A company in India can legally change its name for any number of reasons, dependent on its business and financial situation and the support of its directors and shareholders. According to the Company Act, 2013, the process requires a board resolution and an application for the name change to be filed with the Ministry of Corporate Affairs (MCA). Afleo can help you with the entire process of getting your company name changed online.
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Company Name Change
In India, under the Companies Act, all companies must be legally registered with the Registrar of Companies (RoC) at the Ministry of Corporate Affairs (MCA), and any change in the company name is, therefore, to be undertaken following a formal legal procedure. The first step in this, according to Section 13 of the Companies Act, 2013, involves convening a board meeting of the company's directors and shareholders to discuss the reason for changing the company name. The attending members have to be informed a week in advance. After obtaining approval of the company's directors and shareholders for changing the company name, the company must reserve the new name through the Reserve Unique Name (RUN) service on the MCA website and pay the requisite fee. Once the RoC approves the application for the company name change, the company has to call an extraordinary board meeting to pass a special resolution for making the change in the company name and also to pass resolutions for altering the company name in the Memorandum of Association (MoA) and the Articles of Association (AoA). Within 30 days of passing these resolutions, as per Section 117 of the Companies Act, 2013, the company must file them with the RoC using eform MGT-14. Also within 30 days, the authorized company director, manager, secretary, CEO, or CFO must complete and file eForm INC-24 for changing the company name and include with it the recorded minutes of the general board meeting and the requisite fee. If the RoC approves the application, it will issue a new certificate of incorporation under the new name. This new certificate allows the company to make the necessary name changes in the MoA and the AoA. The average time taken to complete a company name change is about 10-15 working days. Afleo will assist you through the entire process of change in company name and with any other required formalities. Our business advisers will be on hand to answer all your questions related to the change of company name and will help you with all the documents required, processes, fees, etc. We began Afleo.com with the aim of simplifying the process of doing business in India, and we have built up an excellent team of young, hard-working professionals to assist us in this. Our team is trained to respond to the consumer’s needs and to be both meticulous and quick about filing all essential documents.
Features of Company Name Change
Company Name Must Adhere to Guidelines
The Companies Act, 2013, offers naming guidelines and the new name should be in accordance with these. The proposed name should not be similar to an already registered company name, should not cause legal offense, and should not give the impression that the company has any governmental connection or backing. The changed name has to be added to the MoA and AoA, and, along with the Registrar, the company must formally inform its bank, clients, and any other related bodies of the name change.
No Change in Liabilities
The company's former contracts, obligations, debts, and liabilities remain unaffected by the legal name change of company. The company will still bear responsibility for them, and will be expected to carry through with them in the same manner as it would have before the legal change in company name was constituted.
Resolutions must be filed
A copy of the resolution to change of company name and a copy of the special resolution to approve the proposed name must both be filed with the RoC. This has to be done within 30 days of passing the resolutions, and the specified fees have to be paid alongside. If the company doesn’t file the resolutions with the RoC within the stipulated period, the company will incur a monetary fine of five lakh to 25 lakh rupees, and the company’s officers will be fined a sum of one lakh to five lakh rupees.
Documents for Changing Company Name
Notice of Extraordinary General Board Meeting
Explanatory Statement of the Extraordinary General Board Meeting Notice
Certified True Copy of Recorded Board Meeting Minutes
Certified True Copies of Board Resolutions
Altered Memorandum of Association
Altered Articles of Association
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Procedure for Name Change of Company
To start with, we will clarify all you need to know about company name change. We will then collect all the essential information and documents for filing the application.
After that, we have reserved the proposed new company name for you through the RUN service and you have passed a special resolution agreeing to the company name change at the board meeting, we will file eForm MGT-14 and eForm INC-24 on the MCA website and pay the requisite fee. The RoC will process the eForm and, if all the details are correct and approved, it will generate a SRN.
Get Name Change Incorporation Certificate
After approving the application, the RoC will issue a new certificate of incorporation under the new name. The company, on receiving this new certificate, can make the necessary name changes in the MoA and the AoA. The entire process can be completed within 10-15 working days.
How We Help with Changing Company Name
Afleo.com can file the application for company name change and complete the necessary procedure within 10-15 working days.
Got Questions? Request a call back from Afleo.com Company Law Expert
A company may decide to change its name for the purpose of rebranding itself, due to a change in its business management, due to a change in its ownership, due to a change in its business objectives, due to a need for a shorter name, due to the name is too similar to that of another company, and for various other reasons.
The Companies Act, 2013, offers naming guidelines and the proposed new name should be in accordance with these. We will check for its availability on the MCA website. Ideally, a company should come up with six to seven names, in case the main choice isn’t available.
The RoC may turn down a company's application for name change if the company has failed to file its annual returns and financial statements, has defaulted on any repayments, has selected an already existing name, has not filed the resolutions in time and has let the selected name expire, and has not accurately filed the required forms along with the relevant documents and decreed fees.
The RUN service for reserving proposed company requires a fee of Rs. 1000. As per the Companies Rules, 2014, the applicable fees for eform MGT-14 and eform INC-24 vary according to the company's share capital. The applicable fees for eform MGT- 14, depending on the company's nominal share capital, range between Rs. 200 and Rs. 600, and the applicable fees for eform INC-24 depending on the company's authorized share capital, range between Rs. 1000 and Rs. 20,000.