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Name Change- Company

A company name change involves altering the existing name of a registered company to a new name, while retaining its existing legal identity, assets, liabilities, and operations.

Reasons for Name Change:

1.      Rebranding

Companies may in order to regain market relevance and boost visibility, decide to change its name to align with updated mission, vision and values.

 

2.      Voluntary

Companies may decide to change its complete name voluntarily

 

3.      Mergers and acquisitions

Integration with another company, requiring a unified brand identity can be the reason for changing name

 

4.      Change in the main object of the company:

When a company change its object, it may change its name as well to align it with the changed object.

 

5.      Compliance with regulatory requirements:

Industry-specific naming conventions; Geographic naming restrictions; Trademark conflicts; Regulatory body directives or Licensing requirements can be the forceful reason for changing the name of the company.

Steps for changing a Company’s name:

Step 1: Board Resolution

1. Conduct a board meeting to approve the name change.

2. Pass a resolution with majority.

3. Calling an Extra-ordinary General Meeting

4. Authorize a director to file necessary documents.

Step 2: Check Name Availability

1. Verify name availability on MCA portal.

2. Ensure the new name meets naming guidelines.

Step 3: Passing a Special Resolution

1.      Conduct an Extra-ordinary General Meeting

 

2.      Approval of Special resolution by Shareholders

 

 

Step 4: File MCA Forms:

1. Form MGT-14: File within 30 days of special resolution.

2. Form INC-24: File application for name change for seeking name approval.

 

Step 5: Issue New Certificate of Incorporation

Registrar of Companies (RoC) issues a new Certificate of Incorporation after reviewing the submitted documents.

 

Documents required for change name:

1.      New name of the entity

2.      Certified True Copy of Special Resolution along with Explanatory Statement

3.      Altered Memorandum and Article of Association

4.      Digital Signature Certificate

5.      Fresh Certificate of Incorporation (COI)

 

After approval of name change, a Company needs to make the following updates in various documents and records:

1.      Company name Board

2.      Letterheads, business cards, etc.

3.      PAN and TAN

4.      Common Seal

5.      Statutory Registers

6.      Copy of Altered MOA and AOA

7.      Bank Account name

8.      Tax authorities, EPF and ESI department

 

Frequently asked question:

1. Q: Why do companies change their names?

A: Rebranding, mergers, acquisitions, regulatory compliance or business expansion are the reason why companies change their names.

 

2. Q: What are the benefits of changing a company name?

A: Improved brand recognition, enhanced credibility and better representation are the benefits of the changing a company name.

 

3. Q: How long does a company name change process take?

A: A company name change process typically takes 1-2 months (dependent on jurisdiction and complexity).

 

4. Q: Do I need to update my company's Memorandum and Articles of Association?

A: Yes, the company’s need to update its Memorandum and Articles of Association to reflect the new name.

 

5. Q: How do I ensure compliance with trademark laws?

A: Conduct a trademark search and obtain necessary approvals.

 

6. Q: What documents are required for a name change application?

A: Board resolution, Certified True copy of Special Resolution along with explanatory Statement, Altered MOA and AOA are the documents required for a name change application.

 

7. Q: Do I need to update my company's tax registrations?

A: Yes, Company’s need to update their name on GST, PAN, TAN, and other tax registrations.

 

8. Q: Are there any costs associated with changing a company name?

A: Yes, Professional fees, registration fees, rebranding expenses, etc are the costs associated with changing a company name.

 

09. Q: Can I reserve a company name before changing?

A: Yes, Company can reserve a company name before changing subject to availability and regulatory approval.

 

10. Q: Can I change my company name multiple times?

A: Yes, Company can change its name multiple times but subject to regulatory approval and compliance.

 

11. Q: Can the name application get rejected by ROC?

A: Yes, ROC can reject the name application, if the same is not with the conformity as per the Companies Act, 2013.

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Frequently Asked Questions

Chartered Accountants (CAs); Tax Return Preparers; Tax Consultants and Certified Tax Professionals are the experts in India who can guide and file returns.

Private Limited Company set-up process typically takes around 10-12 working days. However, it can vary depending on several factors, such as the speed of document submission, verification, and approval from the authorities.

Selection of suitable entity structure for a startup involves considering several factors such as:

1. Business Goals: Define your startup's mission, vision, and objectives.
2. Ownership: Determine the number of owners (sole proprietorship, partnership, or multiple owners).
3. Liability: Consider the level of personal liability protection needed.
4. Taxation: Think about tax implications.
5. Funding: Will you need to raise capital from investors or lenders?
6. Growth Plans: Consider future expansion, mergers, or acquisitions.
7. Compliance: Evaluate the regulatory requirements and compliance burden.
8. Flexibility: Assess the need for flexibility in decision-making and management.

Common business structures for startups:
1. Sole Proprietorship: Simple, low-cost, but offers no liability protection.
2. Partnership: Shared ownership, but partners have personal liability.
3. Limited Liability Partnership (LLP): Combines partnership benefits with liability protection.
4. Private Limited Company: Offers liability protection, tax benefits, and credibility.
5. Limited Liability Company (LLC): Flexible with liability protection.

The Presumptive Taxation Scheme (PTS) offers several benefits to small businesses and professionals:

1. Simplified Accounting: No need to maintain detailed accounts and records.
2. Estimated Income: Tax is calculated on an estimated income, rather than actual profits.
3. Reduced Compliance: No requirement to get accounts audited.
4. Lower Tax Liability: Tax is calculated at a prescribed rate.
5. Exemption from Tax Audit: No requirement to get tax audit done.
6. Easy Calculation: Profit is calculated on a fixed percentage of gross receipts.

No, you cannot obtain two Director Identification Numbers (DIN) for two companies. DIN is a unique identifier assigned to an individual who is a director or proposed to be a director of a company. If you want to be a director in two companies then you can use the same DIN for both companies.

Yes, it is mandatory to maintain records of all financial transactions for your business. The Companies Act, 2013 and the Income Tax Act, 1961, require businesses to maintain accurate and complete financial records and it should be accurate; up-to-date; easily accessible for inspection by authorities and must be retained for a minimum of 8 years.

Maintaining financial records helps:
1. Track business performance: Accurate records can help you track your business performance, identify opportunities and problems and compare your business to others.
2. Prepare financial statements: Accurate records are needed to prepare financial statements, such as income statements and balance sheets. These statements can help you manage your business and deal with creditors and banks.
3. File tax returns: Accurate records can help you comply with tax laws and avoid penalties.
4. Detect and prevent fraud: Accurate records can help prevent and detect fraud and theft.

Failure to maintain proper financial records can result in penalties, fines, and legal issues.


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