The company name can be changed by the business owner any time after the incorporation. Reasons for changing the name can be, changes in the business model, rebranding, etc. Approval of the shareholders of the company and the Ministry of Corporate Affair is required. A name change does not have an effect on the company in any way.
Some simple steps have to be followed to change the company name.
Here is how you can change the company name:
1. Meeting with the team
The first step is to discuss with your team about the name change. An application has to be drafted by the company’s secretary or company director to the MCA to check for the availability of the name.
If there is only one director in the company, resolution for altering Memorandum of Association and Articles of Association can be passed by this person.
2. Check company name availability
Once this resolution is passed with the new proposed name, an application by an authorised person can be drafted to MCA. The name must be as per the Companies Act, 2013.
3. Meeting with the company
After approval for a new name is received by the MCA, the business has to again conduct a general meeting. The objective of this meeting is the passing of a special resolution for the change of the company and its effects on the Memorandum of Association and Articles of Association.
4. Application approval
Once this special resolution is passed, an application for name change must be filed with the Registrar of Companies. The required fees have to be submitted along with the application in for, 1B.
5. Issue of certificate
If the registrar of companies is satisfied with the application made for the business name change, a new certificate of incorporation would be issued by the registrar of companies.
New name for the company would only be effective after the new incorporation certificate has been issued.
After the issuance of the new name incorporation certificate, the next step would be to make a change in Articles of Association, Memorandum of Association, and other issued certificates.
If you are in need of a loan for your business, contact Gromor Finance for quick unsecured loans!