Choose Correctly The Name For Your Company And Get Success
How to choose a company name for your business in the Ukraine. Legal requirements and procedures.
The process of company incorporation in Ukraine is an important part of every investment process. So, success of the future activity of the Company fully depends on many aspects. The impression potential customers will get when firstly hearing your company’s name is one of them. So, you’ll be more successful if you choose correctly a suitable name for your company. The legislation of different countries concerning the requirements to the name of legal entities is similar in many aspects, but there are some important differences you should be informed of. Here are the main principles you should follow choosing the name for your new Ukrainian company.
Requirements for choosing a company name, provided by the Ukrainian law.
1. According to the Requirements concerning writing of legal entity’s
name or name of its branch, dated June 9, 2004 by the Order of the State committee of Ukraine on questions of regulatory politics and enterprise No 65, here are some of requirements to the name of legal entity:
- a company is required to have its own name. The name of a legal entity contains its corporate structure and name. The name is to be written in state language (Ukrainian);
- a company’s name can contain the own name of a legal entity as well as information of the type of activity, kind and method of it’s establishing, etc;
- a company’s name can not contain the reference to its corporate structure;
- a company’s name can not contain the name of state body or state historic names;
- a company’s name cannot be the same as of other existing company;
- a company’s name cannot include the word “national” and all derivate words;
- a company’s name can contain not more then 182 symbols.
After you choose the suitable name for your company next step will be reserving this name in the State register to avoid its use by other companies and to make you sure that the name you chose doesn’t exist.
2. State procedure of name reservation. The procedure of name reservation is provided by a.23 of Law of Ukraine “On state registration of legal entities and natural persons- entrepreneurs” dated May 15, 2003 under No 755-IV. If you’ve already chosen a suitable name for your company, the next step will be preparation of all necessary documents for the name reservation:
- the application form settled by the regulations of the above said Law;
- the confirmation of a state duty payment.
If all the requirements were duly followed and no company with the same name is found, the name of your new company will be reserved for 2 months.
Also you should pay special attention to the situation in the business market and to take into consideration all the aspects of the business field of your Company’ s activity. Here are some essential tips:
1. Kind of your activity. In the Ukrainian business market no matter if it is the market of goods or of services, the name of the company usually contains a note of the field or activity of the Company. It’s important to know who will be your direct customers. If your goods or services is offered to a wide circle of people (your future customers), the name of your company should contain the words that directly reflect what kind of goods or services you are offering. Don’t use words that are complicated for the common sense. But, if the circle of your customers is rather limited and your goods or services are very specific, then you can choose a name that will fully grant you success for attracting your specific clients and customers.
2. Good sounding. Try to choose a name for your company that will be easy to pronounce, easy to remember and easy to translate if you are going to deal with international customers. Don’t use slang, word constructions, or complicate abbreviation. It may lead to negative first impressions of future clients, or to numerous errors and mistakes in spelling. The name should also be pleasant to hear.
You should remember that your success, prosperity and welfare depend on how correctly you choose the name for your future company. Notice that business competition in the Ukrainian commercial market is very high, and every your step should be under your permanent control and attention. There are no small things in business; every detail in business is very important and essential. When you choose a name for your company you determine the fortune of your business. Choose correctly the name for your new Company and get much success.