A company's name is more than just a label; it is a fundamental part of it’s identity, brand and market perception. As businesses evolve, so too can their vision and direction, often necessitating a change in their registered name. This simple appearing act involves a meticulous legal process in India, monitored by the Ministry of Corporate Affairs (MCA). That is where expert guidance becomes invaluable.
Praman Advisors Private Limited, a leading compliance-based company leveraging cutting-edge AI and innovative technology, specializes in simplifying complex corporate procedures. If you are considering a company name change, here is how Praman Advisors can ensure a smooth and efficient transition, while adhering to all SEO best practices for visibility.
1. Overview:
Changing a company's name can be a strategic move driven by various factors:-
- Rebranding: To reflect a new vision, mission or expanded business activities.
- Mergers & Acquisitions: To integrate new entities or establish a unified identity.
- Trademark Conflicts: To avoid legal disputes with existing trademarks.
- Market Positioning: To better resonate with target audiences or enter new markets.
- Reflecting Business Evolution: When the original name no longer accurately represents the company's current operations or future goals.
- Voluntary Decision: Simply to update or modernize the company's image.
It is crucial to understand that a name change does not create a new legal entity; the company's rights, obligations and legal proceedings remain unaffected.
2. Benefits of a Well-Executed Name Change:
A professionally managed company name change offers several advantages:-
- Enhanced Brand Identity: A name that truly reflects your business can strengthen brand recognition and recall.
- Improved Market Relevance: Aligning your name with current industry trends or expanded offerings can attract new customers.
- Legal Compliance: Ensuring your new name does not infringe on existing trademarks protects you from future legal hassles.
- Investor Confidence: A well-thought-out name change can signal growth and strategic foresight to investors.
- Clearer Communication: A concise and relevant name simplifies your messaging and eliminates potential confusion.
- Strategic Positioning: Rebrand and reposition your company effectively in the competitive landscape.
3. Documents Required for Company Name Change:
While the exact list can vary slightly based on the company type and specific circumstances, generally, you will need:-
- Certified True Copies of the Special Resolutions along with explanatory statement (for both name change and MoA/AoA alteration).
- Copy of the Notice of the Extraordinary General Meeting (EGM) sent to members along with all annexures.
- Altered Memorandum of Association (MOA) with the new name.
- Altered Articles of Association (AOA) with the new name.
- Copy of the Attendance Sheet of the General Meeting.
- Shorter Notice Consent, if any.
- Minutes of the General Meeting.
- Affidavit from Directors (often required with Form INC-24).
- Copy of approval order from relevant authorities (SEBI, IRDA, RBI etc.), if applicable.
- Digital Signature Certificate (DSC) of the authorized director.
- Proof of the company's registered business address.
- Existing Certificate of Incorporation.
- List of shareholders and directors.
Praman Advisors will guide you through compiling and verifying each document to ensure compliance.
4. Process to Apply:
The process of changing a company's name in India involves several key steps as per the Companies Act 2013 and rules thereunder:-
- Board Meeting: Convene a Board Meeting to:-
- Approve the reason for the name change.
- Pass a Board Resolution to authorize a director/company secretary to apply for name availability with the MCA.
- Approve the draft notice for the Extraordinary General Meeting (EGM).
- Name Availability Check & Reservation (RUN Form):
- Apply for the proposed new name(s) using the "Reserve Unique Name" (RUN) facility on the MCA portal.
- Praman Advisors will assist in checking name availability and ensuring compliance with naming guidelines (e.g. not similar to existing companies or trademarks, not prohibited words).
- Once approved, the name is reserved for 60 days.
- Extraordinary General Meeting (EGM):
- Upon name approval, convene an EGM to pass a Special Resolution for:-
- Changing the company's name.
- Altering the name clause in the Memorandum of Association (MOA) and Articles of Association (AOA).
- Filing Forms with ROC:
- Form MGT-14: File this form with the Registrar of Companies (ROC) within 30 days of passing the Special Resolution at the EGM. This form is for registering the special resolution.
- Form INC-24: After MGT-14 is filed, file Form INC-24 with the ROC to seek approval from the Central Government for the name change. This form will require the SRN (Service Request Number) of the MGT-14 filed.
- Issuance of New Certificate of Incorporation:
- After successful scrutiny and approval of all documents, the ROC will issue a fresh Certificate of Incorporation with the new name of company.
- Your company cannot use the new name until this certificate is issued.
- Post-Change Compliances:
- Update the new name on all company stationery, letterheads, bills, invoices, official boards etc. (often required to display both old and new names for a specified period).
- Update PAN, TAN, GST registration, bank accounts and other statutory registrations.
- Inform all stakeholders including customers, suppliers and employees.
We provide end-to-end guidance from drafting resolutions to filing all necessary forms and ensuring post-change compliances.
5. Fees and Timelines:
The fees for a company name change typically involve government fees (for RUN form, MGT-14 and INC-24) and professional fees charged by advisors like Praman Advisors.
- Government Fees:
- RUN Form: INR 1,000 (subject to change).
- Fees for MGT-14 and INC-24 vary based on the authorized capital of the company.
- Praman Advisors Professional Fees: These are competitive and depend on the complexity and scope of services required. It is best to contact Praman Advisors directly for a personalized quote. We are committed to transparent pricing.
Manju Laur: 📞 +97119 94042
- Timelines: The entire process, from initiating the board meeting to receiving the new Certificate of Incorporation, generally takes approximately 10-15 working days, assuming all documents are in order and there are no objections from the MCA. However, it can extend, if there are complexities or further clarifications required by the authorities.
Frequently Asked Questions
No. The Companies Act 2013 and associated rules specify guidelines for company names. The suggested name should not be identical or too similar to an existing company name or registered trademark and it should not contain prohibited words. Praman Advisors can help you conduct thorough name availability searches.
If your initially proposed name is rejected, you will have the opportunity to resubmit with new options. Praman Advisors assists in suggesting alternative names and navigating the re-submission process.
No, changing the company name does not create a new legal entity. The company's rights, obligations, assets, liabilities and ongoing contracts remain unchanged. Only it’s name is updated.
Yes, it is highly recommended to formally notify all stakeholders including customers, suppliers, banks and regulatory bodies about the name change once the new Certificate of Incorporation is issued.
Once a name is approved via the RUN form, it is reserved for 60 days from the date of approval. You must complete the subsequent filings (MGT-14 and INC-24) within this period.
Praman Advisors offers a blend of expertise, technology and client-centric service. Our team of dedicated professionals ensures a seamless, compliant and efficient process, minimizing hassle and saving you valuable time. Our commitment to AI-driven solutions guarantees accuracy and reliability in navigating the regulatory landscape.
