Setting up a company and getting it registered legally is a very big and tiresome process. But no one can deny the need and the importance of the registration. Companies are considered to be separate legal entities. These companies can be public or private, limited or unlimited. All these tags are given according to the owner’s requirements. In the whole process, of coming up with an idea, registering the company and running it successfully, one thing that plays a major role in the company’s name. All transactions and any legal proceeding are done under the company’s name. Customers know your company by its name and not yours (mostly!). Therefore, it is very important to choose a unique yet easy-to-handle-and-remember name. It may happen that after a while you feel like Change company name due to certain reasons. The process for the change company name is discussed below.
- Convene a board meeting. A notice is sent to all the directors and a resolution is passed in the meeting. A new name is proposed.
- The new name should be chosen such that:
- -It is not similar to any already existing company.
- -It is unique as well as easy to remember.
- -It should not be offending in any manner.
- Next, file an application to reserve the new proposed name. This is done by filing form INC-1. This application is submitted to the registrar of companies. If the new name is found compatible by the registrar, it is reserved. This name is reserved for sixty days from the date of application.
- A board meeting is called upon. In the meeting, amendments are made in the memorandum of association and article of association. However, this rectification is done with the prior permission of the Registrar of Companies.
- Then, you need to call an extraordinary general meeting. A proper notice with the explanatory statement is sent to all the members, auditors and the directors of the company. A special resolution is passed. This resolution states the consent of the majority of people present in the meeting. This resolution is passed by voting.
- Finally, forms MGT-14 and INC-24 are filed. Both the forms along with amended MOA and AoA, resolutions, identity and address proofs are submitted to the registrar of companies along with the prescribed fees.
- After the verification of all the documents by the registrar, a certificate (INC-25) is issued, hence, successfully you change Company Name.
Legal advice is recommended at every step. Name selection, approval, and change are very important as well as sensitive matters. Therefore, they should be treated with utmost importance. We, at LegalRaasta, can provide you with any sort of legal solution you may require. We can also help you with the whole process of change your company name.