Change Company Name Online

Change Company Name - Overview

Changing the name of the company is a significant alterations since the Memorandum of Assiciation and Article of Association must be changed. A company may change its name in accordance with the Companies Act of 2013 by adopting a special resolution at the general meeting and obtaining permission from the Central Government and the Registrar of Companies (RoC).

It is significant to remember that there are four approval stages in the process of renaming a business. First, the shareholders' assent must be obtained; next, the ROC must provide approval; and finally, the firm must update its name on all relevant papers, including bank accounts, letterheads, and PAN cards. Updating the company's name on its website and other documents that are visible to the public is the fourth and last step. Finally, it should be noted that renaming a private limited company is a strictly controlled procedure that needs both the ROC's and the shareholders' permission. By following the correct process, you may be confident that the name change is accepted by all parties and is legitimate legally.

Reason for Change Company Name

A company can decide to change its name for many kinds of reasons. Some of the common reasons are mentioned below:

• Voluntary Name Change: The company's board has the authority to voluntarily change the company's name. This change is permissible under the law, provided that all necessary conditions are met.
• Change the Business Activity: When a corporation modifies its operations, the board can decide to change name of the company. To represent the new or additional business objectives, the name could be changed. Under such circumstances, the company needs to change its primary objective as specified in the Memorandum of Articles.
• Marketing or Rebranding: Companies can decide to change names in order to better position their brands, attract more customers, or maintain a consistent image in the eyes of the public. When breaking into new markets, it may also be a calculated move.
• Intellectual Property Rights (IPR) : A company may decide to change its name in order to better protect its copyright or trademark. On the other hand, changing its name can help it stay clear of possible IPR issues.

Process of Name Change of Company

Changing a company's name in India involves following a specific process outlined in the Companies Act, 2013. Here's a breakdown of the steps involved:

• Board Resolution: Call a board meeting to start the process. The board of directors will make the decision to rename the change the name of company during this meeting. Additionally, they will provide permission to a Director or the Company Secretary (CS) to check with the Ministry of Corporate Affairs (MCA) to see if the new name is available. The board will also provide the foundation for holding an Extraordinary General Meeting (EGM) in order to pass a special resolution.
• Check Name Availability: The authorized director or company secretary will take the following actions to guarantee the selected name for the business is both accessible and complies with legal requirements:
  1. Reservation Request: Using the Ministry of Corporate Affairs' (MCA) RUN (Reserve Unique Name) tool, the designated representative will submit a request for the reservation and approval of the new name.
  2. Availability Check: They will check if the suggested company name is available using the RUN facility. This process is similar to the one used for name approval when the firm was first incorporated.
  3. Confirmation from RoC: The Registrar of Companies (RoC) will indicate whether the requested name is available after the request has been completed. It's crucial to understand that this confirmation just verifies that the desired name is accessible and does not signify the company name's final approval.
  4. Confirmation of Compliance: There are few rules that the suggested name needs to follow. It should not contain any terms that are forbidden by the Companies (Incorporation) Rules, 2014, nor should it be too similar to an already-existing business name or brand. In this case, all additional requirements that were in place during the first name approval procedure also hold true.
• Passing special Resolution: An Extraordinary General Meeting (EGM) shall be called by the company once the name has been authorized by RoC with regard to its availability. To change the name and make changes to the articles of association and memorandum of association, a specific resolution will be voted at the EGM.
• Applying to registrar

  The company has to start a formal process to seek for the Registrar of Companies' (RoC) approval of a name change after passing the special resolution and holding the EGM. The steps involved are as follows:

  • The company is required to file Form MGT-14 and pay the prescribed fee in order to register the special resolution. After the resolution at the EGM is passed, the firm has 30 days to file the form with the ROC. A copy of the special resolution that was approved at the EGM, as well as the other necessary papers including the minutes, the explanatory statement, and the notice of the EGM, should all be included in the Form MGT-14.
  • A company must submit an application using Form INC-24 to the Registrar of Companies (ROC) in order to formally change its name. A copy of the changed Memorandum of Association (MOA) and Articles of Association (AOA), as well as a copy of the EGM notice and the special resolution authorizing the name change, should all be included in the form.
• ROC Issues a New Certificate of Incorporation: A fresh certificate of incorporation will be issued by the Registrar of Companies if it is satisfied with the documentation. The new certificate of incorporation issued by the RoC must be obtained before the business name change procedure is finalized.

Document Required for Change Company Name

Apart from to the documentation that must be filed with MGT-14 and INC-24, the following documents are needed:

• Certificate of Incorporation
• Change AoA and MoA
• List of shareholders and directors
• Digital Signature of the authorised director
• Proof of registered business address

Compliance After Change of Company Name

After receiving the new certificate of incorporation from the RoC, the company needs to ensure that its new name is updated in all copies of the MOA and AOA. Additionally, the company is required to make amendments and reflect its new name in the following documents:

• MOA and AOA copies
• Common and official seals
• Promissory notes and bills of exchange
• Bank account name
• Tax authorities, EPF, and ESI department
• Website and social media accounts
• PAN and TAN
• Letterheads, business cards, etc.
• Statutory registers
• Employment and business contracts
• Business licenses or permits