If your company name is outdated or it no longer reflects the nature of your business. Do you find it too complicated or too generic to use, or you planning...
When you plan to build or start your organization, you can feel like you’ve been put on the spotlight. But what will you name your new organization? This ought to be something that you should consider important – it’s how the customers are going to know you and your business. However, in spite of the fact that, it is technically true that you can obviously Change Company Name whenever you wish to. In this article, we will discuss Change the Name of the Company
What You Should Consider Before Changing Your Company Name?
Definitely, you must be thinking would it be a good idea for you to change the name of your organization? Let us consider a few things before you think of changing the name of your organization.
- Affordable or not?-When you make your mind to change the company name, it’s not only about the name but its everything attached to it such as your product and services as well, including websites, logos, and everything. So make sure whether it is affordable or not.
- Is Your Company Established?-Have your company achieved a desirable reputation in your serving areas? If you have made your mind to change company name then it could cost you business.
- Is it necessary to change company name?– Make sure that are you hurrying in changing the name of your business. In case if you have a weak business name or too complicated then you can think about it, but if its perfect then you must not opt for it.
What Is The Step-By-Step Process To Change Company Name?
- Board Resolution of the Company-according to the Section 173(3) of Companies Act, 2013 board resolution is prepared for the change in the name of the Company. Here they will suggest proposed names for your company and set a meeting of shareholders.
- Check the Availability of Name on Trademark & Website Search-Once the resolution is passed, availability of name is checked whether the name is available or not.
- Approval of new Name by the Registrar of the Company- Once the approval of new name is done, they issue Name availability letter for the name of the company and this name will be valid for 60 days as per Section 4(5).
- Passing Special Resolution for Company Name Change- Here in this step change in company name & alteration of MOA & AOA is done. If the owner change company name due to the change in business then the main object in MOA is also changed. Liability clause in MOA is amended and new MOA & AOA is adopted which are in accordance with Companies Act 2013.
- Insurance of new Certificate of Incorporation- In this step Registrar of the company check and review the documents and the forms that have been submitted. If your verification is done without any problem and error then they issue the new incorporation certificate where they state the new name of your company that has been proposed. And it will come into effect from the date of the issue of the certificate.
- Changes to MOA & AOA-Once your new incorporation certificate is issued then a company must make changes in MOA & AOA.
These are the basic steps which you have to follow while going through the process of changing your company name. For further details or inquiries you may anytime get in touch with our professionals.