Compliance Checklist for Change in Name of a Company
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Compliance Checklist for Change in Name of Company
Updated on December 31, 2022 04:39:28 PM
Changing a company’s name can be an exhilarating process, often driven by rebranding efforts or evolving business strategies. However, it is vital to adhere to the compliance requirements involved in the renaming of a company to ensure a seamless transition while meeting legal obligations.
While a company can alter its name post-incorporation, several compliance formalities must be addressed for a successful name change. To facilitate this process with ease and efficiency, consider leveraging the expertise of Professional Utilities, which boasts years of experience in company incorporation and handling compliance filings.
Circumstances for change in name of a company
The possible circumstances for change in name of a company are listed below:
Due to Brand confusion.
Due to change in the industry or the product line.
Due to the length of name of the business.
Disliking the name.
Name is irrelevant to the industry of operation.
Procedure for change in name of a company
The process of changing a company’s name involves several steps and procedures to ensure compliance with legal obligations and a smooth transition. Here is a detailed outline of the steps involved in changing the name of a company:
1. Check Applicable Provisions: Familiarize yourself with the provisions related to name change, as outlined in Section 4 of the Companies Act, 2013. Ensure that the new name adheres to naming conventions and does not resemble any government undertaking’s name.
2. Apply for Name Availability: Verify the uniqueness and availability of the proposed new name by filing the required form with the Registrar of Companies (ROC). The new name should follow all rules and guidelines provided by the Ministry of Corporate Affairs (MCA).
3. Board Approval: Obtain approval from the company’s Board of Directors, in accordance with Section 173 of the Companies Act. Ensure all financial returns are filed and outstanding dues are cleared before applying for the name change.
4. Application for Name Change: Utilize the RUN (Reserve Unique Name) facility by the Ministry of Corporate Affairs to apply for the name change after receiving Board approval.
5. Central Government Approval: Await approval from the central government, which will review the new name’s uniqueness and compliance with naming conventions.
6. Shareholder Approval: Secure approval from shareholders to amend the Memorandum of Association (MoA), as the name change requires MoA alteration.
7. Registration of New Name: Once all approvals are obtained, ROC will register the new company name and issue a new Certificate of Incorporation in Form INC-25.
Post-Name Change Compliances:
1. Update the new name in all relevant documents, including the Memorandum of Association.
2. Modify printed materials, such as letterheads, bills, and documents, to reflect the new name.
3. Display the new name at the company’s office premises.
4. Update bank accounts and licenses with the new company name.
By following these steps and adhering to the necessary compliances, you can successfully change the name of your company while maintaining legal requirements and ensuring a smooth transition.
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