Verne supports name reservation. A logged-in individual can reserve a valid and available name and use it to register a new company or change the name of an existing one. Once a name is reserved it cannot be reserved or used by another party.
Note: while this article discusses use of name reservation for companies, this capability can also available for other entity types.
Typically the register will be configured to expire a reserved name if it is not used within a prescribed period. An expired name reservation will free up the name for reservation or use by another party. The period of reservation before expiry is configurable.
Typical name reservation services include:
- Reserve a Name
- Transfer a Reserved Name
- Extend a Reserved Name
- Withdraw a Reserved Name
- Search a Reserved Name
- View a Reserved Name
Reserve a Name
The Reserve a Name business service allows a user to reserve an entity name. The user can select a purpose, which will determine whether the name will be used for registering a new entity or changing the name of an existing one. If the name is being used to register a new company, the user will select the type of company and then move on to entering a proposed name. Where the name is being used to change the name of an existing company, the user will search and select from a list of companies they have a relationship with. This ensures the Registrar is aware the name is being used for that purpose and company, should they need to review the name before approving it.
The user will enter a proposed name which will be automatically checked against rules based on name structure, uniqueness and restricted words. Depending on the result of the check, the user may have to try a different name because the name is not available or compliant, or provide additional information supporting the proposed name because it is includes a restricted word or phrase. Should the user decide to continue and submit the application, the system will determine whether the name can be auto-approved or sent to registry staff for manual review resulting in approval or rejection of the proposed name. Fees can be configured for this service.
On approval of a reserved name, the system will reserve the name with an expiry date along with details about the applicant, such as user id and, where applicable, organisation. Reminders can be configured to encourage the owner of the reserved name to use it before it expires.
Note: that entity registration and change of name services can be configured such that:
- Reservation of a name is mandatory i.e. the the registration or name change service cannot be used without the user having first reserved a name
- Reservation of a name is optional i.e. the registration or name change service will support either selection of a previously reserved name or entry of a proposed name
- Name reservation is not applicable i.e. the registration or name change service will not allow selection a previously reserved name, they can only enter a proposed name
Transfer a Reserved Name
Once a name reservation has been approved, it is owned by the presenting individual or organisation, who will have exclusive rights to use the name before the expiry date. The transfer service allows the ownership of a reserved name to be transferred to another individual or organisation.
Extend a Reserved Name
The owner of a reserved name is able to request an extension to a reserved name, typically an extension application may include a reason for extending. On approval, the expiry date of the reserved name will change based on the configured reservation period. A fee can be configured for this service. The number of times a name reservation can be extended is configurable and can also be set such that extension is not possible.
Withdraw a Reserved Name
The owner of a reserved name is able to withdraw a name they or their organisation have previously reserved. Withdrawing a name reservation results in the owner losing any rights over the name, which will be freed up for reservation or use by other users.
Search a Reserved Name
Note that name checks may be triggered manually by authorised internal users at any time via the ‘Validate Name’ online option available within the applicable business service. This option immediately informs the user if an entity name is available or generates error messages where the name validation has failed.
The same name checks will be applied on submission of an entity registration or amendment.
Verne includes configurable message templates and configurable rules that control the distribution of reminders to those who have name reservations approaching expiry. These messages are configured and sent using Verne’s centralised correspondence management system that controls the generation and delivery of external written communication with entities and their representatives. Verne manages addresses and user information, and supports communication methods such as email, text message notifications and post.
System triggered notifications can be configured:
- To alert the owner of a Reserved Name when the Reserved Name is about to expire, recommending that any pending applications be submitted prior to this date. Multiple notifications can be sent to ensure the user has plenty of warning before a Reserved Name is expired. For example, notifications can be sent where the Reserved Name is due to expire in ten business days and again in five business days, with final notification sent the day before the reserved name is due to expire.
- To alert the owner of a Reserved Name that the name has expired.
Name Distinguishability
Verne provides configurable name availability checking and name compliance checking (e.g. banned words, abbreviations etc.) during incorporation, or as part of a dedicated name reservation process.
The following function covers the validation of a proposed name. This function will be invoked when reserving a name, registering a new entity or changing an entity name. The following rules apply when registering the name:
- Name structure and character content.
- Name availability.
- Identical name check.
- Prohibited/restricted name check.
Name Structure
Verne can be configured to ensure the name structure is compliant with the register’s legislative requirements. For example, the following rules could be applied:
- Corporation name must end in ‘Corporation’, ‘Incorporated’, ‘Company’, or ‘Limited’. The abbreviated formal of these words are also acceptable e.g. ‘Corp’, ‘Inc’, ‘Co’, ‘Ltd’.
- The proposed corporation name cannot be solely one of the words detailed above.
Name Availability Check
The following validation is applied to the proposed name with respect to existing entity names and Reserved Names:
- The proposed name must not be identical or almost identical to the name of an existing current business entity on the register.
- The proposed name must not be identical or almost identical to any non-expired Reserved Name.
- The proposed name must not be identical or almost identical to a proposed name of an application that has been submitted and is awaiting review by an internal user.
Identical Name Check
The Business Registry performs the following to ensure that existing names are not identical:
- The proposed name is converted to uppercase.
- All double blanks are removed.
- All entity suffixes specific to the jurisdiction are removed.
Almost Identical Name Check
The Business Registry performs the following almost identical name conversion to ensure that existing names are not almost identical.
Prohibited/Restricted Name Check
The Business Registry performs the following to ensure that prohibited or restricted names are not used:
- In the event that the name contains a prohibited word, the system determines a Hard Error and the proposed name cannot be submitted.
- In the event that the name contains a restricted word, the system determines a Warning and the user is advised of the fact.
