Broadly, the name has three components:
- Unique component: This is the prime name of your company. It should be unique, not already been trademarked, and should not contain phrases and words that are blacklisted by the RBI. Even if a name meets these criteria, the RoC might reject the name application on grounds of it being similar to already existing names.
- Description of business: There should be a word or phrase which follow the Unique Component of the name which describes or indicates the main business of the Company. Some of the popular descriptive words are Technology/ies, Internet of Things, Chemicals, Builders, etc. The words bank, exchange, and stock exchange, unless approved by RBI or SEBI, would also be rejected.
- Suffix: There will be no Suffix for a section 8 company
Things to keep in mind while selecting the unique component of the name:
- It must be short and simple: The name must be concise and not be too long. People should be able to say it easily and they should be able to recollect your company’s name the first time they read it or hear it
- It must be meaningful: The name of the company should be related to the business. It must fit the company’s branding.
- It must be unique: The name of the company mustn’t be the same or identical to an already existing company or a trademark. One must preferably avoid the plural version