Change Name of Company
Rs. 6647/- All Inclusive
Change of Name of Company
How to change name of Private Limited Company
Name or the brand name of company is important for the business in the fast changing and competitive business environment. The name distinguishes a business entity from its competitors and establishes a brand name in the mind of end user of the products or services. There may be multiple reasons for a company to change its name such as, expansion of business due to which the company is looking for a more appealing and attracting name, change of core area of business of the company due to which the current name is no longer relevant or takeover of the management of the company by any other company etc. Whatever will be the reason the name plays an important role in establishing the business of the company and creating awareness in the mind of customers. The process of change of name is divided in to two parts:
- Name reservation
- Application to central Government for change of name after obtaining shareholders’ approval
Before making an application for change of name care must be taken that the company shall file all its pending due annual returns and financial statements with the registrar of companies and pay all its outstanding matured deposits and debentures along with interest, if any, otherwise an application for change of name shall not be allowed by the central government.
How much does it cost to change change Company Name?
Steps wise procedure for change of name of a private company
- A board meeting shall be called for discussing and passing a resolution related to reservation of new name for the company. An application along with the copy of board resolution shall be made to the Central Registration Centre, Ministry of Corporate Affairs.
- After receiving the name approval letter a board meeting shall be called for passing the resolutions related to change of name and alteration of Memorandum of Association and Articles of Association of the company and recommending the same to the shareholders of the company.
- Notice of general meeting of the shareholders, shall be issued by any of the director/authorised person of the company, who is authorised by the board of directors.
- The shareholders of the company shall pass the related resolutions for change of name and alteration of Memorandum of Association and Articles of Association.
- File e-forms MGT-14 and INC-24 with the registrar of companies with all the attachments.
- The Registrar of Companies after the approval of form INC-24, shall issue Certificate of Incorporation pursuant to change of name in form INC-25 to the company.
Frequently Asked Questions
Yes, for change of name of a company shareholders’ approval is mandatory.
The process for change of name is divided into two parts:-
- Name reservation
- Application for change of name to the central government for change of name
Yes, a company name can be changed by making an application for change of name in e-form INC-24. However the company first needs to file RUN for reserving the name and only after the name approval the company can proceed further with the process of change of name. The company is also required to file forms MGT-14 and INC-24.
For altering the name clause of Memorandum of Association of the Company, a shareholders meeting is required to be called and a special resolution is required to be passed by the shareholders of the company. After the approval from shareholders; forms MGT-14 and INC-24 are required to be filed with Registrar of Companies.
There is no restriction on a new company to change its names, however before changing the name the company shall complete all its pending ROC filings such as commencement of business, due annual filings.
The process for change of name is divided into two parts, and the ROC fees break up is as follows:
- Name reservation: The ROC fees for reserving the new name for the company will be Rs. 1,000/-
- Application for change of name to the central government: The Company is required to file forms MGT-14 and INC-24. Normal fees for filing of form MGT-14 is Rs. 200/- to Rs. 600/-depends upon the nominal capital of the company and normal fees for filing of form INC-24 is Rs. 1,000/- to 2,000/-.
The approval or resubmission of name reservation application comes within 1 to 2 working days. Thereafter the shareholders’ meeting is required to be called by the board of directors for obtaining shareholders’ approval. Thereafter the forms MGT-14 and INC-24 is required to be filed, these forms are usually approved by the registrar within 15 to 30 working days.
No, board of directors of a company cannot change company name. For changing a company name approval of shareholders is mandatory.
For holding a shareholders’ meeting 21 clear days’ notice excluding the date of dispatch of notice and date of meeting is required to be given. However a meeting of shareholders can be called at shorter notice by obtaining the shorter consent of shareholders for holding a meeting at a shorter notice.
Change of name of a company is special business as it required alteration of Memorandum of Association of Company and the board of directors of the company is not empowered by the Companies Act, 2013 to change the name by passing of board resolution.
No, all the pending dues and the proceedings initiated against the company will continue. Changing the name of the company does not discharge the company from its liabilities.
No, after the change of name of a company, a company cannot use old name. The company shall replace the old name with the new name wherever appears such as sign board, letter heads, stationery etc. The company shall also update the new name in the records of various authority and banks.
Yes, a name of public company can be changed. A company is required to make an application for change of name in form INC-24. However the company first needs to file RUN for reserving the name and only after the name approval the company can proceed further with the process of change of name. The company is also required to file form MGT-14 along with form INC-24 and only after receiving the Certificate of Incorporation pursuant to change of name in form INC-25 a company can use the new name.