Change Company Name

An Overview of changing the Name of the Company:

There can be various reasons behind a company’s changing name. Some might be logical; others might be superstitious – it can be that the name of your company isn’t right anymore or if your company isn’t doing well and you blame the name, or you don’t want to be involved with some negative organization and decided to rename your company to have a fresh start away from all the negativity. It is neither easy to choose a company name nor is it easy to get it registered by adhering to all the laws and regulations. However, you have a team of Eazy Startups that can help you with it. Change your company name simply with us at Eazy Startups!

Why should you change your Company’s Name?

The general reasons for changing the company name are as follows:-

Capitalizing on the Popularity of a Product/Service: Suppose a company’s product got extremely popular in the market; in that case, the company would like to capitalize on the fame of that product, and a good tactic would be to rename your company similar to that product.

Memorable Business Name: It is always better to have a business name that can easily come to the mind of your customers when they think about you or similar businesses. This can only happen if you have a memorable name.

Repositioning: New Market = New Name; following this concept, many businesses change their name when they relocate to a different area.

Location-friendly Name: According to the location, you can rename your company to a word that your customers can relate to.

To avoid Copyright Issues: If a company’s name is subjected to copyright problems, then it has the choice to change its name.

Transfer of Ownership: Changing the name would help the new owner attach their identity to the company and give it a different existence.

Changing the name will have no effect on:

• Changing the company’s name will not affect its rights or obligations or any legal proceedings brought against/by it.
• After the new name registration, the company cannot continue to begin any legal proceedings under the old name. The company using the old name will be considered a non-existent company.
• The legal proceedings commenced by the company with the old name can also be continued under the company’s new name. This is because the entity of the company stays despite its name change.

What is the Procedure to change the name of the company?

These are the steps to change the name:-

Step 1: Pass a Board Resolution

A board meeting must be conducted, and a resolution should be passed in the meeting in order to change the company’s name. A director or the CS of the company has to check the availability of the name with the MCA after taking approval from the other directors.

Step 2: Checking the Name Availability

A director or the CS of the company will have to apply to the MCA in Form INC-1 and check the availability of the new name. The trademark availability must also be checked along with the name. It is better to have 4-5 alternative names in hand in case the decided name isn’t available to take.

Step 3: Pass Special Resolution

An EGM must be conducted after confirming the availability of the new name. A special resolution will be passed to change the new name and make the required changes to the MoA and AoA.

Step 4: Applying to the Registrar

The details, along with Form MGT – 14, should be submitted to the ROC within 30 days of the commencement of the EGM. Before 30 days of filing the MGT-14 Form, another form, INC-24, should be filed with RoC along with the required fee. This is the method to gain approval for changing the name from the Central Government. Several documents must also be submitted with the forms.

Step 5: Issuance of the Certificate of Incorporation

A new certificate of Incorporation will be issued if the ROC approves the details, documents and forms. This reflects the name change.

The general way is stated above. However, Eazy Startups experts can quicker the process.

Documents required to change the company name

Documents to be submitted with the duly filled Form MGT – 14:

• Notice of the EGM
• A copy of the special resolution
• The explanatory statement to EGM
• A copy of the modified MoA and AoA

Once MGT-14 is approved, the INC-24 e must be submitted along with:-

• A certified copy of the minutes at the EGM
• Notice calling you to the directors at the EGM
• Any approval order received from the other organizations such as IRDA, SEBI, RBI, etc., if any
• Copy of resolution agreement mentioning the members that voted in favour or against the decision
• Copy of modified MoA and AoA

Frequently Asked Questions