What is Company Name Change?
Name of a company is its unique identity of the business start-up, and the same is found in the name clause of Memorandum of Association(MOA). In case the management of the company desires to change the name of the company, then it can be done with the consent of its shareholders and the approval of the registrar of companies.
Need of Name Change of the Company:
The need of name change of the Company may arise when the management of the Company wants to brand its business with new name or may be due to mergers and amalgamation, due to change in business activity. The Company has to follow the procedure laid down in the Companies Act, 2013 and AOA. As the name of the company is mentioned on the MOA, AOA, Pan card, Tan Number, GST Registration, etc.; after its change, the same must also be altered.
Steps Involved for Name Change of the Company:
Step-1: Convene the Meeting of Board of Directors of the Company:
To decide on new name of the Company. Preparation of Board Meeting notice, agenda and convene the board meeting to make name application with ROC for name availability under RUN (Reserve Unique Name) facility.
Step-2: Name Availability Application for change of name to ROC:
The next step after convening the meeting of Board of Directors of the Company. An Application has to be filed with the ROC with a certified copy of meeting of the board resolution containing the resolution of the name change under RUN (Reserve Unique Name) facility. The new name can be approved by ROC only if it is unique and not similar to the existing company or LLP.
Step-3: Convene the Meeting of Board of Directors of the Company:
After the proposed new name of the Company has been approved by the ROC, convene the Meeting of Board of Directors of the Company to take note of the name approved by ROC and to issue the notice to the shareholders to convene an Extraordinary General Meeting.
Step-4: Convene an Extraordinary General Meeting (EGM) of Shareholders:
Convene an Extraordinary General Meeting (EGM) of Shareholders for passing special resolution for Change of Company Name and make alteration in Memorandum and Articles of Association of the Company with new name.
Step-5: Filing of Special Resolution to RoC in Form-MGT-14:
Once the special resolution has been passed for name change of the Company. Form MGT-14 has to be filed within 30 days of passing of the Special resolution.
Step-6: Application for Name Change of the Company in Form-INC-24:
The application for change the name of the company needs to be filed in Form INC24 along with an amended copy of MOA & AOA, Copy of Notice of EGM and the special resolution. After the satisfaction of ROC, a fresh Certificate of Incorporation is issued having the new name of the company
Documents Required for Change of Name:
- Existing MOA and AOA of the Company.
- List of directors and shareholders of the Company.
- Proposed Name(s) in order of preference.
- Digital Signature (DSC) of any one of the Director of the Company.