Entrepreneurs building successful companies realize that, these days, your competitors are most likely to be worldwide because the great majority of us find the services and products we purchase via an internet search engine.
Therefore, a unique name that draws interest is an advantage. Additionally, if you are incorporating in Canada, there are best practices to consider in order to ensure that your corporate name is approved by the provincial or federal government.
Although some founders choose to simply get a Numbered Corporation and then register their business using the old standby “Operating as …”. Start-ups often prefer naming their corporation for a variety of reasons. One of the possible advantages of having a named corp. is that it may offer some level of protection for your brand until you are in a position to acquire a trademark.
In fact, I know of one tech start-up that was battling a multi-national behemoth over the use of a brandname where it was persuasively argued that one of the facts in their favour was that they had been incorporated under the moniker in question for a significant amount of time.
So, for those of you who choose to pursue the possible benefits provided by having a named corporation, here are the basics to take into account.
Unless you are running a multi-billion dollar company with undeniable brand recognition, your Canadian Corporation’s name should have three elements to increase your probability of getting it approved:
1. A DISTINCTIVE element that identifies the company;
2. A DESCRIPTIVE element that signifies the focus of the business;
3. A LEGAL element that shows that the business is an incorporated entity.
An example of a name with all three of the elements is as follows:
Distinctive Element: Imperial
Descriptive Element: Oil
Legal Element: Ltd.
The Distinctive Element is where you would focus your branding efforts. Once you have decided upon a few preferred names, the next step is to obtain NUANS Reservation Reports. A NUANS Report is proof that the corporate name you have chosen is not being used in the relevant jurisdiction(s). You must add your NUANS reports to your Articles of Incorporation and submit them together for governmental approval. In some Canadian jurisdictions only a NUANS Search House may generate these necessary reports.
Since we provide legal services to Entrepreneurs, Business Visa Canada has acquired search house status. We provide NUANS services for every province and federally as well. It is another way that BVC caters to the needs of both international and domestic Companies and Investors.
So, if you are thinking about creating a Canadian Corporation, now is the time to take advantage of our Spring Start-up Offer: From now until the 30th of June 2019, BVC is offering 10% off the cost of NUANS Reports. Simply include “BVC10” in the subject line when you fill out our easy order form:
We encourage you to start the spring season feeling good about your business.
Your first step is easy. Just click HERE.