It may not trip off the tongue like the Flying Kangaroo but RedQ is emerging as the most likely name for Qantas's latest spinoff, an ultra-premium airline aimed at executives travelling in Asia.

Qantas is attempting to trademark the name in Australia which, branding experts say, borrows heavily on its heritage but is distinct enough to signal the arrival of a new player in the global aviation game.

The company has kept under wraps the finer details of its plans for the executive-styled airline, but BusinessDay has learnt that Qantas's lawyers have lodged several trademark applications, including those for RedQ, RedQ Executive Express, RedSky and OneAsia.

While red retains the connection to Qantas, the colour also symbolises good fortune and joy in Chinese culture. Although it will be based in Singapore or Malaysia, China will be one of the key markets for the premium airline, which will have a 24-strong fleet of Airbus A320s within several years.

A director of branding agency Principals, Wayde Bull, said the suggested names showed that the company was trying to create something new but retain a link to the Qantas reputation. "Qantas's brand strategy is becoming even more complex. They are seeking to create further brand names that have different price points than just Jetstar and Qantas," Mr Bull said.

But Qantas could face opposition from its arch rival if it adopts RedQ. Virgin Australia secured Red Jet as a trademark several years ago for its charity foundation.

Intellectual property lawyer Trevor Choy said Virgin could oppose Qantas's attempts to trademark RedQ, or permutations of the name, on the grounds it was too similar to its own Red Jet brand.

Mr Choy said it could take Qantas up to two years to trademark a name for its new Asian airline if it strikes opposition from other companies. The earliest that the airline is expected to begin flying is late next year.

Qantas corporate affairs chief Olivia Wirth confirmed that the company was assessing several different names -- including RedQ and OneAsia -- but a decision had not been made on which would be adopted.