How to decide business name if you think to register new local enterprise in Latvia
First of all business owners has to do is to choose a good name for their enterprise. If you desire to make company in Latvia then the company name has to be formed properly. So it gives the locals feel they can trust you, yet the company is acknowledged globally. Unlike other decisions you may make along the way, your business name could be with you for quite some time, so it is worth spending time to get it right first time. Of course if a company is serious with branding.
Here are some business set up naming tips, based on our experiences working with other small enterprises in Latvia.
- Think long-term Hopefully your enterprise will grow and become known company in the future, so be careful not to choose too shallow company name you wish to register, in case you branch out later on. For example, SIA (Latvia - limited liability company) 'My Coolest Company Name Registration' could be 'Company Name Registration' instead.
- Self-explanatory names A decision is in front of you whatever if you want to include what you actually do in your business name (e.g. 'law office', 'company owener', etc.), or choose a more generic or descriptive business name in short - more more brand-able company name. This is the choice of many possible options which may influence your company's future within your industry.
- Domain Names Do some research for the available domain names for business names you desire, as in an ideal world your domain name will be the same (or similar) to the name you choose for your business, but rarely comes to truth, because of the huge amount of information in today's world of internet.
- Beware of the Trademarks Do not to incorporate other companies' trademarks in your new business name as it can lead to legal issues. You should definitely mail us to acknowledge information about company name registered in Latvia so you don't get in crossroad of law issues.
- Sole Trader or Limited A wise idea is if you think of being self-employed, why not reserve a limited company name just in case you decide to incorporate later? Read more about limited company registration to know how to build your business strategy.
- Various restrictions exist for business names Most cases of restrictions exist if you are setting up a Ltd company in Latvia. For example, you cannot imply place names or person names in the company name. If you register a company in Latvia then you have to take in mind few simple and basic rules about company incorporation. For example, you can not register SIA (Sabiedrība ar Ierobežotu Atbildību) 'Riga', but you can make a following one SIA 'Riga's brewery'. It differs in most cases.
- Dont mislead A business name should not be misleading as it can confuse potential costumer of your registered company. For example, a company's name 'Nikeee' would not be a wise idea as it imply official shoe company's name 'Nike' and costumer could not guess that your company works with for example - lamps.
- Is your name available It is good to make brainstorming, especially for limited companies, you should contact us to make sure your desired company's name is available.
And remember simplicity is the golden rule of all above mentioned.