When English playwright William Shakespeare in his play Romeo and Juliet says, “What’s in a name? It indicates that names are conventions to differentiate people or objects, but they have no meaning. However, for a company or a brand, it means a lot from the brand identity perspective to brand recall, customer connection, market differentiation, legal protection, and more.
If the existing name doesn’t align with the long-term identity and success of a business, changing it might not be a bad idea. A company may consider changing its name for various strategic, practical, or reputational reasons. One key reason is rebranding to reflect a significant shift in its mission, values, or product offerings. For instance, a name change may signal a transition into a new industry, the launch of innovative products, or an expanded global reach.
Another common reason is to resolve trademark conflicts or to address legal challenges that might arise with the existing name. Additionally, a name change might help distance the company from past controversies or negative associations, allowing for a fresh start and improved public perception.
When contemplating a name change, companies should carefully assess its potential impact. A thorough market analysis can ensure the new name resonates with target audiences and aligns with brand identity. Legal considerations, such as securing trademarks and domain names, are also crucial to avoid future disputes.
The company also needs to weigh the costs of rebranding, which include updating marketing materials, signage, and digital presence. Furthermore, a clear communication strategy is essential to maintain customer trust and avoid confusion.
To change the name, the company needs to:
- Call a board meeting to pass a resolution among the board to change the name of the company
- If approved, a director or company secretary has to be authorised to check for a suitable name and apply for it under the RUN (Reserve Unique Name) facility of the Ministry of corporate affairs, similar to the process for getting the initial name of the company.
- Enter details such as Corporate Identification Number, proposed name (after verifying it with ‘Check Company Name’ under ‘Company Services’ under the ‘MCA Services’ tab
- After MCA approval, call an ‘extraordinary general meeting’ (EGM) to pass a special resolution for changing the name and for incorporating the new name in the Memorandum of Association (MoA) and Articles of Association (AoA)
- File the special resolution within 30 days of passing it along with form MGT-14 having details about the resolution with the registrar of companies (RoC).
- File the INC-24 form with the Service Request Number of MGT-14 with the RoC. INC-24 is to take the government’s approval for the name change
- Documents required with INC-24 are copy of minutes of the EGM, copy of resolution passed, MoA, AoA with the new name, etc.
- Once RoC approves INC-24 with documents, it will issue a new certificate of incorporation in around 15-20 days.
- Following the change of the company name, the enterprise should renew various documents to reflect the new name such as its bank account, company seal, permanent account number, tax deduction and collection account number, letterheads, employment contracts, and more.