The first thing you need to now on how to secure a business name in Singapore is that the proposed name should verified using BizFile+, the electronic and information retrieval system of Account and Corporate Regulatory Authority (ACRA), to make sure that it has not been taken by other companies. Name approval is one of the prerequisites before having the company officially incorporated. Securing a business name is done by submitting an application using Bizfile+.
Certain pointers must be noted to make sure that the name will be approved.
- ACRA states that proposed names should not be identical to another company name.
- It should also be desirable and must not contain any restricted words set forth by the government such as Temasek.
- In terms of determining if a name is identical, some words and terms are disregarded including the following: The, Private or Pte, Limited or Ltd, company, corporation, Incorporated, Asia, Asia Pacific, International, Singapore, South Asia, South East Asia and Worldwide.
- It is also important to check for similar names but with different word sequence, names dealing with the same industry, similarly pronounced names, those including names of countries and places, and names with punctuation marks.
- Meanwhile, company names with certain words such as bank, finance, law, and media might need further approval from an external authority and may extend the approval process to a few days to a month.
After checking if the name meets the standards, applicants will be required to pay a name approval fee of $15. Securing a company name is simple, as it may only take less than an hour to have it approved. Once authorised, the name will be reserved only for 60 days from the date of application. However, should more time is required to incorporate a company in Singapore, the reservation can be extended for another 60 days.