Someone else has registered my company's name as a domain name and refuses to sell it to me.  Is there a way that I can procure ownership rights?

It depends on the domain name and the owner's reasons for withholding the domain name from you.  If your company name is a common word or common combination of words or if the current domain name holder has equal claim to the use of the domain then it may be difficult to procure ownership rights.  If you believe your entitlement to the domain name is significantly stronger than the current owners then you may want to pursue a court case in the jurisdiction where the domain name is registered.

On the other hand, if the domain name is identical or confusingly similar to your company name and if you believe the domain name was registered or is being used in bad faith then you may be able to obtain ownership rights by filing a notice with an ICANN Dispute Resolution Service provider.

What is ICANN?

ICAAN, or the Internet Corporation for Assigned Names and Numbers is an international non-profit organization responsible for coordinating the Domain Name System.  The Domain Name System assigns domain names (words) to the Internet Protocol "IP" addresses (numbers) computers use to find webpages.  ICANN is also responsible for accrediting private domain name registrars to register and manage domain names.

ICANN has established a Uniform Dispute Resolution Policy that accredited registrars must follow in the event of a domain name dispute.

When can domain name registrars resolve disputes by canceling, transferring or otherwise changing domain name registrations?

According to ICAAN policy, domain name registrars do not have the authority to resolve disputes by changing domain name registrations.  In cases of ordinary dispute (i.e. there is no bad faith intention) domain name registrars are authorized to make changes to domain name registration after receipt of a court order.

In cases of disputes arising over domain names allegedly registered in bad faith (such as "cyber-squatting"), domain name registrars may make changes to the domain name registration record after receiving a decision from a Uniform Dispute Resolution Policy Administrative Panel.