A Private Limited Company in India is always registered under the Companies Act. It is a type of corporate entity which is generally used for small business and corporate. The...
If your company name is outdated or it no longer reflects the nature of your business.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 to officially Change Company Name? To change in company name required is a bit delicate process and must not be handled lightly, however it is easier than you think when you are completely aware of the process and in case, you take the support of specialists to help you apply for this.
What are the Reasons to Change your Company Name?
How will you conclude that you must change your company name, here are a few of the following examples that will make it clear that you must change your company name?
- Brand confusion-Does your company name is ever mistaken for another business company name? Or you find peoples trouble in mispronouncing or misspelling your brand name? Make sure that the potential customer knows the difference in both the companies having similar logo colors or name with similar acronyms. Your brand name must be distinct from others.
- Changed Products- Have you added another product or new business to your organization that doesn’t suit the company name? If you are making any changes in the core products or service line then make sure that your brand name must be suitable for that product. As we are very well aware of the fact that brand name represents our business and the work we do in our organization. A name should be flexible enough to adopt the new market change.
- Legacy Name- Many companies pick the name of founder when it comes about the financial sectors or legal sectors such as architects etc. in case if the partner or founder gets deceased or leaves the organization then the legacy name doesn’t work longer. Founders name can be problematic for you if your organization doesn’t have that level of recognition.
- Name On Location-Most of the businesses choose their company name based on the location to differentiate the company but instead, they only locate area. For companies which represent a location having a larger area will not help you out. If your company has further planned to expand the business then change in company name will be prudent.
- Generic name-Brand name should be like this that could be sticky in the mind of an audience. If the name is too boring, generic or tough then gaining the attention of visitors will be difficult for you.
These are the possible reasons which make it necessary to Change Company Name in India, renaming could be risky and challenging if you don’t have the strong reason.
Points To Consider Before Changing Company Name
Firstly you must have a clear strategy in your mind and clear understanding of why you are changing the name so that you can meet the core needs of your targeting audience. Allocating a new name not only takes time but also money to make it happen. You can anytime consult our specialists of Swarit Advisors in order to make sure how you can proceed further in order to Change Company Name.