PRACTICE DETAILS
- Lawyer Mr. Shaman Jain
- Skills Change In Business
- CATEGORY Change In Business, Compliances
ABOUT THIS PRACTICE
Changing name of a company is not a small deal. Selecting name for a company at the time of incorporation familiarizes you with all the rules involved in the process. Similarly, one has to go through a whole set of rules while changing name also. This procedure is also well defined and must be followed religiously. Only when you comply with all the requisites of RoC, you can go ahead for the above procedure.
Why change company name?
- Voluntary Change: The directors or the shareholders together may decide voluntarily to change the business name for any justified reason. Names are capable of reflecting the vision or characteristics of the company. Making the name relatable and simple for the consumer can be a reason for changing business name.
- Change in Business Objective: Any change in business objective may also demand a change in the business name . If the name does not truly reflect the changed objective, it can be changed as per the objective. The company must apply for a change if the Registrar has directed to do so in such case.
- Enhance Brand Value (Re-branding): Name assumes the brand value of the company and any desire to upgrade the brand value is often a reason to change the name. Also, industries where trends change over a period of time, an suitable name can be chosen to stay in line with the trend and create a unique identity. Change of name can prove to be a good marketing strategy to elevate the brand value.
- Discard boundaries assumed by name: Using words which represent geographical region or offerings, the name explains the boundary of operations. Expansion by occupying wide market includes demands removing boundaries assumed by the name. Additionally , if the name becomes irrelevant to products or services offered it needs to be changed to target the right audience.
Documents Required
- Digital Signature Certificate: DSC of one of authorised director to be provided
- MoA & AoA: A copy of latest amended MoA and AoA of the company
- CoI: Certificate of Incorporation of company to be provided
Steps For Alteration In Name Clause Of Memorandum Of Association
- Fix Day, Date, Time of Extraordinary General Meeting.
- Place Draft Notice of Extraordinary General Meeting before Board.
Give At least 21 clear days notice of Extraordinary General Meeting along with explanatory statement through Electronic Mode or in Writing to:
- All the Directors of Company
- All the Members of Company
- Auditor of Company.
The notice shall specify the place, date, day and time of the meeting and others.
- Pass Special Resolution
- Approval of Alteration in MOA & AOA.
- E-form MGT-14 within 30 days of the passing of Special Resolution.
- E-form INC-24 within 30 days of passing of Special Resolution
After completing Above Procedure ROC will issue a New Certificate of Incorporation in form No. — 25. The name will be effective from the date of issue of Certificate.
Process Of Change In Object Clause
- Collection of basic Information & documents
- Conducting Board Meeting and passing a resolution
- Checking company name availability
- Reservation of name through “RUN”
- Conducting meeting of members and passing a resolution
- Preparation of documents relating to the application of change
- Provide documents prepared after signature
- Preparation and filing application with MCA
- Government processing time
- Issuance of fresh CoI with a new name
