Change in Company Name

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Change in Company Name


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About Change in Company Name

A company’s name can be changed at any time after its incorporation. It being an entity regulated by law, it has to follow a specific process provided by the Companies Act, 2013. The process includes conducting board meeting and member’s meeting for their respective consent, which will be followed by name reservation and approval from Central Government for said change. Fresh Certificate of Incorporation will be issued by RoC in new name after updating the Register of Companies. The company name change does not impact the existence of the company, which leaves all the assets and liabilities unaffected.

Reason

Voluntary Change

The directors or the shareholders may voluntarily decide to change the business name mutually for any justified reason. Names can be used to reflect the vision or any characteristic of the company. To make the name relatable and easy for the consumer can also be a reason to change business name.

Change in Business Objective

Change in the name may be required due to change of business objective. If the name does not truly reflect the altered objective, it can be changed in line with the objective. The company must apply for a change if the Registrar has directed to do so in such case.

Enhance Brand Value (Rebranding)

Name assumes the brand value of the company and intention to improve the brand value is often a reason to change the name. Also, industries where trends change over a period of time, an appropriate name can be chosen to be in line with the trend and create a distinct identity. Change of name can prove to be a good marketing strategy to enhance brand value.

Trust or Goodwill

Discard boundaries assumed by name

Documents Required

Digital Signature Certificate of one of authorised director to be provided

A copy of latest amended MOA and AOA of the company

Certificate of Incorporation of company to be provided

Copy of PAN card of the company to be provided.

Company’s New Name Contains Features

Unique Name
Mainly it builds the company brand and preferably be a coined word

Business Object
Second part of name should suggest the business activity of the company

Constitution Type
Name of the company must end with “Private Limited” or “Limited” as suffix

Process

Board Resolution

A Board meeting must be convened to pass a resolution for change of name of the company and to authorize a Director or Company Secretary to make an application to the MCA for ascertaining availability of proposed name. At the same Board meeting, a resolution to convene an extraordinary general meeting for changing the name of the company, and altering the Memorandum of Association and Articles of Association can also be passed.

Check Company Name Availability

Once a resolution is passed ascertaining availability of proposed company name, the authorized person can make a name application to the MCA. The procedure for name application is similar to that of the name application procedure followed during incorporation of a private limited company. Therefore, the name must be as per the Companies Act 2013 Naming Guidelines.

Pass Special Resolution for Company Name Change

Once a name is approved by the MCA, the Company must conduct an extraordinary general meeting and pass a special resolution for change of company name, and consequential changes to the Memorandum of Association and Articles of Association.

Application for approval of Company Name Change

Once the special resolution for change of company name is passed, the special resolution and application for approval of company name change must be filed with the Registrar of Companies. An application for company name change must be made in Form 1B along with the requisite fee.

Issuance of New Certificate of Incorporation

If the Registrar of Companies is satisfied with the company name change application, the Registrar would issue a new certificate of incorporation. It is important to note that the company name change is said to be complete and effective on issuance of new incorporation certificate by the Registrar of Companies.

Make Changes to MOA and AOA

Subsequent to the issuance of the new incorporation certificate, steps must be taken to incorporate the new company name in all the copies of Memorandum of Association, Articles of Association and Certificate of Incorporation issued by the Registrar.

Frequently Asked Questions

Which approvals are required for company name change?

To effect the change in name, the company has to obtain following consent or approval:

  • Consent from Board
  • Consent from the members of the company
  • Approval from concerned ROC.
  • Approval from Central Government

There is no restriction provided for the name change of a private limited company, which may be the case for a Public company. The names chosen for application must be in conformity with the rules prescribed.

Ministry has introduced a web form “RUN” (Reserve Unique Name) for reservation of new name of existing companies. The company can apply with 2 different names with its significance. The names should be unique and in accordance with the provisions.

The application for name change must be made within 30 days of obtaining the consent of members in General Meeting (held after reservation of name). Intimation of resolution is made in form MGT – 14 whereas the application for the name change is made in form INC – 24.

Yes, MOA and AOA, both must be altered with the new name. The copy of the proposed alteration is filed in INC – 24.

If the name change is made due to change in the main object, both the procedures can be carried on simultaneously. As the approval of the Government is involved, the period can vary based on the response and time taken by ROC.

It will be effective only after issuance of a fresh Certificate of Incorporation. The concerned officer on his satisfaction of application made will issue a fresh COI with a new name.

Company’s new name can be updated in PAN or any other registration after fresh Certificate of Incorporation is issued. Application to change PAN is included in the package.

After the change of name, the company has to update its name with all the ministries it is registered with. All the stationaries i.e. Business cards, letterheads, display board, etc. must be updated with a new name. An important change is ratification of contracts entered in the previous name. The parties to contract must ratify said contracts after adopting a new name.

Yes. For a period of two years from change, wherever the company’s name is displayed, the previous name must also be displayed.

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