Company Name Change

Introduction

Simplify Your Company Name Change with CorpIQ

Do you wish to have a new company name? CorpIQ is here to ensure that your company name change happens smoothly and in full compliance with the Companies Act, 2013. Our adept team of Chartered Accountants, Company Secretaries, and Lawyers are specialized in managing legal formalities and the procedural intricacies that a name change entails.

CorpIQ's SEAMLESS NAME CHANGE SERVICES INCLUDE:

- Strategic Planning: We help you plan Your Full Name change strategy, ensuring that the new name aligns with your business vision and is available for registration.

- Stakeholder Coordination: CorpIQ coordinates resolutions with your Board of Directors and shareholders, drafting and providing all necessary documentation for approval.

- Regulatory Filing: From checking the name availability in RUN, to filing the MGT-14 and INC-24 form post-approval, we handle all interactions with the Ministry of Corporate Affairs (MCA) to formalize your new company name.

- Compliance Assurance: We ensure that Your Full Name change complies with all legal requisites, including modifications to your company's MOA and AOA.

- Brand Transition Support: CorpIQ can guide you through the subsequent steps of your rebranding process, such as updating your company name on all corporate materials, websites, and other business collateral.

Changing your company's name is a big decision, and CorpIQ ensures that it's not bogged down by paperwork and regulatory hurdles.

LEGAL SIDE OF COMPANY NAME CHANGE:

When a company's name is changed, its Memorandum of Association and Articles of Association need to be changed as well. Companies can change their name under the Companies Act 2013 by passing special resolution in their general meeting and receiving approval from the central government and the Registrar of Companies.

A company name change, however, will not result in the creation of a new company. An established company will continue to conduct business under its new name. Due to this, the following will not be affected by the change of company name:

• The company's rights and obligations.
• Legal proceedings against or by the company.

 

THE REASONS FOR CHANGING THE NAME OF THE COMPANY:

• Change of name on a voluntary basis: In certain circumstances, the company board may decide to change the company name voluntarily. If all the conditions are met, the name can be changed voluntarily.

• The change in business activities: Changing the name of a company may be necessary when it changes its business activities. It may change the name to reflect new or additional business objectives. In such a case, the company's Memorandum of Articles should also be amended.

• Whether it is for marketing or rebranding: It is possible for a company to change its name for marketing reasons or to effectively position its brand. It may also change it according to the latest fashion and trend to enhance brand positioning. When a company is preparing for a new market, it may reposition its brand with a new name.

• Ownership change: Most companies change their names when their ownership changes or when an entity takes over the company to reflect the authority of the new management.

• To Protect intellectual property: In addition to strengthening their trademarks or copyrights, companies can change their names in order to avoid a conflict with their intellectual property.

• In compliance with the directions of the RoC: When another company files a complaint claiming priority of use of a company's name or trademark, the RoC may order the name to be changed.

• Profiting from a product's popularity: Businesses can rename their companies when their products or services become popular, allowing them to capitalise on that popularity.

 

DOCUMENTS REQUIRED:

In addition to the documents to be filed with MGT-14 and INC-24, the following documents are required:

• A copy of the company's incorporation certificate.
• Modified MOA and AOA.
• The company's shareholders and directors list.
• Director's digital signature.
• A copy of the registered business address.

 

NAME CHANGE PROCESS:

The following steps will guide you through the process of changing the name of your company:

• In order to change the company's name, a board meeting should be called. At the meeting, the board of directors will discuss and approve the change, authorize a director or company representative to check name availability with MCA, and call an Extraordinary General Meeting to pass a special resolution.

• Using the RUN facility of MCA, the authorized director or company secretary can check whether the new company name is available. This process is similar to the one followed when approving the first name. There shouldn't be any similarity between the proposed name and an existing company name or trademark, and the proposed name shouldn't contain prohibited words.

• As soon as the name has been approved by RoC regarding the name availability, the company should call a Special General Meeting. A special resolution will be passed by the EGM to change both the name and the articles of association.

• Within 30 days of passing the resolution, a special resolution will be filed with RoC, along with Form MGT-14 containing details about the resolution.

• To get approval from the central government for a name change, the company needs to file INC-24 with the RoC after filing MGT-14.

• Due to the fact that INC-24 specifically asks for the SRN of MGT-14 filed with RoC, INC-24 will be filed after MGT-14 is filed.

In case the Registrar of Companies approves the documents, it will issue a new certificate of incorporation. The company name change process is not complete until the RoC issues a new certificate of incorporation.