Online Process for Changing Company Name

A company can change its name with a special resolution and approvals from the ROC and Central Government, as per the Companies Act 2013, without affecting its existing rights, obligations, or legal proceedings. The company’s operations continue seamlessly under the new name, retaining its corporate identity.

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            c) Form INC-24

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Overview of Company Name Change

Changing a company name under the Companies Act, 2013 in India is a structured process requiring board and shareholder approval. Initially, the board must pass a resolution to propose the new name and authorize a director or company secretary to seek approval from the Ministry of Corporate Affairs (MCA) to ensure the name is available. Once the name availability is confirmed by the MCA, the company must convene an extraordinary general meeting to pass a special resolution for the name change.

After the special resolution is passed, the company must file ‘Form MGT-14‘ for the special resolution and ‘Form INC-24‘ to apply for the approval of the name change, along with the necessary fees and supporting documents. Upon verification and approval, the Registrar of Companies (RoC) will issue a new certificate of incorporation reflecting the changed name. The company must then update all its legal documents, business stationery, and signboards with the new name to ensure compliance across all references.

blank-paper-sheet-with-small-scooter-table
blank-paper-sheet-with-small-scooter-table

Changing a company name under the Companies Act, 2013 in India is a structured process requiring board and shareholder approval. Initially, the board must pass a resolution to propose the new name and authorize a director or company secretary to seek approval from the Ministry of Corporate Affairs (MCA) to ensure the name is available. Once the name availability is confirmed by the MCA, the company must convene an extraordinary general meeting to pass a special resolution for the name change.

After the special resolution is passed, the company must file ‘Form MGT-14‘ for the special resolution and ‘Form INC-24‘ to apply for the approval of the name change, along with the necessary fees and supporting documents. Upon verification and approval, the Registrar of Companies (RoC) will issue a new certificate of incorporation reflecting the changed name. The company must then update all its legal documents, business stationery, and signboards with the new name to ensure compliance across all references.

Why Change Your Company Name?

Before diving into the reasons for changing your company name, consider the following

Rebranding
Market Expansion
Legal Compliance
Mergers & Acquisitions
Crisis Management
Strategic Shift
Rebranding

Refresh image, attract new customers, and stay relevant in evolving markets.

Market Expansion

Reflect broader services, target new audiences, and increase competitiveness.

Legal Compliance

Comply with trademark issues, regulatory requirements, and industry standards.

Mergers & Acquisitions

Reflect new ownership, integrate identities, and foster unity.

Crisis Management

Distance from negative associations, rebuild trust, and restore reputation.

Strategic Shift

Signal change in direction, align with vision, and inspire internal and external stakeholders.

Procedure to Change Alter name of company under companies act,2013

Changing the name of your company might sound complicated, but it’s just a matter of following some clear steps.

Objective: The initial step involves convening a board meeting to discuss and pass a resolution regarding the intention to change the        company’s name.

Action: Pass a Board Resolution to authorize a director or company secretary to check the availability of the proposed name.

Objective: Before proceeding with the name change, it is essential to ensure that the proposed name is not identical to any existing company or trademark.

Action: File Form RUN (Reserve Unique Name) on the MCA portal to check the availability of the proposed name.

Objective: Once the name is confirmed to be available, convene another board meeting to pass a resolution approving the new name.

Action: Approve the new name and propose to alter the Memorandum of Association and Articles of Association to reflect the name change.

Objective: Convene an Extraordinary General Meeting (EGM) of shareholders to pass a special resolution for changing the name of the company and altering the Memorandum and Articles of Association.

Action: Pass the Special Resolution and file Form MGT-14 within 30 days of passing the resolution.

Objective: Apply to the Central Government for approval of the company name change.

Action: File Form INC-24 to apply for the approval of the name change, attaching the Special Resolution and the altered Memorandum of Association and Articles of Association.

Objective: Upon approval, the Registrar of Companies will issue a new Certificate of Incorporation reflecting the new name.

Action: The Certificate of Incorporation with the new name acts as conclusive evidence of the name change. The new name is effective from the date of issuance of this certificate.

Corporate Governance Documents

Memorandum of Association & Articles of Association: Amend these foundational documents to reflect your company’s new name, aligning your governance with your new identity.

Company Branding

Common Seal & Official Seals: If applicable, update your company’s common seal along with the seals of directors and authorized signatories to include the new name, ensuring all official documents bear the correct branding.

Company Letterheads, Business Cards, & Printed Materials: Redesign and reprint your business stationery to feature the new company name, ensuring your brand presentation is consistent and professional.

Financial Instruments & Records

PAN & TAN: Update your Permanent Account Number and Tax Deduction and Collection Account Number with the income tax department to reflect the new name.

Bank Account Details: Notify your bank about the name change and update your account details, ensuring all financial transactions are processed under the new company name.

Promissory Notes, Bills of Exchange, etc.: Ensure any financial documents, like promissory notes and bills of exchange, are issued under the new company name.

Legal and Regulatory Compliance

Tax Authorities, PF & ESI Department: Inform the tax authorities, Employees’ Provident Fund Organisation, and Employees’ State Insurance Corporation about your new name to ensure compliance and continuity in your fiscal responsibilities.

Business Licenses or Permits: Update any business licenses or permits with the relevant authorities to reflect your new company name, ensuring your operational legality.

Digital Presence

Website & Social Media Accounts: Update your online presence, including your website and social media profiles, to reflect your new name, maintaining brand consistency across digital platforms.

Contracts and Agreements

Employment & Business Contracts: Review and amend existing contracts with employees, suppliers, and clients to include the updated company name, ensuring all legal documents are current.

Company Statutory Registers: Update your internal records, including the Register of Members, Register of Directors, and Register of Charges, to accurately reflect the new company name.

Estimated Duration for Company Name Change: 10 to 15 Working Days

The process of changing a company’s name typically spans 10 to 15 working days, owing to the involvement of multiple departmental approvals.

Restrictions on Company Name Alteration

According to the Companies Act, 2013, a company is restricted from altering its name under the following circumstances, presented in a concise and bulleted format for clarity

Failure to File Annual Returns or Financial Statements
Outstanding Financial Obligations

A company that has not submitted its annual returns or financial statements, as required by law, to the Registrar of Companies cannot proceed with a name change.

A name change is prohibited for companies that have not cleared their financial obligations, including:

  • Unpaid matured deposits
  • Outstanding debentures
  • Due interest on deposits or debentures

These regulations aim to ensure that companies meet their financial duties, maintain operational transparency, and comply with legal standards. Companies must address any unresolved financial issues before considering a name alteration.

How V Smart Auditor Can Help ?

  • Expert Guidance

    Expert guidance on navigating the legal intricacies of the name change process, ensuring compliance with Companies Act 2013 and other relevant regulations.

  • Documentation Assistance

    Streamlines the documentation process by preparing and filing all necessary forms, resolutions, and applications on behalf of the company.

  • Timely Updates

    Informed at every step of the process, providing timely updates on the status of applications and approvals from regulatory authorities.

  • Strategic Advice

    Offers strategic advice on selecting an appropriate new name that aligns with the company's brand identity, market positioning, and legal requirements.

  • Efficient Coordination

    Coordinates with government agencies, including the Registrar of Companies (RoC) and the Central Government, to expedite the approval process and minimize delays.

  • Post-Change Support

    After the name change is approved, Assists in updating corporate documents, licenses, permits, and other registrations to reflect the new company name, ensuring a smooth transition.

Frequently asked questions

Does a change of name mean the Company becomes like a new company?

No, changing the name of the Company doesn't have the effect of starting a new company.
All the old liabilities and obligations remain as it.

Can 2 companies have the same name?

No, two registered companies in India cannot have the same name.
The RoC will not allow a company to register a name already in use

Is the process entirely online?

Yes, the process is entirely online

Who can approve the name change?

The Registrar of Companies in the respective states has the authority to approve the name change.
Please note that before filing for the name change, one must ensure that the Company should have filed all documents, including the balance sheet, etc.

Will the Registrar of Companies issue the name certificate after the name change?

Yes, the Registrar of Companies will issue a fresh certificate incorporating the name change after approval of all documents.

How long will it take for the name change to happen after filing the documents with the ROC?

Subject to the approval of ROC of respective states, the name change may take 15-20 days after filing the documents.

What should one do after the name change?

The Company should make changes to the
Memorandum of Association and
Articles of Association, letterheads, and seals after the name change process.

What is the timeline for changing the name of the Company?

The entire process is lengthy.
However, after the application is filed with the ROC, it takes approximately 10-15 Days.

Will the GST Number of the Company change, followed by a name change?

The same GST Number shall remain valid as the Company's constitution remains unchanged.
However, the Company needs to file an amendment application to update the GST Portal details with the correct name.

Does the Company have to display the old name alongside the new one?

Yes, the old name has to be displayed along with the new name for one year on all the letterheads, hoardings, and banners.

Should the Company inform its customers of the new name the Company?

Yes, it is necessary, mainly because of the GST provisions, as all the taxpayers need to maintain a proper record of the customers and vendors.