What is the Procedure for change of name of company?
The procedure with regard toChange company nameis as follows:
Step 1: Passing a board resolution
Firstly a Board Meeting is to be conducted, where the resolution with regard to change company name is discussed and passed and any director or Company Secretary is authorized to make an application to MCA for proposed name approval.
Step 2: Check company name availability
As per Companies act naming guidelines an authorized person files the respective form with MCA to ascertaining availability of the proposed name and its reservation.
Step 3: Passing a special resolution
When the name is approved by MCA then a general meeting is conducted in order to pass a special resolution for change company name and consequential changes to the memorandum of association and articles of association.
Step 4: Submit necessary forms to ROC for name change approval
When the special resolution is passed then within a period of 30 days from passing of such special resolution an e-form MGT-14 is to be filed to ROC along with the certified true copy of the EGM and its explanatory statement and MOA and AOA copy. Another e-form INC-24 is to be filed for obtaining new certificate of incorporation.
Step 5: Issue of a new certificate of incorporation
If the ROC is satisfied with the change company name application filed by the company in respective forms, then the Registrar would issue a new certificate of incorporation. Until and unless the new incorporation certificate isn’t issued by the ROC, the new name shall not become effective.
Step 6: Making necessary Changes in MOA and AOA
When the new incorporation certificate is issued, then the new name shall be incorporated in all the copies of Memorandum of Association and Articles of Association.
Reasons and importance of name change
It is very important to have a good business name, below are some key points which will help you decide the effectives of getting or changing a business name:
A unique business name not only defines business identity but also defines the nature and type of business.
In today’s competitive era branding is very important. All the new companies try to establish their goodwill and brand and for creating such a brand a unique name is required.
Your business names make the first impression amongst your customers and investors so a name must contain some potential of attracting the customers and investors.
A business name must be easy to remember. Your name represents your company and its product and service, so it matters the most.
Difficult and lengthy names are often hard to remember.
Post changes effect
In all the MOA and AOA copies of the company such new name shall be quoted.
All the visiting cards and documents shall contain the new name of the company from the date of such change.
The new name shall also be updated with the banker of the company.
A new PAN and TAN application shall be made by the company with new name.
Therefore, with the help of above mentioned details, one can changecompany name and keep it as per the work structure and profile of the business. Companies act has laid down certain rules and regulations mentioned above with regard to name change that shall be followed procedure wise.
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