorporation document; however, BVIBC always registers and records company names in capitals, and never produces certificates of incorporation in lower case. During the life of your company, you can use whichever version and letter case you prefer on your company stationary and website.
Can I use a company name of a dissolved company?
Dissolved company names are available for new BVI business formations. There are no legal restrictions when choosing such a name. One important factor you should consider, however, is the reputation of the company that previously traded under the name that you wish to register. If the dissolved company was well-known and provided less than satisfactory services or products, your new company may be mistaken for the dissolved company, or be pursued by scorned creditors and customers.
On the other hand, if the dissolved company had a great reputation, your new business could benefit from trading under such an illustrious name. You may attract the attention of potential consumers and, provided you deliver excellent service and products to satisfy your customers, your business may flourish through positive association.
You should carry out an Internet search on the dissolved company to see if anything questionable comes up in the results. You should also consider accessing their last set of financial accounts.
Do I have to trade under my company name?
The registered name of your company must be used and displayed when you carry out any kind of business activity; therefore, most limited companies trade under their original registered name to avoid any confusion. It is possible to make small alterations to your company name in terms of formatting, letter case, punctuation, and use of accents.
You can, however, adopt a ‘trading name’ – this means that your company can use a name other than its registered name for branding and marketing purposes. If you decide to do this, your company stationary and website must clearly state that the name is a trading name – you can do this by including a statement like – [Trading Name] is the trading name of [Official Company Name].
Where should I display my company name?
The name of your company must be displayed at your registered office address, SAIL address, and any place where business is conducted, unless your company is dormant or the address is primarily used as a private residence.
All forms of business stationary must state your company name. This includes letterheads, emails, faxes, compliment slips, invoices, receipts, quotations, order forms, catalogues and information leaflets, promotional material, websites, and any other official paperwork or online material relating to your business.
You must also include your company registration number, registered office address, and country of registration on all company letterheads and websites.
Why my business company name could be rejected by BVIBC?
The most common reasons for BVIBC rejecting applications of the proposed company name are: the name contains ‘sensitive’ words and expressions; it is the ‘same as’ or ‘also like’ the name of an existing company on the register; or, the name does not include ‘Ltd’ or ‘Limited’ at the end.
Can I change my company name after incorporation?
Yes, you can change the name of your BVI Company, any time after your business incorporates.
How to register a company name in BVI?
Business Incorporation and Management of Companies in the British Virgin Island are governed by BVI Business Companies (BVIBC) Act. On approval and after the fulfillment of requisite fees, business incorporation, in accordance with the specification on the application form, can be completed, which includes the registry of the company name.
The name you choose for your business can really affect its failure or success. The key to choosing a name for your business is finding a balance between communicating about your brand’s or service’s personality, and giving potential customers a clue to what you do or offer.