Procedure for Change of Company Name

There are several reasons for the change of Company name due to change in the management, their re-branding, mergers or acquisitions, sending a new signal to the market and so many. The change in the company name doesn’t affect its legal proceedings and its obligations & rights. Companies who want to change their name must follow the procedure prescribed by the MCA.

In this article, we are going to discuss documentation and various steps should be followed by Companies to change their name.

Documents required for the change of the company’s Name

To change the name of the company, the applicant needs to file MGT-14 and INC-24. There are various documents required in PDF format to file these two e-forms.

MGT-14

• The notice of the Extra-ordinary General Meeting conducted by Company.
• The special resolution passed in EGM (Extra-ordinary General Meeting) by the Board of Directors.
• Copy of modified or altered article and memorandum of association.

INC-24

• Extracts of minutes of EGM held by the Board of Directors.
• The notice of the Extra-ordinary General Meeting conducted by Company.
• Altered Article and Memorandum of Association.

Steps to be followed for the change of the Company Name

Here are the following steps that one can follow for the change of company name:

Step-1 Conducting meeting with the Board of Director’s for the change of Company name

Once the company has decided to change the name of the company, then it should conduct a meeting with the company’s Board of Directors to pass the Board resolution regarding the change in the name of company and alterations to be made in the Article of Association and Memorandum of Association. The Board of Directors will finalize the selected name for the approval by the Registrar of Companies.

Step-2 Checking New Name Availability for the change of Company name

After conducting a meeting with the Board of Directors, the applicant should approve their name with Ministry of Corporate Affairs (MCA)^[1]. To register a new name, they can make an application to MCA and approve their name through MCA’s e-portal RUN (Reserve Unique Name).

The applicant can request a new name on the portal by filling up the details of CIN, entity type, two suggestions of the proposed name and an attachment of resolution passed in EGM.

If the proposed name is not used by the existing company or any trademark, then MCA approves the proposed name requested on its website.

Step-3 Conducting EGM for the change of the Company name

Once MCA approved the new name for the company then an Extra-ordinary General Meeting is conducted to pass a special resolution for the change of the company’s name and approved alterations in Article of Association and Memorandum of Association of the company.

Also, Read: How are the Trade License and Company Registration Different

Step-4 Application for the approval for the change of Company’s name

Once the special resolution has been passed in EGM, then the company should make an application to ROCs (Registrar of Companies) for the change of the Company’s name. The applicant should be submitted for the approval in Form 1B with its required fees.

Step-5 Filings e-forms for the change of Company’s name

Under the next step, the applicant needs to download and fill e-forms MGT-14 and INC-24 from the MCA website.

Filing MGT-14

• Pre-filing details with CIN.
• Select the column for Registration of Resolution.
• Details regarding the date of dispatching the EGM’s notice and date of passing Resolution.
• Date when the resolution has been passed.
• Details regarding the type of resolution and authority passing Resolution.
• Affix DSC and certified it by CA, CS or CMA.
• Upload this e-form on the MCA portal within 30 days of passing the Resolution.

Filing INC-24

• Enter your Company’s Identification Number and pre-filing all details.
• Submit your Service Request Number (SRN) of RUN filed with the Registrar of Companies.
• Mention the reason for the change of Company name.
• Enter SRN of e-form MGT-14 earlier submitted.
• Specify the earlier name of the company (before change).
• Number of members present while passing the resolution and shares held by them.
• A number of members in the favor of passing Resolution.
• The number of members who are against the passing Resolution.
• Number of members who are abstained from voting.
• Affix the DSC and upload INC-24 on the MCA portal.

Step-6 Issuance of Certificate of Incorporation

Once INC-24 is approved then ROC will grant a New Certificate of Incorporation with the changed name. The procedure for changing the name can’t get completed without the issuance of a new Certificate of Incorporation from ROC.

Step-7 Modifications in AOA and MOA

This is the last step to be followed for the change of the Company’s name. Under this, after obtaining Certificate of Incorporation from ROCs, the company can make alterations in all copies of its Article of Association and Memorandum of Association with its new name.

Conclusion

Thus, the process of changing the Company’s name requires thorough documentation and process. The owners must specify the reason for MCA for conducting this change.

The process from approving name through RUN to obtaining an Incorporation Certificate from ROC is time-consuming and requires deep knowledge. So, it would be a smart decision to hire professionals for your service to make your process easier.

Also, Read our Article: Partnership Firm vs Private Limited – Which One is Better?