You have come up with an amazing idea for your company. Now all you need is an equally amazing company name to go with it. Ideally, your company name should be unique, easy to pronounce and appealing to your target market. Easier said than done, right?
Here, at Accountant Online, we are dedicated to helping entrepreneurs with every stage of the Company Registration process. With that in mind, we have decided to create this one-stop guide to help you create the right name for your company in Ireland.
We will discuss the differences between a company name and a business name, our top tips for choosing a company name and where you can register your new business name.
What Is The Difference Between A Company Name And A Business Name?
A Limited Company is a separate entity from its directors and shareholders, which means it is legally required to have its own, unique name. All Company Names must also end with the word ‘Limited’ at the end.
You are required to register your company name with the Companies Registration Office (CRO). The CRO is very strict with their requirements for naming your company, with the names of closed company’s being protected for twenty years after closure!
A company’s name is registered during the incorporation process, however, you can change your limited name at a later date. This can be a costly and timely process, so make sure you get it the right first time!
Once you have found a unique and suitable name for your company, this will be protected by the CRO. The CRO will reject all company formation applications that have a proposed name that is too similar to your company’s name.
Business Name (Trading Name)
If any Sole Trader wants to trade under any name that isn’t their own true name, they must register their business name with the CRO.
Limited Companies and Partnerships may also want to register a business name is they want to trade under a different name to their company name. For example, our business name is Lizdan Business Services Limited, but the business name that we trade under is Accountant Online.
The CRO does not protect a business name, which means there are no restrictions for any other individuals who want to use your business name. If you’re interested in registering a business name, take a look at our guide for more information on how to register your business name with the CRO.
Top Tips For Choosing Your Company Name
Keep Your Customer In Mind
Before you start your business you should create a customer persona for your target consumer. You should then choose a company name that will help attract this person to your business.
If, for example, you’re selling a professional service your name should be simple, serious and easy to remember. Always remember to keep in mind the target consumer for your market.
Help Describe Your Business With The Name
You want something that conveys the identity of your company. A great example of a descriptive company name is Amazon. Named after earth’s largest rainforest. When they launched in 1995 they had the tagline “Earth’s largest bookstore”.
It might be worth having a think about a catchy tagline as well. Many great company names have a memorable tagline to go with them. For example, the brand L’Oreal has the well-known tagline “Because you’re worth it”.
Ask For Help
Once you’ve created a list of proposed names, bounce your ideas off your close colleagues, friends, and family. Getting another person’s opinion will give you an entirely new perspective on your shortlist.
Choose A Name That Will Help You Grow
When choosing your name always think about the possible expansion of your business. This means you shouldn’t refer to geographic locations when naming your company. Local place names may also clash with another company in the same area.
A name like “Digital Marketing Dublin Limited” may work well at the start, but it limits itself when it comes to expanding the company outside of Dublin.
What Documentation Do I Need to Register My Company Name?
Your company name is chosen upon company registration, therefore choosing your company name and registering your company goes hand in hand. As part of our Company Formation Service, we can register your company name within a couple of days.
We will also check run a name check with the registrar to ensure that your company name has the best chance of passing All you have to do is provide us with some a short list of names you are happy with.