Company Name Change in India
We can do Change of Name of a Private Limited Company or Public Limited Company or Section 8 Company or One Person Private Limited Company's Name due to any reason with the consent of all the shareholders. However, regardless of cause and time, the name change shall happen under the mutual approval of shareholders. The reason can be anything like:
- Change of Name due to changes in the Vision & the Company's Mission,
- Change of Name due to changes in the management,
- Change of Name due to conversion from a Pvt Ltd Co. to a Public Limited Co.,
- Change of Name due to mandatory conversion as per law from One Person Private Limited Company to Private Limited Company,
We shall discuss the provisions of Companies Act, 2013, which deals with the Change of Name for Public Limited, Private Limited, LLP & Section 8 Company's Name. Change of Company's Name would require an alteration to the Memorandum of Association by passing a special resolution. If change of company name are affected, consent or authorization of the Central Government is not required. However, such alteration requires Central Government's approval. Further, in the event of company registration with a name that bears a resemblance to a representation of an existing company, the Central Government might ask it to alter its Name. In such a case, an ordinary resolution is adequate.
We will be providing you End-to-end expert assistance to change the name of your company will be provided. Your only worry should confine to what's the name going to be!
It Usually takes 10 to 15 working days (depends on MCA approval)
- Secretarial services relating to company name change
- Name Change filing in MGT -14 and INC -24
- Any company wishing to change their name.
- Companies who need end-to-end assistance in drafting board resolutions, special resolutions and filng prescribed forms for name change
- Purchase of Plan
- Provide proposed company names
- Get secretarial assistance in name change matters and gather required documents to be given to TAXAJ
- TAXAJ files MGT-14 and INC-24 on your behalf
Name, Contact Number and Email Id of Authorised Director.
Directors Identification Number, if already.
Self Attested PAN, Aadhar & Passport size photo of Authorised Director
Specimen Signatures of Authorised Director
Few unique proposed names for the company.
DSC of the Authorised Director.
How to change Name of Company in India?
Common Reasons for Change of Company Name
Process for Change of Name in case of Company
One can change the name adopted by a private limited company during incorporation at a later stage, for a change of name of a private limited company, the consent of the shareholders through a special resolution and MCA approval. The Change of Name of a Pvt Ltd Company has no impact on its existence as a corporate or legal entity. The Change of Name for a company will not create a new entity.
Therefore, change of company name shall NOT:
- Affect any obligations or rights of the company
- Render any legal proceedings by or against the company to be defective
- Affect any legal proceedings or litigations against or by the company and pending in its old name; they will continue in the old name.
Step 1: Board Resolution
The Directors must hold a Board meeting to pass a resolution for change of name of the company and authorise a Director or Company Secretary to apply to the MCA to ascertain availability of the proposed name. At the same Board meeting, Directors can also pass a resolution to convene an extraordinary general meeting to change the company's name and alter the Memorandum of Association and Articles of Association.
Step 2: Check Company Name Availability
Once a resolution is passed ascertaining the availability of the proposed company's name, the company's authorised person can make a name approval to the MCA. The procedure for filing a name application is similar to that followed while incorporating a private limited company. Therefore, the name proposed must be as per the law framed in the Companies Act, 2013 Naming Guidelines.
Step 3: Pass Special Resolution for Change of Company Name
Once the MCA approves a name, the company must conduct an EGM and pass a special resolution for change of company name and necessary modifications to the Articles of Association & Memorandum of Association.
Step 4: Application for approval of Change of Company Name.
Once the directors pass a special resolution for change of company name, they should also file a special resolution and application to approve company name change with the Registrar of Companies. Directors will have to make an application for a company name change in Form 1B along with the applicable fees.
Step 5: Issuance of New Incorporation Certificate
If the Registrar of Companies accepts the company name change application, the Registrar will issue a fresh certificate of incorporation. It's important to note that the company name change is complete and effective in giving a new certificate of incorporation by the Ministry of Corporate Affairs or Registrar of Companies.
Step 6: Make Changes to Memorandum of Association and Articles of Association
After the issuance of the new incorporation certificate, directors must take steps to incorporate the new company name in all the copies of the Amended Articles of Association, Memorandum of Association & Certificate of Incorporation issued by the MCA or Registrar of Companies.
Private Limited Company's Name Approval
Choosing the right & appropriate name for the business is the most essential and most challenging part for a startup. The company's name will be your primary calling card and will show up in every place associated with the business. Therefore, developing a name that creates a positive first impression is intriguing and straightforward. Here, we look at some of the regulations laid down by the Ministry of Corporate Affairs(MCA) to name a Private Limited Company in India.
The proposed name should be desirable & acceptable.
As per the Co's Act, 2013, no company can be registered with an undesirable or unacceptable name. However, a proposed name for a private limited company will be undesirable if it is identical with or closely resembling a name of a company in existence or approved by the Registrar, named an LLP in existence or approved by the Registrar and resembles a registered trade-mark or trade-mark application. Further, names that violate the provisions of Emblems and Names and names that contain profanity or words or phrases that are offensive in general language to any section of people are also deemed undesirable & unacceptable and are not allowed.
Test for Similarity or Resemblance
In determining if a name is matching or similar or identical to another name, then in that case following rules shall apply:
i) Plural form of a word does not distinguish it from the original.
Therefore, TAXAJ Hospital Private Limited and TAXAJ Hospitals Private Limited will be considered similar.
ii) Changing the type/case/spacing between letters appearing in the name will still make the name similar.
Therefore, TAXAJ Hospital Private Limited and TAXAJHospital Private Limited or Taxaj hospital Private Limited will be considered similar.
Using a different tense or a number of the same word will also not make a name unique and distinguish it from the original.
For instance, Taxaj Industries and Taxraj Industries will be considered similar. Similarly, Three Taxaj Hospital and 3 Taxaj Hospital will be similar.
Further, different phonetic spellings or a different combination of the same word will not make it distinguishable from an existing name.
Hence, J & K Industries and J n K Industries will also not be allowed if J & K Industries exists. Likewise, the inclusion of words such as New, Modern, Nav, Shri, Shree, Om, Jai, Sai, The, etc., in front of an existing name.
Names that require pre-approval from other government authorities
If the proposed name for the company includes words such as:
'insurance,
'bank',
'stock exchange',
'venture capital',
'asset management,
'mutual fund', etc.
The name may be accepted & allowed with a declaration by the applicant that the applicable requirements mandated by the respective government regulator such as IRDA, RBI, SEMA, etc., have been complied by the applicant if the proposed name contains any word or expression which is likely to imply that the company is connected or has relation in any way with, or having the patronage of, any State Government, the Central Govt, or any local authority, Corporation or body constituted by the Central or any State Govt under any law then the prior approval of Central Government has to been taken.
Requirement of Minimum Authorised Capital for certain names
Inclusion of certain keywords in the name will require the company to have a certain minimum authorised capital as under:
For using the word Hindustan, India, Bharat in any part of the name of the company, a minimum authorised capital of Rs.5 lakhs is required.
For using the words Enterprises, Products, Business, Manufacturing in any part of the name of the company, a minimum authorised capital of Rs.10 lakhs is required.
For using the words Hindustan, India, Bharat as the first word of the company name a minimum authorised capital of Rs.50 lakhs is required.
If the words International, Global, Universal, Continental, Inter-Continental, Asiatic, Asia is used within the name of the company, a minimum authorised capital of Rs. 50 lakhs is required.
If the words Hindustan, India, Bharat is being used as the first word of the name then a minimum authorised capital of Rs. 50 lakhs is required.
For using the words Industries/Udhyog in any part of the name or for using the words International, Globe, Universal, Continental, Inter-Continental, Asiatic, Asia as the first word of the name, a minimum authorised capital of Rs. 1 crore is required.
For using the word Corporation in the name of the company, a minimum authorised capital of Rs. 5 crores is required.
Timeline and Cost Involved for Changing Company Name
Timeline: The time required to change name of company is approximately 10 to 15 Working days as it involved multiple steps to be done by the company and to obtain approval of ROC as well as the Central Government
Professional Fee: The overall cost has two components, the professional fee billed by professionals like TAXAJ and the ROC Filing fee. The ROC fee depends on the type of company and capital. Our Professional Fee depends on each individual case, please request an official quotation from us.
- RUN Form: Rs. 1000/- for application to reserve new name of company
- MGT-14: Rs. 300 to Rs 600 Based on the capital of the company
- INC-24: Rs. 1,000/- to Rs 20,000/- Based on Company type and Capital
Follow up Activities After Company Name Change
Changing the company’s name does not alter the rights and obligations of the stakeholders in any way, and all the legal proceedings, if any, continues in the new name. Consequent to the new Certificate of Incorporation with the new name, the company is obligated to make changes in the following documents and registrations
- The Common Seal of Company (If applicable)
- Official seal of company, directors and authorised signatories
- Promissory notes, bills of exchange, etc.
- Change in the name in the Bank Account
- Tax authorities, PF & ESI department, etc.
- Change name on Website and Social Media Accounts
- Amend company PAN and TAN
- On company letterheads, business cards, etc.
- Company Statutory Registers
- Employment & Business Contracts
- Update business licenses or permits
- What are the things to look for choosing your Company Name?
A business name shouldn’t be similar or matching to another existing company name. Making a company name look different from the current name by adopting false or infringe behavior like making plural or changing a few spelling is an unfair practice. Using Offensive or abusive words is also not acceptable.
- What is the validity period of the Company Name that is approved?
An approved company name (RUN) is valid for a period of (i) 20 days from the date of approval (in case name is RUN filed) or (ii) Two months from approval date (in case of the existing company's name change)
