To change the name of a company in India, you need to hold a board meeting and pass a resolution proposing the new name. Once the resolution is passed, you should check the availability of the desired name. If it is available, you can proceed with the name change process by filing the necessary applications and documents with the regulatory authorities. This typically includes filing forms with the Ministry of Corporate Affairs and paying the required fees. Once the authorities approve the name change, you will receive a new Certificate of Incorporation reflecting the updated company name.
PROCEDURE
The process of changing a company name in India involves the following steps:
- BOARD RESOLUTION: Convene a board meeting and pass a resolution proposing the change of the company's name. The resolution should include the new name and authorize a director or company secretary to make the necessary applications and filings.
- AVAILABILITY OF NAME:Check the availability of the desired name by searching the Ministry of Corporate Affairs (MCA) database. Ensure that the proposed name is unique and not already registered by another entity.
- SPECIAL RESOLUTION: Once the name availability is confirmed, hold a general meeting and pass a special resolution to approve the name change. This resolution must be filed with the Registrar of Companies (ROC) within 30 days of passing the resolution.
- APPLICATION AND DOCUMENTATION: Prepare the necessary documents, including the altered Memorandum and Articles of Association, and fill out the prescribed forms such as Form INC-24 (for change in name) and Form MGT-14 (for filing the special resolution with the ROC).
- SUBMITTING FORMS AND FEES: Submit the completed forms and requisite fees to the ROC. Ensure that all the documents and forms are duly signed by authorized signatories.
- APPROVAL AND ISSUANCE: The ROC will review the application and documents. If everything is in order, the ROC will issue a fresh Certificate of Incorporation with the new company name. This certificate serves as the legal evidence of the name change.
- UPDATE LEGAL DOCUMENTS: Update all legal documents, including licenses, permits, bank accounts, stationery, and contracts, to reflect the new company name. Notify relevant authorities, clients, vendors, and stakeholders about the name change.
DOCUMENTS REQUIRED
- Board Resolution: A copy of the board resolution passed by the company's directors proposing the change of name.
- Special Resolution: A copy of the special resolution passed by the shareholders approving the name change.
- Altered Memorandum and Articles of Association: A copy of the altered Memorandum of Association (MOA) and Articles of Association (AOA) reflecting the new company name.
- Forms: Completed and signed forms such as Form INC-24 (for change in name) and Form MGT-14 (for filing the special resolution with the Registrar of Companies).
- Updated PAN Card: A copy of the updated PAN card reflecting the new company name.
- Updated Address Proof: Updated address proof of the registered office, such as utility bills or a lease agreement, reflecting the new company name.
- Certificate of Incorporation: The original Certificate of Incorporation issued by the Registrar of Companies.
- Payment of Fees: Payment of the prescribed fees as applicable for filing the name change application.
WHY CHANGING COMPANY NAME?
- Rebranding: A company may choose to change its name as part of a rebranding strategy to better align with its evolving business goals, target market, or brand identity. A new name can help create a fresh image and attract new customers.
- Expansion or Diversification: When a company expands its business operations or diversifies into new products or services, a name change may be necessary to reflect the broader scope of its activities. The new name can convey the expanded or diversified nature of the company.
- Merger or Acquisition: In cases of mergers or acquisitions, the involved companies may decide to adopt a new name that represents the combined entity. This helps create a unified brand identity and symbolizes the integration of the merging companies.
- Legal or Trademark Issues: If a company's existing name conflicts with existing trademarks or violates legal regulations, it may be required to change its name to avoid potential legal complications or infringement issues.
- Negative Associations or Image: A company may opt for a name change if its current name has negative connotations or associations that are detrimental to its business. A new name can help distance the company from any negative perceptions and improve its reputation.
- Strategic Reasons: Sometimes, a company may change its name for strategic reasons, such as to differentiate itself from competitors, capitalize on new market trends, or signal a shift in its business focus or values.
FAQs
Yes, any registered company in India can change its name by following the legal procedures and obtaining the necessary approvals.
The process generally involves convening board and shareholder meetings, obtaining name availability, filing forms with the Registrar of Companies, paying fees, and updating legal documents.
The duration can vary, but it usually takes several weeks to a couple of months to complete the entire process, including approvals from regulatory authorities.
The new name must comply with the guidelines and restrictions provided by the Ministry of Corporate Affairs. It should be unique and not infringe on existing trademarks or violate legal regulations.
Yes, a company can change its name multiple times, but each change requires following the legal procedures and obtaining approvals.
Yes, there are prescribed fees associated with filing the necessary forms and applications for changing a company name.