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Choosing a company name is one of the essential stages of its creation. It is crucial to meet the imperative rules determined by law. It includes uniqueness, prohibited words’ absence, and other legal requirements. However, it is also significant for the company name to be concise, memorable and relevant to your business industry. If the regulator notifies you of meeting the first part of the requirements by approving or rejecting your application, the second part of the requirements may take time to be realized. A situation may arise when the current company name no longer satisfies you. Changing a company name is no longer a problem with our comprehensive guide. We provide detailed information on how to change a business name.
Why change the company name
The reasons for the business name change may be different. Each corporate name change has its history and basis. However, we may define key reasons for changing a company name:
- Expand markets. When the company expands its geography, business runners must think about the perceptiveness of the current name by the new clients. Changing a business name may help to avoid cultural and linguistic barriers that may arise.
- Rebranding. To more closely correspond with its changing business strategy or target audience, the firm may choose to go through a rebranding process. Note that the company naming may differ from the brand. However, for better recognition in the market, they should match each other.
- Merger or acquisition. After a merger or acquisition, the company owners may decide to rename their entity. It serves as a signal of a new era in the company’s life cycle.
- Change the scope of business. Sometimes a business owner may decide to fully or partially change the range of its services. If you don’t want to establish a new entity, you can amend the company’s activities list and choose a firm naming that corresponds to the new business direction.
- Ownership changes. Changing a business name may be necessary for a new company owner. It usually demonstrates a fresh start or a new vision of the future.
- Reputational damages. Company reputation may suffer a lot after some scandals, claims or legal offences. Changing the company name may serve as a strategic move of recovering the business reputation.
- Domain or trademark availability. Most businesses aim to unify their company name, brand, domain and trademark. However, after incorporation, you may find out that the domain or trademark you intended to use is already reserved.
How to change the business name
The business name change is a straightforward procedure. The process may be done remotely. Without any doubts, you can change a limited company name independently, without any assistance. But if you do not want to waste your time on preparing legal paperwork, contact a professional such as Fintech Harbor Consulting instead. Our team provides a fast and smooth turnkey procedure for changing a business name in just several steps:
Step 1: Check name availability
First of all, we review that the desired name does not violate the existing regulatory framework. After that, we need to check that it is unique and does not conflict with already registered companies.
Step 2: Get agreement from the shareholders
At this stage, we prepare a resolution on which the shareholders with majority voting rights agree on the renaming.
Step 3: Submit an application to the regulator.
To rename your entity, submit the required paperwork to the relevant authority. Depending on the jurisdiction, you can file documentation online or send it by post.
Step 4: Pay the application fee
The cost of renaming the business is involved. You can pay the charge either online or by mailing a cheque or money order together with other documents.
Step 5: Receive the company registration certificate with an updated name
After your application is approved, the regulator issues a new certificate of incorporation with an updated name. This is the stage when your company is considered officially renamed.
Step 6: Update branding and documents
Make sure that the updated title appears on your website, social media, and internal and external documents. We also recommend notifying your clients and counterparties about the change.
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Consequences of changing the business name
Before changing a company name, it is essential to recognize its outputs and possible risks. Corporate renaming affects the following aspects of your business:
- Licenses and permits. They need to be updated to reflect changes. In this regard, authorized bodies shall be notified. Otherwise, it may lead to compliance issues.
- Administrative tasks. It includes updating corporate documents and notifying competent authorities, and banks.
- Marketing and branding. Reevaluating the company’s marketing and branding is another consequence. It is important to carefully review the website, social media accounts, marketing brochures, and other branding materials to comply with renaming.
- Communication with partners and clients. To guarantee a smooth transition efficient communication with partners and clients is necessary. It entails informing all relevant parties, updating their contact information, and responding to any issues or queries they might have.
- Intellectual property. Trademarks and copyrights, as well as other intellectual property rights, may be affected by the rename. Registration of the new brand will also protect your business from IP rights violations.
- Efforts and expenses. In general, renaming involves a lot of effort and expenses, besides the application to the competent authority. That is why it is essential to assess the possible advantages and disadvantages of corporate rebranding in advance.
It’s vital to keep in mind that the precise effects may differ according to the jurisdiction, industry, and unique corporate conditions. While limiting any potential negative effects, seeking professional guidance from legal, branding, and intellectual property specialists will help you manage the complexity and assure a successful renaming process. The Fintech Harbor Consulting team of professionals is aware of all the pitfalls on how to change a business name.
You must submit an NM01 form alongside the necessary fee to change a business name on Companies House. The form can be filled out online or by mail together with the required information and supporting materials.
You must follow the steps indicated by the regulatory body to change a limited company name. Usually, it entails submitting the proper paperwork and meeting extra prerequisites, such as obtaining shareholder consent and revising legal documentation.
When changing the company name in the UK, you must adhere to the rules established by Companies House. It usually entails submitting the required documents and paying the necessary costs. The procedure can be finished online or by mailing in paper forms.
Yes. In most cases, changing a company name is a straightforward procedure which takes only a couple of days.
It depends on the country of incorporation of the company. Most jurisdictions allow online procedures, while others require sending packages of documents by post or even visiting the regulator.