What Is the Procedure for Company Name Change in India ?
With regard to changing company name, the following steps may be taken:
Step 1: Organize the board :
The resolution regarding the change of company name is to be debated and voted on at Board Meetings, and any director or Company Secretary may make an application for proposed name approval.
Step 2: Lookup availability :
According to Companies Act naming regulations, an authorized person submits the form to MCA to ascertain the availability of the proposed name and its reservation.
Step 3: Pass a resolution:
A general meeting is held to pass a special resolution for change the company name and consequential changes to the memorandum of association and articles of association when the name is approved by MCA.
Step 4: Obtain ROC approval for name change :
A new corporation will be issued once the special resolution is passed within a period of 30 days from its passage. ROC will provide a certified true copy of the EGM and its explanatory statement and MOA and AOA copy along with the MGT-14. An INC-24 is to be filed for obtaining a new certificate of incorporation.
Step 5: Inclusive certificate :
If the ROC is satisfied with the company name application filed by the company in the respective forms, the Registrar will issue a new certificate of incorporation. Until and unless the new incorporation certificate is not issued by the ROC, the new name will not be effective.
Step 6: Changing the MOA and AOA :
All copies of the Memorandum of Association and Articles of Association will need to be changed when the new incorporation certificate is issued.
Reasons and importance of name change :
The name of your business is very important. Below are some key points to help you decide if you need to change it or not:
- It is the identity of a business name that defines not only what type of business it is, but also what types of businesses it is.
- The importance of branding has increased in today’s competitive era. A unique name is essential to creating a brand for a company that wants to establish its goodwill and brand.
- A business name must be able to attract customers and investors, because it is the first impression that your business makes on them.
- An easy-to-remember business name is crucial. This is the most important thing about your business, its product, and its service.
- It is often difficult to remember names that are difficult and lengthy.
As a result, using the above information, one can modify the company name and make it consistent with the work organization and profile of the company. The Companies Act has established the above-mentioned laws and regulations for name changes, which must be followed procedurally.
Hence, the above details can be used to change company name and modify it accordingly to work structure and profile. In regard to name changes, the Companies Act specifies certain rules and regulations that must be followed.