Name Change Company

Name Change Company

Changing the name of a company is a formal process that involves filing with the relevant authorities, such as the Ministry of Corporate Affairs (MCA) in India. A company can opt for a name change for various reasons such as rebranding, mergers, or business restructuring. The process ensures compliance with legal requirements and helps maintain the company’s legal standing.

Eligibility for Company Name Change Filing:

• Registered Company: The company must be duly registered under the Companies Act.
• Active Company: The company must be operational and compliant with other legal requirements.
• Shareholder Approval: A special resolution must be passed by the shareholders for the name change.
• Designated Signatories: The filing must be done by authorized signatories such as directors or company secretaries.

Benefits of Company Name Change:

• Rebranding: A company may change its name to better reflect its business values or growth.
• Enhanced Marketability: A new name can help the company attract more customers and clients.
• Legal Compliance: Timely filing ensures that the name change is legally binding and recognized.
• Clear Identification: A name change can help in the proper identification of the company in contracts, legal documents, and communication with authorities.

 Steps for Company Name Change Filing:

1. Board Resolution:
   • The first step in the name change process is for the board of directors to approve the decision.
   • A board resolution must be passed to propose the new name for the company.
2. Obtain Name Approval:
   • Before proceeding with the name change, check the availability of the new name with the Registrar of Companies (ROC).
   • File a RUN (Reserve Unique Name) application on the MCA portal to seek approval for the new name.
3. Special Resolution:
   • Once the name is approved, the company must hold a general meeting (AGM or EGM) and pass a special resolution for the change of name.
   • The special resolution needs to be approved by at least 75% of the shareholders.
4. File with MCA:
   • After passing the special resolution, file Form MGT-14 (for approval of special resolution) with the Registrar of Companies.
   • Submit the alteration of Memorandum of Association (MOA) and Articles of Association (AOA) with the new name.
5. Amendment of MOA and AOA:
   • The company’s MOA and AOA need to be amended to reflect the new name.
   • File the amended MOA and AOA with the ROC along with the required forms.
6. Certificate of Incorporation:
   • After the application is reviewed and approved by the ROC, a Certificate of Incorporation is issued with the new name.
   • This certificate is proof that the company’s name has been legally changed.
7. Update Documents and Registrations:
   • Update the company’s documents (contracts, legal agreements, signage, stationery, etc.) with the new name.
   • Inform relevant authorities (Income Tax Department, GST, Bank, etc.) of the name change.

Documents Required for Company Name Change Filing:

• Board Resolution: A resolution passed by the board of directors approving the name change.
• Special Resolution: A resolution passed by the shareholders approving the name change.
• RUN Application: Approval of the proposed name from the ROC.
• Amended MOA and AOA: The company’s Memorandum and Articles of Association with the new name.
• Form MGT-14: To submit the special resolution with the MCA.
• Certificate of Incorporation: Proof of the name change issued by the Registrar of Companies.
• Other Supporting Documents: Any other document that may be required by the ROC.

Penalties for Non-Compliance:

• Late Filing Penalty: If the name change is not filed in the prescribed period, a penalty may apply for non-compliance.
• Strike-Off: Failure to comply with the filing requirements may lead to the company being struck off the register.
• Legal Consequences: There may be legal actions or challenges to the name change if the process is not followed accurately.