Company Name Change Services in India

The name of a business firm is a vital element of its corporate image. The name of the business appears in all legal documents, transactions, invoices, tax documents, and customer communication. But as a firm evolves or changes its business strategy, its existing name might not represent its current business activities or products. In such cases, a change in the legal name of a business firm is a viable decision. PSR Compliance provides Company Name Change Services, which will assist you with all required legal and regulatory formalities involved in the procedure. If you are changing your corporate name, moving into a new industry, changing your business focus, or simply finding an appropriate name for your business, then our professional support will come in handy.

The process of changing a company’s name entails more than just coming up with the new name. There is a need for the company to adhere to the provisions of the Companies Act, 2013, seek the necessary MCA Company Name Approval from the shareholders, fill in the mandatory forms with the MCA, and get approval from the RoC, wherever applicable.

At PSR Compliance, we support our clients through the process of conducting name checks, preparing the required documentation and resolutions, filing the MCA Forms, and providing guidance on compliance issues. Our Company Name Change Consultant service enables companies to understand each step involved in the process.

What is Company Name Change?

Company name change is the legal process of changing the registered name of an existing company while maintaining its legal identity, ownership structure, and business continuity. In India, the process is governed by the Companies Act, 2013, and requires approval from the Ministry of Corporate Affairs (MCA). A company can change its name for rebranding, business expansion, restructuring, or other strategic reasons. The process involves checking the availability of the proposed name, obtaining Board and shareholder approval, filing the required forms with the MCA, and receiving a new Certificate of Incorporation from the Registrar of Companies (ROC).

Why Do Companies Change Their Registered Name?

There are several reasons why firms might choose to rename themselves for various commercial, operational, or strategic purposes. The name of an organization could have been apt for the purpose of Change of Name in Certificate of Incorporation, but as the firm grows, it becomes outdated.

Some of the more common reasons are as follows:

1. Rebranding of the organization: A firm could decide to rebrand itself so that it can achieve higher brand recognition and better positioning within the market.

2. Change in the activities of the firm: An organization’s name might become inappropriate due to any change in the industry within which the organization operates.

3. Business consolidation or merger: After a firm is consolidated or acquired by another firm, it could rename itself.

4. Marketing and positioning the brand: An organization can opt for a shorter, catchy, or industry-specific name to enhance its marketing position.

5. Elimination of geographical boundaries: An organization, which was previously operating in only one geographical area, can expand its business throughout India or globally and might find it necessary to have a name reflecting its global business position.

6. Likeness with other brands: In case a company finds itself in a position where its name resembles the name of any other brand, it may want to change its name.

Documents Required for Company Name Change

Good documentation is essential to ensure that the name changing process is completed successfully. Lack of proper information and inconsistencies among the provided documents may lead to re-submissions and delays.

Additional documentation and approvals might be needed depending on the type of business and its regulatory standing.

PSR Compliance will help you review the existing documents and find out what information needs to be provided.

Company Name Change Procedure Under the Companies Act, 2013

Change of name of a firm entails several procedures. The concerned company has to abide by certain regulations set out in the Companies Act, 2013 and Companies (Incorporation) Rules, 2014. This is an outline of the procedure for Private Limited Company Name Change.

Step 1: Select a New Company Name

The first thing to do is choose an appropriate name that will reflect its business identity and aims. The proposed name must satisfy the criteria laid out by MCA in terms of naming rules. The proposed name cannot be exactly or almost like the name of any existing company or a registered trademark. Certain restricted words and expressions might require additional approvals.

A preliminary name search can be done to determine any name conflict prior to filing the application.

Step 2: Apply for Name Reservation

After choosing the proper name, the company must file an application for Company Name Reservation through the relevant MCA service, which can include the RUN (Reserve Unique Name) for an existing company. The Registrar of Companies considers the proposed name under the relevant naming rules. The name can either be approved or disapproved; if disapproved, then you have to choose another name.

Step 3: Hold a Board Meeting

Once the proposed name has been determined, the firm needs to undertake the appropriate internal approval process. Generally, the Board of Directors deliberates on the proposed change of name and grants approval for a general meeting of the firm’s stockholders. The company needs to keep the records of the board meeting and notices.

Step 4: Pass a Special Resolution

Shareholder approval for the proposed change of name needs to be obtained by passing a special resolution. It can be done by convening a general meeting, such as an Extraordinary General Meeting (EGM). The resolution should have the required support under the Companies Act. The firm needs to retain the notices, explanatory notes, attendance, and minutes as applicable.

Step 5: File Form MGT-14

The company generally needs to file Form MGT-14 with the Registrar of Companies after passing the special resolution.

Step 6: File Form INC-24

The company needs to submit an application for the approval of the name change using Form INC-24 along with the relevant fee and other details. The application contains details regarding the old name of the company, the new name proposed, the reason for the name change, and the details about the special resolution as well as MGT-14 filing. After evaluating the application, the Registrar of Companies will provide any additional information, if required.

Step 7: Receive the New Certificate of Incorporation

On approval of the application, the Registrar of Companies issues a new Certificate of Incorporation bearing the name of the company. The new name of the company comes into effect from the date of issue of the new certificate. The CIN of the company normally remains the same.

Note: It should be noted that a company should not regard the name change as being legally done just because the shareholders have approved the name change or the name has been reserved.

Company Name Change Fees

The cost incurred for the change of a company’s name is determined by the various fees required to be paid to the government.

The main cost components may include:

The final Company Name Change Fees can differ based on the company’s situation and the fee structure of the MCA.

How Long Does It Take to Change a Company's Name?

The period that it would take to change the company’s name would depend on a number of considerations, such as whether the name is available, approval from the shareholders, preparation of documents, and time taken by the MCA to process the change.

The general process includes:

• Checking the proposed name to find out whether there are any conflicts with it.
• Approval of the name reservation.
• Calling for the necessary shareholders’ meeting.
• Submission of the special resolution using the MGT-14 form.
• Filing of the INC-24 application.
• Decision by the Registrar and issue of new certificate of incorporation.

Eligibility and Important Conditions for Changing a Company Name

It may not be possible for every business to pursue a name change right away. There are several conditions that need to be met both by law and procedurally.

Before applying to change the name, companies need to ensure the following:

1. The company should be duly incorporated with an existing Corporate Identity Number.
2. The name that has been proposed needs to satisfy MCA name guidelines.
3. Necessary shareholder approval needs to be sought.
4. The company needs to fulfill all filing requirements.
5. The company should have already filed its overdue annual returns and financial statements.
6. The company should settle any matured deposits, debentures, and interest payments before seeking permission.
7. Approval from the industry may sometimes be required.

As per Rule 29 of the Companies (Incorporation) Rules, 2014, if a company has not filed its overdue annual returns/financial statements or has not repaid its matured deposits/debentures and interest thereon, then the company will not be allowed to change its name.

The help of a Company Name Change Consultant will be useful in identifying these problems before applying.

Post-Approval Compliance After a Company Name Change

Obtaining the new Certificate of Incorporation is a significant step, but it is also essential to ensure that all records are updated and that this is conveyed to the concerned stakeholders.

Following actions need to be taken post-approval:

1. Updating company records: The company records such as statutory registers, letterheads, and other official documents have to be updated with the new name.

2. Bank Accounts: This change has to be conveyed to the company’s bank and the process of updating the bank account name has to be completed.

3. GST Registration: An application for the necessary Company Name Amendment in the GST Registration particulars needs to be filed.

4. PAN & TAN Details: The changes in these have to be checked and completed wherever necessary.

5. Business Licences: They need to be checked for the FSSAI, IEC, BIS, Factory Licences, etc., wherever applicable.

6. Amend contracts and agreements: Let customers, vendors, suppliers, creditors, and business partners know about this and update any documents or contracts accordingly.

7. Update online and marketing materials: Change the company name in your website, email signature, invoices, social media pages, etc.

8. Notify authorities concerned: Update details with the relevant government departments and regulatory bodies.

It is advisable for the company to ensure that the new name is mentioned everywhere in its legal and business documents.

Why Choose PSR Compliance for Company Name Change Services?

The company name change process requires the documentation of compliance requirements, shareholder resolution, and filing of form(s) with MCA. Professional help may assist the business owner in comprehending the process.

PSR Compliance provides Company Name Change Services to businesses that require help with the relevant formalities of name change.

• Professional document preparation help: Help with identification and preparation of documents required to be submitted as part of the name change application process.
• Help with MCA filing: Relevant name reservation, MGT-14 and INC-24 filing assistance.
• Name identification assistance: Company Name Change Assistance in comprehending the relevant MCA naming guidelines and the need to check the availability of the name prior to making the submission.
• Clarity on costs: Help in comprehending various government and professional fees payable as part of the process.
• Need for compliance: Help in comprehending the significance of taking care of pending statutory filings and other relevant compliance issues.
• Post-approval assistance: Clarification on changes required after the issue of a new Certificate of Incorporation.

No matter whether you are a Private Limited Company, startup, or any other business, PSR Compliance can assist you in comprehending the relevant company name change formalities.

Get Professional Assistance for Company Name Change

Our firm PSR Compliance offers Company Name Change Compliance Services that aim at helping businesses comprehend the documents, shareholding approval, MCA filing, and post registration process of changing a company’s registered name.

In case you wish to re-brand your organization and get a new legal name for your business entity, we will help you comprehend the relevant process of filing.

Contact us for assistance regarding your company name change requirement along with the relevant fees.