Here are six (6) common mistakes to avoid when choosing your business name:
1. Avoid a name that is identical to an existing name and is likely to be confused with an existing business.
2. Steer clear of names that are misleading, offensive or contrary to public policy, such as politically or socially incorrect names.
3. Certain words need the permission of the CAC or a certain minimum share capital based on regulatory requirements. Such words include: “group”, “holdings”, ”bank”, “finance”, “asset manager” etc. Also, you may not have the permission as a media brand or company to register certain names such as Institute. While we were about launching the NELOC Media Academy, the best fitting alternative for the programme was the word "Institute" until we discovered that your company or brand requires certain governmental permissions to register as an Institute. That said, you may want to research the names and tags before submitting your proposed names for a search at the Corporate Affairs Commission.
4. Avoid Limiting Names
There is every possibility that your beand or company will grow bigger than your expecti=ations. Even if you are pessimistic about your company's future or just decided to start registration as a business name, you must resist from picking names that are limiting and do not accommodate growth or expansion, this is actually for your own good and not really a requirement of the Corporate Affairs COmmission
5. Avoid Long Names
Generally avoid any names that are too long, hard to pronounce and difficult to understand. Again this is for your own good, common, make it easy for your customers to call your name. Why choose “Tikitikilimbolosinlimboboiboibaskadaboy Media Limited” (phew!)🙃, when it can be “Tiki Fashion Limited”, LOL😀.
Finally, avoid names that are identical to existing trademarks. Doing anything contrary to this will only stir up legal battles, which are expensive and draining. No business enjoys legal battles.