The name of a private limited company can be legally changed anytime by getting approval from the shareholders and Ministry of Corporate Affairs (MCA).
Here is a brief on the process of changing the name of a private limited company.
The adoption of a name by a Private Limited Company at the time of incorporation can be changed at a later stage. This change of name of a Private Limited Company can be materialised by the consent of the shareholders through a special resolution and by the approval of MCA.
The change of name of a Private Limited Company has no impact on its legal entity or its existence as a corporate entity. The change of name of a private limited company will neither create a new entity or a new company.
A Board meeting has to be convened to pass a resolution for Private Limited company’s change of name and with a view to authorize a Director or Company Secretary to make an application to the MCA for ascertaining the availability of proposed name.
Also, in the same Board Meeting, there can be a resolution to convene an Extraordinary General Meeting for the change of the company’s name and also to alter the Memorandum of Association and Articles of Association.
Once a resolution is passed; the next step is to check the availability of the proposed company name, the authorised person can then make a name application to the apex body MCA.
The overall process of the name application is somewhat similar to that of the name application process which is being followed at the time of incorporation of a private limited company. Thus, the name should be as per the Companies Act 2013 Naming Guidelines.
Once the new name for the existing company is approved by MCA, the Company must mandatorily conduct an extraordinary general meeting and in that meeting they must pass a special resolution for the change of the business’s name and also the consequential changes to the Memorandum of Association and Articles of Association.
As soon as a special resolution for the change of name of a company is passed, the special resolution and application pleading for the approval of the company name change have to be filed with the Registrar of Companies. An application for company name change has to be made in Form 1B along with a requisite fee.
If the Registrar of Companies is fully satisfied with the name change cial to note that the company’s change of name is said to be complete and fully effective on issuance of new incorporation certificate issued by the Registrar of Companies.
After the issuance of the new incorporation certificate, there are certain steps which are to be fulfilled in order to incorporate the new company name in all the copies of Memorandum of Association, Certificate of Incorporation issued by the Registrar and Articles of Association.