Many businesses change their company names when they broaden and expand their business with more customers and engagement. It is okay if you just started the company with a random name without any thought. You have a chance to change the company name under some conditions. Here is a blog on Changing Company Legal Name: Things you need to know. You know where to go if you are searching for a business setup in Dubai. Read more to not miss anything and to get a clear idea of the process of changing the legal name of the company.
A definite reason for changing the name
Your company’s name is the identity of your business, so it should reflect your company’s policy. You can be changing the name of the company due to various reasons. One of them can be the will of changing the name of the company due to your own reasons. The Memorandum of the article should be changed if the name of the company is changed due to the change in the activities of the business. The reasons should be properly mentioned for no further obligations. Enhancing the branding with your new name that states more about your services can be a good reason to engage more customers. Or in a way change in the company name can be definable if the authority or the owner of the business changes. So whatever the reason might be, it should specifically define a stated reason that doesn’t involve any complications.
Board resolution on the name
Every member of the board or authority should be okay with the changing of the name. It includes important members, executives, directors, and shareholders. Assembling everyone at the meeting is vital to be approved for the secretary or the director to propose an application to the MCA for assessing the availability of the new name that is proposed. Articles of the association that are attached to the name of the company as well as the memorandum of association can be altered and revised in this meeting.
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Check the availability of the name
Once you select the name, you have to find out if the name is actually available or not to move forward with the name. Under the RUN facility of the MCA, the allowed director can request a reservation for the approval of the proposed name. The availability of the name can be checked through this facility. A confirmation from RoC will be available if the name is available and it may get rejected if there is any legal break in the guidelines. So the first step of changing the name of the company is over.
Passing of the special resolution
Once the name is confirmed by the MCA, an extraordinary general meeting should be held and the articles of association as well as the Memorandum of association should be revised and edited with the new name. Without any necessary complications, you can make various changes to the new memorandum of the company.
Approval application
After passing the special resolution, the next step is to submit the application and resolution to the company registrar for changing the company name. It is necessary to inform the registrar about the change of company name because he tracks all the data of the companies that exist. Changes would be processed quickly after the application is sent with an application fee.
Certificate of incorporation issuance
The registrar of the companies will issue a new incorporation certificate if they are satisfied with your submitted documents. The process of changing the company is not completed yet. But it can be after you get the new incorporation certificate that is issued by the RoC. Your new name of the company is official only if you are issued with the certificate of incorporation. There won’t be any repercussions after this process.
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Changes in AOA and MOA
This is a crucial step before getting the incorporation certificate. There are certain things to be reviewed and edited to embody the new company name on all the prints of MOA and AOA that are basically issued by the respected registrar. To complete the process of changing the name of the company it is vital to change necessary items to facilitate the smooth process.
To sum it up, there are many companies that change their brand name after a period of time. The reason can be varied according to various businesses. It can enhance or degrade your business. But changing the name of the company is not a simple task. We have discussed Changing Company Legal Name: Things you need to know. Also, when the name of a company is changed, it won’t create a new company as the official company will have the same affairs but under a different name. If you are in search of business setup in uae, we are right here to answer and assist with all the queries and solutions you need.