Naming your company may seem like a simple task, but it plays a crucial role in shaping your business's value, so you should dedicate your time to it.
The following is a four-step guide on how to choose a company/business name that will make your company name idea attractive and interesting, compiled and collected by Expertis after many years of business consulting.
HOW TO NAME A COMPANY
A company name/business name must serve the business's operations and create value for the business; a company name is not just a name.
To come up with a truly good and registrant company name, you need to consider the following three aspects:
1. How to name a company based on the principle of "The company name serves the business needs"
This is how to name a company/business, starting by thinking of words that might fit your company name. Your goal here is to create a list of words or names that come to mind when you think about your business.
Tips: You should alternate between the perspective of your customers, the consumers of your products and services, and your own perspective when brainstorming business names to include in the list of options.
2. How to name a company based on factors "related to the brand name of the product or service"
According to the framework of Vietnamese law:
- Business names are registered for "protection" under the Enterprise Law and are not required to be registered as intellectual property.
- A product/service brand name is only protected exclusively when registered under the Intellectual Property Law.
Most B2B businesses, when first starting out, use the same name as their products or services. However, for B2C businesses, or after a period of growth and expansion, there may be a need to use a product or service brand name different from the company name.
Therefore, Expertis advises you to consider this right from the business name selection stage. Naming your business in a way that relates to your product or service brand name helps customers quickly associate it with their brand, creating an advantage in marketing.
Of course, you can fix registration issues later, but there are also situations where dealing with them later is much more difficult, for example:
+ If you decide to use your business name as the brand name for your products/services, you need to check the possibility of registering the trademark with the Intellectual Property Office. See also: Intellectual Property Office. Otherwise, you might find yourself in a situation where your business name is A but you cannot use the brand name for your products/services because someone else has already registered the intellectual property rights before you.
+ There are also cases where you choose the business name A and the product/service name X, Y, Z… while in the market there is a business named B that owns the intellectual property rights to the brand/service named A (identical to your business name, and has successfully registered the intellectual property). >> This can cause confusion for your customers, especially when there are risks related to product/service quality, leading customers to mistakenly believe: "Your business is named A and is also the owner of the product/service with the brand name A," and therefore assume that your business provides poor quality products/services. (The reason is that customers are less concerned with the legal aspects of a name and more interested in its psychological significance.)
3. The company name idea must "comply with regulations on business naming".
3.1. The way you name your business must comply with the following regulations regarding business names:
1. The Vietnamese name of the business includes the following two components in this order:
a) Type of business. The name of the business type is written as "limited liability company" or "LLC" for a limited liability company; as "joint-stock company" or "JSC" for a joint-stock company; as "partnership company" or "HD company" for a partnership company; and as "private enterprise", "DNTN" or "TN enterprise" for a private enterprise.
b) Proper names. Proper names are written using letters from the Vietnamese alphabet, the letters F, J, Z, W, numbers, and symbols.
2. The business name must be displayed at the head office, branches, representative offices, and business locations of the enterprise. The business name must be printed or written on transaction documents, records, and publications issued by the enterprise.
3. Based on the provisions of this Article and Articles 39, 40, and 42 of this Law, the Business Registration Authority has the right to refuse to approve the proposed business name.
(Stipulated in Article 38 of the Enterprise Law)
3.2. The chosen business name must not be the same as any existing business names.
A duplicate name is a Vietnamese name of a business applying for registration that is written exactly the same as the Vietnamese name of a business that has already been registered.
3.3. The business name must not be misleading.
The following cases are misleading:
1. The Vietnamese name of the business applying for registration must be pronounced the same as the name of a registered business;
2. The abbreviated name of the business applying for registration is identical to the abbreviated name of a business that has already been registered;
3. The foreign-language name of the business applying for registration is identical to the foreign-language name of a business already registered;
4. The proposed business name differs from the registered business name of the same type only by a natural number, ordinal number, or letters from the Vietnamese alphabet and the letters F, J, Z, W immediately following the business name;
5. The proposed business name differs from the registered business name of the same type only by the symbols “&”, “.”, “+”, “-”, or “_”;
6. The proposed business name differs from the registered business name of the same type only by the word "new" immediately before or after the registered business name;
7. The proposed business name differs from the registered names of similar businesses only by the words "Northern", "Southern", "Central", "Western", "Eastern" or words with similar meanings.
3.4. How to check if your chosen business name is already taken.
Step 1: Access the homepage of the National Business Registration Portal at the following address: https://dangkykinhdoanh.gov.vn
Step 2: Enter the company's full name in the "Find Businesses" box to search.
If no company name appears on the list, then the proposed name is not already taken.
This method is very simple and anyone can do it; it can be used to compare the names of all registered businesses of all types.
RATE YOUR COMPANY NAME IDEAS
You need to clearly evaluate the company names you choose, avoiding emotional biases.
1. List your company name ideas.
After you have developed a list of possible names, analyze your ideas.
Delete any names that are difficult to remember, hard to spell, or that sound too loud or have a heavy accent.
Choose names that are brand-oriented, sound great, are easy to remember, and communicate your brand values, products, or services to your target audience.
2. Score the company names to select and shorten the list.
Below is a suggested business name scoring/review form template that you can use to implement your ideas and help shorten your list of names:
|
Factors to check |
Example: The name "DORA" for a pastry shop. |
|---|---|
|
Is the name simple and easy to remember? |
Yes/No |
|
Is the name easy to read and pronounce? |
Yes/No |
|
Is the name different from that of the competitors? |
Yes/No |
|
Does the name evoke a connection in customers to something that already holds meaning (the brand's soul/national spirit) for them? |
Yes (Japan)/No |
|
Does the name convey a meaning related to the brand value of the product/service? |
Yes (Doreamon / Japanese Quality)/No |
|
Does the name avoid using words that are overly dramatic, cliché, or touch upon sensitive issues? |
Yes/No |
|
If you work with foreigners/foreign businesses: Is your name legible to foreigners? |
Yes/No |
|
If you work with foreigners/foreign businesses: Do the Vietnamese and English pronunciations of your name match? For example, Tiki meets this criterion. |
Yes/No |
As shown in the table above, if the name DORA were used for the construction industry, the evaluation table would be completely different.
3. Conduct an internal survey and gather some feedback on your company name ideas.
Now, you'll have a list of 3-6 appealing and interesting company names, and you can start asking potential customers you know or people working in the industry for feedback (your target audience).
To make your survey effective, be sure to ask suggestive questions such as:
i) What is the first thing that comes to mind when you first hear the name?
ii) How would you spell it?
iii) And some questions taken from the name checklist in step 2.
Note: Avoid feedback from family and friends, who are more likely to praise all your ideas and are not your potential customers.