How to Choose your Business Name in Canada? Important Guidelines:

by | Jun 2, 2022

Many Canadians dream of starting their own business. But planning a business name is essential. So, business owners often need help to incorporate their businesses. After all, the stakes are high. You will be remembered if you choose the correct word.

Part of making a business successful involves keeping tabs on your books. It helps to sort out the finances and keep all your financial records clean, updated, and accurate.

So don’t freak out; you can seek help from Yogi & Associates We are here for you if you live in Mississauga, Brampton, or nearby areas. We also offer full-service bookkeeping and business incorporation services to help our clients manage their finances and stay on top of taxes.

“Success usually comes to those who are too busy to be looking for it.” – Henry David Thoreau

1. Five Things You Need To Name A Business:

Five things you need to choose your business name in Canada:

1. First, make an effort to reach out to your target market.
2. Adapt to your specific business and industry (i.e., no dainty names for meat stores)
3. Work with the marketing tactics you’ve chosen. This includes appropriate signage, being tied to a logo, suiting the image of your business, etc.
4. Make yourself stand out from the crowd (being memorable help)
5. Be suitable for the type of business you’ve chosen.

To start your business, you can see our article How to Start Your Business in Canada.

2. Seven Tips to Choose a Business Name:

Five tips you need for how to choose your business name in Canada:

Business Name:

Your business name should be distinctive and descriptive. This way, you can avoid confusion if you choose a similar name to the other company.

For Example:

Suppose you want to open a restaurant. You wouldn’t name it ‘restaurant’; you would add ‘Mike and John’s Restaurant’ instead. This will make it distinctive and descriptive.
  • The restaurant is the descriptive element. It describes the nature of your business.
  • Mike and John are the distinctive elements that promote your business.

Choose an Easy Name for your Business:

Choose a name that is easy for your clients to say, as you will be asking them to do so many times during your business.

Create a List:

Once you’ve decided on a business name, consider how you’ll display it. You should even make a list so that if you change your mind about the name of your company later,

Check your Business Name:

Make sure that another company still needs to register your name. You can use the following tools to choose a business name that is unique and hasn’t been used already:

Think of your Name for Long-Term:

Consider the long term. Don’t be too precise with your name; limit yourself to one product or service. You may extend your product line or services in five years and find the term too restrictive.

Don’t be Over-Smart:

Unless it’s essential for your business identification, avoid using unusual spellings. It will be difficult for clients to locate you online or in phone directories.

Keep it Brief:

Shorter business names aren’t always more effective. But they may be easier to remember.

“Always deliver more than expected.” — Larry Page, co-founder of Google

3. Five Steps to Register Your Business:

Select a Business Name:

Take time to choose your business name, as your company’s impression depends on the name.

Get a Business Name Report:

You must first get a business report by buying a Nuans report. You can buy it through the Canadian Government web portal. Then, authorized NUANS members provide the information.

Additional Information:

After you decide on a name for your company, your Nuans report will show you a list of other companies. This list will be like your company’s name. So, make sure your company’s name is distinct from other organizations using Nuans report.

Submit a Name Request:

Submit your decided name to your province or territory government for approval. After approval, your province will assign a number to your name.

Filling out an Application:

You can fill out an application for registering a business name online or at a service provider near you.

Pay the Registration Fee:

To register a business name in Canada, you must pay a registration charge. The price varies according to province and territory. However, it usually is approximately $100.

“There are no secrets to success. It is the result of preparation, hard work and learning from failure.” – Colin Powell

4. Sort out your Bookkeeping:

Many people believe that only the owners of a company know the exact amount of cash on hand. However, when you are starting, it is critical to keep your bookkeeping up to date so it can be used as a single source of truth for all operations
So, with our excellent bookkeeping services, we can make it easier to run your business. Our bookkeeping services keep everything running and organized. So, feel free to contact us anytime to get our services!

The Bottom Line:

One of the most crucial but challenging aspects of starting a business is deciding on a unique name. We know it takes a lot of effort to select a wise name for your business. So, please contact Yogi & Associates!

You can also get our bookkeeping and business incorporation services. Our team will help you generate your enthusiasm for running your business. So feel free to contact Yogi & Associates!

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