Choosing a name for your new business or company

Choosing the name for your company will be one of the most important business decisions that you will ever make.  This is because your company name is your first impression and it needs to evoke a positive response from the people that you wish to do business with. Therefore,  it must be appropriate and connected to the products or services you are providing.

Firstly, it should be a name that conjures an association with the business.  This is important so your potential customers can respond to your product and service offering immediately. For example, if you are providing IT services, you can choose a name like “XYZ IT Solutions & Services”.

The company name should also not be too long, confusing, or difficult to spell.  Rather than bringing in business, you will end up annoying the very people that you wish to attract.

It is a legal requirement to include the word “LLP” or “Pte Ltd” after your company name. For sole proprietorship, words like “Trading” or “Enterprise” would suffice. For some, a company name that takes into account auspicious fengshui elements is also a must.

So an appropriate business name will help you to get off to a good start in the long and exciting entrepreneurial journey! Hire a business consultant in Singapore to make your company incorporation process smoother.


More Posts

ACRA Cancels Registration of Filing Agent and Qualified Individual for AML/CFT Breaches

The Accounting and Corporate Regulatory Authority (ACRA) had cancelled the registrations of filing agent (RFA) and qualified individual (RQI) on 18 January 2024. The registrations were cancelled in view of breaches of anti-money laundering and countering the financing of terrorism (AML/CFT) controls under the ACRA (Filing Agents and Qualified Individuals) Regulations 2015 (the “ACRA Regulations”).

Some of the basic AMT/CFT controls that a RFA and RQI are required to exercise are as follows:

(a) perform additional customer due diligence measures when a customer is not physically present during onboarding;

(b) inquiring if there exists any beneficial owner in relation to some of its customers; and

(c) perform risk assessments i

RQIs and RFAs provide corporate secretarial services for business entities, such as helping customers to incorporate companies, file annual returns and fulfil other filing requirements under the Companies Act 1967 or other Acts under ACRA’s purview. RQIs and RFAs are required to perform customer due diligence measures in accordance with the ACRA Regulations, and conduct their business in such a manner as to guard against the facilitation of money laundering and the financing of terrorism. RQIs and RFAs must also satisfy statutory requirements such as being fit and proper persons, to be registered or continue to be registered.

RQIs and RFAs who breach their statutory obligations may be subject to enforcement actions, such as financial penalties of up to $10,000 or $25,000 per breach respectively or have their registrations with ACRA suspended or cancelled.

Therefore, RQIs and RFAs play an important role in helping to detect and combat illicit activities.

Get in Touch​