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Registering a domain name, biz name or a Pty Ltd gives no protection or intellectual property ownership over the name of the biz. Only a trademark gives any protection on brand names, words pic etc. But technically you don't even have to register a trademark to have a "trademark".

Maybe you can alter those 2 words in a way that still describes the product, but become new words. A non descriptive product name is not an easy sell.