CHANGE OF COMPANY NAME
The name of a Company or LLP can be changed by the promoters at any time after the incorporation. The existing Companies are inclined to change its name due to change in ownership, main business object, business restructuring, mergers and amalgamations or conversion of company from one type into another and Shareholders’ may require change of name. However, it has no impact on legal status of the existing entity. Hence, all assets and liabilities including claims, receivables and payables of the company would continue as it is.
Change of company name requires passing of a board resolution, obtaining the Name Approval from the Central Registration Centre (CRC), passing of members’ special resolution and applying for approval of new name for the Company. If the MCA approves the application, a Fresh Certificate of Incorporation will be issued. After obtaining the fresh Certificate of Incorporation, necessary changes must be made in the MOA, AOA and other documents and stationeries of the company currently in use.
LEGALRAJ will be delighted to assist you in change of name of the Company or the LLP. The average time taken to complete a company name change is about 2 to 7 working days, subject to government processing time and client document submission.
What will you receive in Company registration package ?
- Name Reservation
- Special Resolution
- Altered Memorandum of Association (MOA) & Articles of Association (AOA)
- Fresh Incorporation Certificate
- Change in GST Registration particulars
What is the process for Change of Name of Company ?
Step 1: Board Resolution:
The Company has to firstly conduct the Board meeting to consider and discuss the reasons and procedures for change of name of the Company. The Board of Directors need to pass necessary resolution and authorize any one of them to apply for change of name of the Company.
Step 2: Name Reservation:
After passing of resolution for change of name, the Company needs to apply for the name reservation through RUN (Reserve Unique Name) service of the MCA portal and apply for the name reservation.
Step 3: Special Resolution for Company Name Change:
Once a name is approved by the MCA, the Company needs to conduct an General Meeting of the members and pass thereat Special Resolution for change of company name, and consequential changes to the Memorandum of Association and Articles of Association.
Step 4: Application for approval of Company Name Change:
Once the Special Resolution for change of company name is passed, the company will file forms MGT-14 for filing of resolutions and Form INC-24 for change of name with the Registrar of Companies (ROC) through MCA portal.
Step 5: Issuance of New Certificate of Incorporation:
If the Registrar of Companies is satisfied with the company name change application, he will issue a fresh certificate of incorporation which will be conclusive evidence of the new name. After getting the new certificate, the Company is required to get all the existing MOA and changed and updated with the new name and keep the same at its registered office.
The entire process for registration of Company will take at least 5 to 10 working days from the receipt of all the necessary documents and filing with the ROC.
What can be the reasons for Company Name Change?
- Change in business activity
- Change in management and ownership
- Takeover of business
- Merger with another company
- Upon Sale of business
- Demerger of a business unit or division of business
What Documents are required for Company Incorporation ?
- New name of the Company
- Special resolution for change of name
- Alteration of MOA and AOA
Precautions to be taken while name reservation
1. Meaningful: The name of your company should have some meaning even though more than two words combination is used. The name taken by the promoters of the Company should not be able to be challenged by anyone.
2. Unique: It should not create resemblance with the existing Company or LLP names or even the Trade Marks (either registered or in the process of registration).
3. Activity reflecting: In the name of your proposed Company, activity or main business object should be reflected or represented.
4. Should not be illegal / offensive: The name of your company should not be against law. It should not be abusive or against the customs and beliefs of any religion.