There can be a number of reasons why a private limited company’s name must be changed, including a change in business objectives, a change in management, or a rebranding. A private limited company’s name can be changed at any time with the approval of its shareholders and the Ministry of Corporate Affairs (MCA).).
Name change procedure for private limited companies
A company’s name can be changed or altered under the 2013 Companies Act
Step 1: Resolution by the board
A Board meeting must be convened to pass a resolution for the change of the company’s name and to authorize a Director or Company Secretary to request a name change from the MCA. It is also possible to pass a resolution at the Board meeting to convene an extraordinary general meeting for the purpose of changing the company’s name, as well as altering its Memorandum of Association and Articles.
Step 2: Verify the availability of company names
In the event a resolution determining the availability of the company name is passed, the authorized person can file a name application with the MCA. The procedure for name application is similar to that of name application during the incorporation of a private limited company. Therefore, the name must comply with the Companies Act 2013 Naming Guidelines.
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Step 3: Pass the Special Resolution for the Name Change of the Company
As soon as the MCA approves a name, the Company must host an extraordinary general meeting to pass a special resolution for the change of company name, as well as amendments to its Memorandum of Association and Articles of Association.
Step 4: Request for approval to change the name of the company
It is essential to file the special resolution for name change, along with the application for approval of company name change, with the Registrar of Companies after it has been passed.
Step 5: Obtaining a new certificate of incorporation
An application for a name change would be approved by the Registrar of Companies, and a new certificate of incorporation would be issued. Registrar of Companies issues new incorporation certificate upon completion of name change.
Step 6: Update MOA and AOA
After the new incorporation certificate has been issued, the Registrar must incorporate the Change Company Name Online in all copies of the Memorandum of Association, Articles of Association, and Certificate of Incorporation.
Frequently Asked Questions
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What is the procedure for changing the name of a company?
A company name change is a legal procedure; the setindiabiz team will guide you throughout the process. As part of this process, a resolution must be passed by the Board of Directors followed by unanimous consent from 3/4 of the shareholders. The company must submit a RUN Form for name availability and confirmation. Following name approval, the ROC file is done using Forms MGT-14 and INC 24, resulting in a new certificate of incorporation bearing the new name.
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Is a company formed when its name is changed?
As a result of a name change, the CIN of the company does not change, and all the stakeholder rights and liabilities remain the same. Here know more about business name need and ways to choose one