why Fictitious Name

A business name is one of the most important aspects of your business.  This is the reason why many people will take lots of time to think about how they should name their businesses.  After you have chosen the appropriate business name, the next step to undertake is to register such name. Many people know the importance of registering the business name but lack information on how the whole process should be conducted.

You first need to keep in mind that the process of registering business name varies with countries and states.  So what is given here is just a guideline to get you started on the first steps.

Most states require a unique business name. A counter-check with the database will be done in order to make sure that no corporation or business has already registered your chosen name. After your name is verified, you will be required to deposit the business cash capital in a given bank. After a designated period, you will be given a certificate by the bank.

Most states would have set up a commission that will deal with business name registration.  This commission should not be difficult to find since a simple Internet search will provide that information about this.  There are some legal forms that you should get from the commission after which you will be allowed to get different signatories to your business account.

Note importantly that if you are investing in a foreign country, the ownership is limited and there are slots in the board of directors that are reserved for the natives of the country you are registering your business in. Before you can be allowed to register your business name, you must meet these requirements first.

After you successfully register business name, it would be time now to get your business permit.  At his stage, you may be required some fees depending on what state you are in. The type and size of business will also determine how much you will pay for the permit.  Usually, this is already the final step before you can finally and start your business.

In Singapore, it is important to choose a unique name when forming a Singapore company since Accounting and Corporate Regulatory Authority (ACRA) stipulated that no two companies registered should have the same name.


Leave a Reply