What’s a NUANS® report?
NUANS® (Newly Updated Automated Name Search) is a computerized search system which searches and compares the proposed corporate name with the database of existing corporate names. This search generates a report called NUANS® Search Report which lists the names of existing corporate names that are very similar to the proposed name. Besides providing name searches for Federal incorporated companies, NUANS® search reports also provide name searches for Ontario, Alberta, New Brunswick, Nova Scotia and Prince Edward Island provinces corporations.
For incorporating in other provinces, a name search report from the respective provincial database will be required instead of a NUANS® report.
Here are some of the objectives of a NUANS® database search:
- To determine the names that sound or look similar to the proposed name so as to ensure that the proposed name is unique.
- Reduce the time and effort of searching in a vast database by using a computerized resource.
- Produce results that can be trusted for making corporate name decisions.
- Be flexible enough to accommodate all the different regulations and requirements of several jurisdictions.
A NUANS® report is mandatory when incorporating a Federal Corporation.
Corporate Name Vs Corporate Number?
Convenience is the most important reason for opting for a corporate number instead of a corporate name. Incorporating using a corporate name can be time consuming as it requires filing of NUANS® search report along with the Article of Incorporation. Despite filing a NUANS® report, if the approved name is disapproved, the incorporator will have to re-submit a new NUANS® report. To avoid this complication, one option is to incorporate using a corporate number, especially if a name is not important for the business. It also eliminates the need to perform a name search prior to registration.
A numbered corporation has all the rights that a named corporation possess with the exception that, in the case of a numbered corporation all the legal paper work will be executed using a number. However, it may choose to register a trade name which can be used on its business cards, letter heads and legal paper works.
A numbered corporation can opt for a new name at any future time by amending its Articles of Incorporation. However, it will be mandatory to submit a NUANS search report in this case, along with the amended Articles of Incorporation and the requisite fees to the appropriate federal or provincial authority.