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Compliance Checklist for Change in Name of a Company
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Renaming a company can be an exciting project, often prompted by rebranding efforts or shifts in business strategy. However, it is essential to navigate the compliance requirements associated with changing a company's name to ensure a seamless transition while meeting legal obligations.
A company's name can be altered at any time post-incorporation, but there are specific compliance procedures that must be observed when changing it.
With extensive experience in company incorporation and compliance filing, Corporate Shastra can facilitate a smooth name change process for your company.
Compliance Checklist for Changing the Name of a Company
Below are the potential reasons for changing the name of a company:
When there is brand confusion.
Due to changes in the industry or product line.
Because the business name is too long.
Not liking the current name.
When the name does not relate to the industry of operation.
Circumstances for Changing the Name of a Company
The process and steps involved in changing the name of a company are as follows:
Step 1: Verify Applicable Provisions
The regulations concerning the name change of a company are outlined in Section 4 of the Companies Act, 2013. For a private limited company, the name should end with "Pvt Ltd," and for a public limited company, it should end with "Ltd." The company name must not contain any words associated with government undertakings.
Step 2: Apply for Name Availability
Next, check the availability of the new company name by submitting a form to the Registrar of Companies with the proposed name. The name must be unique and adhere to the naming rules set by the Ministry of Corporate Affairs.
Step 3: Obtain Board Approval
The change in the company's name must be approved by the Board of Directors following the guidelines in Section 173 of the Companies Act. Financial obligations must be settled before initiating the name change process.
Step 4: Apply for Name Change
Once the Board of Directors confirms the name change, submit the application through the RUN (Reserve Unique Name) facility provided by the Ministry of Corporate Affairs.
Step 5: Obtain Name Approval from the Central Government
After applying for the name change, seek approval from the central government, ensuring the name complies with naming conventions.
Step 6: Obtain Shareholder Approval
Changing the company's name requires an amendment to the Memorandum of Association (MoA), necessitating approval from the shareholders.
Step 7: Register the New Company Name
Upon validation of forms and attachments, the Registrar of Companies will register the new name and issue a new Certificate of Incorporation (Form INC-25).
Compliance after Name Change
After changing the company name, certain compliance measures need to be taken:
- Update the new name on all documents, including the Memorandum of Association.
- Print the new name on letterheads, bills, and other documents.
- Display the new name at the office premises.
- Update bank accounts and licenses with the new name.
Process for Changing the Name of a Company
If you want to change the name of a company, it involves a lengthy legal procedure that can be efficiently handled by a qualified professional. Our team of experts is ready to manage all the required formalities for changing a company's name. Feel free to reach out to us to learn more about the process of changing your company's name.
How Corporate Shastra Can Assist You
Renaming a company can be a complex procedure that requires adherence to a series of steps and protocols. There are specific regulations governing the renaming of a company that must be strictly adhered to by all businesses. If you require guidance on changing a company's name, feel free to reach out to our team at Corporate Shastra.
Summary
What is the legal requirement of change in company name?
As per the Companies Act, 2013, there is a need to pass a special resolution in the Board meeting regarding the name change of the company. Apply for name change and receive approval from ROC and central government.
What is the procedure for changing a company name?
Does the company need to obtain a new PAN after the name change?
How many names can a company submit in the RUN form?