Changing a company's name isn't a decision to be taken lightly.
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In the dynamic business world, a company's name is more than just an identifier; it's a powerful symbol of its brand identity and corporate ethos. A well-chosen name can significantly impact customer perception and market presence, creating an indelible imprint in the minds of stakeholders. However, there are times when a change in a company's name becomes imperative. Such a need may arise due to various reasons. Changing a company's name isn't a decision to be taken lightly. Knowing how to change company name is a strategic move that requires careful consideration and legal compliance. In India, changing a company's name is governed by the Companies Act 2013. Hence, changing a company name includes a legal procedure demanding expert support.
Are you planning to change your company name? LegallensIndia offers expert guidance and seamless support for your company's name change process, ensuring legal compliance and ease of transition.
Contact LegallensIndia today to start reshaping your company's future identity!
Under the Companies Act 2013, a company can change its name through a special resolution passed in a general meeting, subject to approval from the Registrar of Companies (RoC) and the Central Government. Importantly, this name change does not create a new company or entity. The existing company will operate under its new name, and this change does not impact:
Under Section 13(2) of the Companies Act 2013, a company can change its name by passing a special resolution and obtaining approval from the Central Government (delegated to the Registrar of Companies).
Restrictions on Name Changes (Rules 29(1) and 29(2) of Companies (Incorporation) Rules, 2014):
There can be several compelling reasons for a company to contemplate changing its name. Some of the most common motives include:
Changing from a private limited company to a public limited company may involve altering the company's name as part of the restructuring process. This change is often made when a private company offers its shares to the public through an initial public offering (IPO) and becomes subject to different regulatory requirements.
Conversely, a public limited company may change its status to a private limited company. This change may involve altering the company's name, among other modifications. Companies may choose this route for various reasons, such as reducing regulatory compliance or increasing management control.
Sometimes, companies opt for a complete name change, which goes beyond altering the company's status or structure. The company's board may choose to undergo a voluntary name change, provided all necessary conditions are met.
When a company modifies its business activities, it may change its name to align with its updated objectives. In such cases, adjustments to the Memorandum of Articles may also be necessary.
Companies may decide to change their names for marketing purposes, effective brand positioning, or to stay in tune with current trends and fashions that enhance their brand image. It can also be a strategic move when entering new markets.
A change in ownership or an entity taking over the company often results in a name change. This alteration reflects the authority of the new management and serves branding purposes.
A company may opt for a name change to strengthen its trademark or copyright protection. Conversely, it may avoid potential IPR conflicts by altering its name.
RoC may issue a company name change order following a complaint from another company claiming priority in name or trademark usage. In such cases, compliance with RoC's directive becomes mandatory.
When a business gains prominence for a specific product or service, it may rebrand the entire company around that product or service to capitalize on its popularity.
The documents required for changing a company name include:
Attachments to Form MGT-14 (For Changing Company Name):
Attachments to Form INC-24 (For Name Change Approval):
In addition to the documents that need to be filed with MGT-14 and INC-24, several essential documents are required to change the company name successfully. These documents include:
Changing a company's name typically takes around 10 to 15 working days due to the need for approvals from various departments.
Here is the systematic process we have outlined below regarding how to change your business name:
Initiate the process by convening a board meeting. During this meeting, the board of directors will decide to change the company's name. They will also authorize a Director or the Company Secretary (CS) to verify the availability of the new name with the Ministry of Corporate Affairs (MCA). Additionally, the board will set the groundwork for conducting an Extraordinary General Meeting (EGM) to pass a special resolution.
To ensure the chosen name for the company is available and compliant with regulatory requirements, the authorized director or company secretary will follow these steps:
After obtaining confirmation from the Registrar of Companies (RoC) that the proposed name is available and compliant, the company must proceed with the following steps to formally change its name:
After passing the special resolution and conducting the EGM, the company must follow a formal procedure to apply for the name change approval from the Registrar of Companies (RoC). Here are the steps involved:
Within 30 days of passing the special resolution, the company is required to file Form MGT-14 with the RoC. This form contains essential details related to the special resolution. The above-mentioned documents should be submitted along with Form MGT-14.
After successfully filing Form MGT-14, the company should file Form INC-24 with the RoC. This form is used to seek approval from the Central Government for the name change.
In Form INC-24, the company must provide reasons for the name change and specify the number of members who attended the EGM, the number of members voting for and against the resolution, and the percentage of shareholding involved.
By completing these formalities and submitting the necessary documents, the company seeks approval from regulatory authorities for the name change, ensuring compliance with legal requirements.
Once the Registrar of Companies (RoC) has reviewed the submitted documents and is satisfied with the name change application, they will issue a new Certificate of Incorporation. It's important to note that the name change process is considered complete only after the RoC has issued the new Certificate of Incorporation reflecting the updated company name. This certificate serves as an official confirmation of the successful name change and should be retained as a crucial legal document for the company.
After receiving the new certificate of incorporation from the RoC, the company should promptly update its name in various documents and records, including:
These updates ensure legal compliance with the changed company name.
Ready to rebrand your business with a new name? Let LegallensIndia guide you through every step of the company name change process. We provide comprehensive assistance to companies looking to change their names in India. With a team of experienced professionals and a deep understanding of the legal procedures involved, we can seamlessly guide you through the entire process. Our experts ensure a smooth transition, handling all the legalities and compliance requirements.
Contact LegallensIndia today to reshape your company’s future identity!
