A company may decide to rebrand for a variety of tactical reasons. Aligning the company's branding with its changing business goals, which take into account adjustments to its offerings, services, or target market, is one typical goal. A merger, acquisition, or reorganization may also call for a name change, which would indicate a change in ownership or corporate identity. Important legal goals, such avoiding trademark issues or adhering to regulatory requirements, can be achieved by changing one's name. For whatever reason, renaming a business can be a proactive move toward reviving its reputation, bolstering its market position, and adjusting to shifting market conditions. Let's examine the necessary conditions and steps involved in achieving this.
A private limited business may thereafter alter the name it chose at incorporation. A private limited corporation needs both MCA clearance and the approval of its shareholders by a special resolution before changing its name. A private limited company's legal status or ability to continue operating as a corporate entity are unaffected by a name change. A company's name change won't establish a new business or organization. As a result, the corporate name change shall NOT:
Careful planning, compliance with legal requirements, and efficient collaboration with regulatory authorities are necessary for the company name change procedure. To guarantee a seamless identity change and adherence to legal compliance, there are multiple processes involved. Companies must comprehend the nuances of the name change procedure in order to minimize operational disruptions and protect their reputation as a brand.
The board resolution must normally be approved before a corporation can change its name. The decision to rename the firm is discussed and approved by the board of directors, who also approves the appropriate activities to be taken and provides an explanation for the change.
The approved individual may submit a name application to the MCA after a resolution is issued confirming the availability of the proposed company name. The process for submitting a name application is comparable to the one used to incorporate a private limited company. As a result, the name needs to follow the 2013 Companies Act Naming Guidelines.
The company must call an extraordinary general meeting and accept a special resolution for the name change, along with any necessary amendments to the articles of association and memorandum of association, when the MCA approves a name.
The special resolution must be passed and the same must be lodged with the RoC within 30 days. The resolution should be accompanied by another modification to the business form, MGT-14. Information regarding the special resolution must be included in Form MGT-14. For that reason, it should be supplied with the following documents as well:
The corporation must file the INC-24, which requests permission from the central government to change the company name, after filing the MGT-14. Together with the SRN of the previously filed Form INC-1, the SRN obtained during the filing of Form MGT-14 must be indicated in Form INC-24.
The corporation must provide a copy of the EGM minutes that approved the special resolution in order to comply with INC-24. The following information should also be included in the INC-24:
The required amount for the modification must be given to the RoC.
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 company name change procedure is finalized.
The checklist for changing the name of the business or firm includes the following items:
All copies of the MOA and AOA must include the new company name after the RoC issues the new certificate of incorporation. The following documents must also be updated with the company's new name: