COMPANY NAME CHANGE

A company name change, also known as a corporate name change or company rebranding, refers to the process by which a business entity modifies its legal name, often for various strategic, operational, or legal reasons. With “India’s BEST TAX CONSULTANT.” Connect with our Experts.

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Why Should I Use Auriga Accounting For COMPANY NAME CHANGE ?

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Why Should I Use Auriga Accounting For COMPANY NAME CHANGE ?

Auriga Accounting has a team of registration experts who can provide complete guidance to COMPANY NAME CHANGE.

book appointment

Our team of experts will get in touch with you and collect all necessary documents and details

Resolve all your queries

We fill out and file your application for registration

Complete yourCOMPANY NAME CHANGE.

Your COMPANY NAME CHANGE IS DONE .

OVERVIEW - COMPANY NAME CHANGE.

ELIGIBILITY for COMPANY NAME CHANGE.

Board of Directors: The board of directors of the company has the authority to initiate and approve the proposal for changing the company’s name. The board may consider a name change for various reasons, such as a change in business focus, rebranding, or legal requirements.

Shareholders: The shareholders of the company play a critical role in approving the change of the company’s name. A special resolution must be passed at a general meeting of the shareholders to approve the name change. Depending on the circumstances, the Companies Act 2013 or the company’s Articles of Association may require a specific majority, such as a three-fourths majority, for the resolution to be passed.

Registrar of Companies (ROC): After obtaining approval from the board of directors and shareholders, the company must file the necessary documents and applications with the Registrar of Companies (ROC). The ROC is responsible for processing and approving the name change request and issuing a fresh Certificate of Incorporation with the updated name.

Central Government: In certain cases, such as if the proposed name change is not in compliance with regulatory guidelines or if the Central Government has concerns about the new name, the Central Government may intervene and provide directions regarding the name change. In such cases, the company may need to make changes to the proposed name or seek approval from the Central Government.

ADVATNAGES OF COMPANY NAME CHANGE.

Rebranding and Image Enhancement: A new name can give the company a fresh start and an opportunity to reposition itself in the market. It can help rebrand the company’s image, making it more appealing to customers, investors, and other stakeholders.

Strategic Shift: A name change often accompanies a strategic shift in the company’s focus, products, or services. This allows the company to align its name with its new business direction and goals.

Eliminating Negative Associations: If the company’s old name was associated with negative events or controversies, a name change can help distance itself from those associations and rebuild its reputation.

Expanding or Diversifying Business: When a company expands its operations into new markets or diversifies its business activities, a name change may be necessary to reflect the broader scope of its operations.

Resolving Legal Issues: In some cases, a name change may be required to address legal or trademark issues, such as name conflicts with other businesses or entities.

Mergers and Acquisitions: In mergers and acquisitions, the name of the acquired company may be changed to reflect the new ownership or to create a unified brand identity.

Enhanced Branding and Marketing: A new name can provide an opportunity to create a stronger brand identity and marketing campaign, which can attract more customers and investors.

Compliance with Regulatory Changes: If there are changes in regulatory requirements related to company names, a name change may be necessary to ensure compliance.

Improved Search Engine Optimization (SEO): A well-chosen new name can enhance a company’s online visibility and SEO efforts by incorporating relevant keywords and phrases.

Trademarks and Intellectual Property Protection: A name change may be necessary to secure trademark rights or protect intellectual property associated with the company’s brand.

Differentiation from Competitors: A distinct and unique name can help the company stand out in a competitive marketplace and reduce confusion with competitors.

Investor Confidence: A name change that reflects a strategic or positive shift in the company’s direction can instill confidence in existing and potential investors.

Compliance with Cultural or Regional Considerations: In some cases, a name change may be undertaken to respect cultural or regional sensitivities and preferences, especially when expanding into new international markets.

Documents for COMPANY NAME CHANGE.

Board Resolution: A board resolution passed by the board of directors authorizing the name change. This resolution should include the proposed new name.

Special Resolution: A special resolution passed by the shareholders at a general meeting approving the name change. The special resolution should specify the new name.

Application for Name Availability: An application for name availability in the prescribed format (usually Form INC-1) to the ROC. This form is used to check the availability of the proposed new name.

Copy of Special Resolution: A copy of the special resolution passed by the shareholders approving the name change.

Copy of Board Resolution: A copy of the board resolution authorizing the name change.

Memorandum and Articles of Association: A copy of the Memorandum and Articles of Association of the company with the proposed new name included.

Affidavit and Undertaking: An affidavit and undertaking (usually in Form INC-15) signed by the directors and the company secretary, if any, stating that the proposed name change complies with the Companies Act 2013 and that the company will adopt the new name within six months from the date of approval.

No Objection Certificate (NOC) from Partners/Partnership Firms: If the company is changing its name to a name identical with or closely resembling the name of an existing partnership firm, you may need an NOC from that partnership firm.

Copy of Notice and Explanatory Statement: A copy of the notice sent to shareholders for the general meeting, along with the explanatory statement detailing the reasons for the name change.

Publication of Notice: In accordance with Section 13 of the Companies Act 2013, you may need to publish a notice of the proposed name change in a local newspaper. Proof of publication should be retained.

New Certificate of Incorporation: Once the ROC approves the name change, you will receive a new Certificate of Incorporation with the updated name. This document officially confirms the change of name.

Updated Statutory Registers: After the name change is approved, the company should update its statutory registers, including the Register of Members, Register of Directors, and Register of Charges, to reflect the new name.

Changes in PAN, TAN, and GST Registration: Update the company’s PAN (Permanent Account Number), TAN (Tax Deduction and Collection Account Number), and GST (Goods and Services Tax) registration with the new name.

PROCESS OF COMPANY NAME CHANGE.

Step 1: Board Resolution

1. Convene a Board Meeting: Call a meeting of the board of directors to discuss and approve the proposal for changing the company’s name.
2. Pass a Board Resolution: During the board meeting, pass a resolution approving the name change. Ensure that the resolution specifies the new name for the company.

Step 2: Special Resolution by Shareholders

1. Convene a General Meeting: Call a general meeting of the shareholders of the company to obtain their approval for the name change. Shareholders must pass a special resolution for this purpose.
2. Notice to Shareholders: Provide notice to shareholders at least 21 days before the general meeting. The notice should include details of the proposed name change and the special resolution.
3. Hold the General Meeting: Conduct the general meeting and allow shareholders to vote on the special resolution. The special resolution typically requires a three-fourths majority of the votes cast to be approved.

Step 3: Application for Name Availability

1. Check Name Availability: Before formally applying for the name change, check the availability of the proposed new name with the Registrar of Companies (ROC). You can do this by filing an application for name availability in the prescribed format (usually Form INC-1) with the ROC.
2. Application for Name Change: Once you receive confirmation of name availability from the ROC, submit an application for the name change to the ROC. Include the board resolution, special resolution, and other required documents.

Step 4: Approval from ROC

1. ROC Review: The ROC will review your application for the name change. If everything is in order and complies with the Companies Act 2013 and other relevant regulations, the ROC will issue an approval.
2. New Certificate of Incorporation: After receiving approval from the ROC, you will be issued a new Certificate of Incorporation with the updated name. This certificate officially confirms the name change.

Step 5: Post-Approval Compliance

1. Update Statutory Registers: Update the company’s statutory registers, including the Register of Members, Register of Directors, and Register of Charges, to reflect the new name.
2. Amend PAN, TAN, and GST Registration: Update the company’s PAN (Permanent Account Number), TAN (Tax Deduction and Collection Account Number), and GST (Goods and Services Tax) registration with the new name.

Step 6: Public Notice – Public Notice: In accordance with Section 13 of the Companies Act 2013, publish a notice of the name change in a local newspaper. This notice should include details of the old and new names and the date of the ROC’s approval.

Step 7: Corporate Stationery and Communication

1. 1. Update Corporate Stationery: Update all corporate stationery, including letterheads, business cards, and official documents, with the new company name.
  2. Notify Stakeholders: Notify stakeholders, including customers, suppliers, banks, and regulatory authorities, about the name change. Ensure that all contracts and agreements are updated with the new name.

COMPLIANCES FOR COMPANY NAME CHANGE.

Update Certificate of Incorporation: After receiving approval from the Registrar of Companies (ROC) for the name change, you will be issued a new Certificate of Incorporation. This updated certificate officially reflects the change in the company’s name.

Update Statutory Registers:

1. Register of Members: Update the Register of Members to reflect the new name of the company.
2. Register of Directors: Update the Register of Directors and Key Managerial Personnel to include the new name.
3. Register of Charges: Update the Register of Charges to reflect the new name, if applicable.

Update PAN and TAN Records:

1. 1. PAN (Permanent Account Number): Inform the Income Tax Department about the name change and update the company’s PAN records with the new name.
  2. TAN (Tax Deduction and Collection Account Number): Update the TAN records with the new name, especially if the company is responsible for deducting and collecting taxes at source.

GST Registration: Goods and Services Tax (GST): If the company is registered under the GST regime, update the GST registration with the new name. Notify the GST authorities about the change and provide the necessary documentation.

Bank Accounts and Financial Institutions:

1. Bank Accounts: Inform the company’s bank(s) about the name change and update the bank accounts and signatories as necessary.
2. Financial Institutions: If the company has loans, credit facilities, or other financial arrangements with institutions, notify them of the name change and provide the updated documentation.

Changes in Business Stationery and Communication:

1. Corporate Stationery: Update all corporate stationery, including letterheads, business cards, envelopes, and other printed materials, to reflect the new company name.
2. Email Signatures: Ensure that email signatures of employees and the company’s official email addresses are updated with the new name.
3. Websites and Online Presence: Update the company’s website, social media profiles, and other online platforms to reflect the new name.

Public Notice: Publish Notice: In accordance with Section 13 of the Companies Act 2013, publish a notice of the name change in a local newspaper. The notice should include details of the old and new names and the date of the ROC’s approval.

Contracts and Agreements: Review Contracts: Review and update all contracts, agreements, and legal documents to ensure that they reflect the new company name. Notify counterparties and stakeholders about the change.

Notify Stakeholders:
1. Customers: Inform customers and clients about the name change and provide any necessary updates to invoices, contracts, and communication.
2. Suppliers: Notify suppliers about the name change and ensure that purchase orders, contracts, and other documents are updated accordingly.
3. Regulatory Authorities: Notify any relevant regulatory authorities about the name change, especially if the company is subject to specific industry regulations.

File Necessary Documents with ROC:
1. 1. Annual Return (MGT-7): Ensure that the company’s Annual Return filed with the ROC includes the updated company name.
  2. Other Filings: Review any other filings or compliance requirements with the ROC to ensure they reflect the new name.

WHY AURIGA ACCOUNTING ?

Compliance and Documentation: Auriga Accounting often have expertise in understanding and navigating legal and regulatory requirements. They can assist in preparing the necessary documentation, such as board resolutions, shareholder resolutions, and filings with regulatory authorities, to facilitate the name change process.

Review of Financial Implications: Auriga Accounting Changing a company’s name can have financial implications, including the cost of updating corporate stationery, notifying stakeholders, and making changes to business licenses. Accounting firms can provide insights into the financial aspects of the name change and help you plan and budget accordingly.

Corporate Governance Guidance: Auriga Accounting may offer guidance on corporate governance best practices related to name changes, ensuring that the process is conducted in accordance with legal requirements and the company’s Articles of Association.

Communication and Stakeholder Engagement: Auriga Accounting can assist in communicating the name change to various stakeholders, including employees, customers, suppliers, investors, and regulatory authorities. Clear and effective communication is crucial during the transition.

Trademark Considerations: If the name change involves trademark issues or if you need to update trademarks associated with the old name, accounting firms may provide advice on trademark registration and protection.

Tax and Financial Reporting: Changing the company’s name may require updates to tax-related documents and financial reporting. Accounting firms can assist in ensuring that the company’s tax records and financial statements reflect the new name accurately.

Legal Compliance: Auriga Accounting can work in conjunction with legal counsel to ensure that the entire name change process complies with the Companies Act 2013 and other relevant laws and regulations.

Record Keeping: Auriga Accounting Maintaining proper records of all the steps taken during the name change process is essential for compliance and future reference. Accounting firms can help you establish and maintain organized records.

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