A company’s name can be changed at any time after its incorporation. It being an entity regulated by law, it has to follow a specific process provided by the Companies Act, 2013. The process includes conducting board meeting and member’s meeting for their respective consent, which will be followed by name reservation and approval from Central Government for said change. Fresh Certificate of Incorporation will be issued by RoC in new name after updating the Register of Companies. The company name change does not impact the existence of the company, which leaves all the assets and liabilities unaffected.
Why change company name?
The directors or the shareholders may voluntarily decide to change the business name mutually for any justified reason. Names can be used to reflect the vision or any characteristic of the company. To make the name relatable and easy for the consumer can also be a reason to change business name.
Change in Business Objective
Change in the name may be required due to change of business objective. If the name does not truly reflect the altered objective, it can be changed in line with the objective. The company must apply for a change if the Registrar has directed to do so in such case.
Enhance Brand Value (Rebranding)
Name assumes the brand value of the company and intention to improve the brand value is often a reason to change the name. Also, industries where trends change over a period of time, an appropriate name can be chosen to be in line with the trend and create a distinct identity. Change of name can prove to be a good marketing strategy to enhance brand value.
Discard boundaries assumed by name
By use of words representing geographical region or offerings, the name defines the boundary of operations. Expansion by capturing wide market includes demands removing boundaries assumed by the name. Further, if the name has become irrelevant to products or services offered it must be changed to target the right audience.
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