Change of Company Name Companies Act 2016: A Comprehensive Guide
Have you ever wondered about the process of changing a company`s name under the Companies Act 2016? Well, you`re in luck! In this blog post, we will delve into the intricacies of changing a company`s name under the Companies Act 2016. We`ll explore the legal requirements, the steps involved, and provide valuable insights to help you navigate this process with ease.
Legal Requirements for Changing Company Name
Under Companies Act 2016, specific legal that be in to change company`s name. Requirements include:
Requirement | Description |
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Resolution by Board of Directors | The board of directors must pass a resolution approving the change of company name. |
Approval from Shareholders | Shareholders must approve the change of company name at a general meeting. |
Application to Registrar of Companies | Once the resolution and shareholder approval are obtained, an application must be made to the Registrar of Companies for approval of the new company name. |
Steps Involved in Changing Company Name
The process of changing a company`s name involves several steps, including:
- Convene board meeting pass resolution approving change company name.
- Obtain shareholder for change company name at general meeting.
- File application approval new company name with Registrar Companies.
- Upon approval, update company`s and articles association reflect new name.
- Make necessary to company stationery, website, and official documents reflect new company name.
Case Studies
Let`s take a look at some real-life case studies of companies that have successfully changed their names under the Companies Act 2016:
Case Study 1: ABC Holdings Berhad
ABC Holdings Berhad, a leading conglomerate, recently changed its name to XYZ Group Berhad to better reflect its diversified business interests. The company followed the legal requirements and completed the name change process smoothly, without any hiccups.
Case Study 2: QRS International Sdn Bhd
QRS International Sdn Bhd, a technology company, rebranded itself as InnovateTech Sdn Bhd to align with its innovative business approach. The company obtained approval from its board of directors and shareholders, and successfully changed its name with the Registrar of Companies.
Changing company`s name under Companies Act 2016 is decision requires consideration compliance legal. By following the proper procedures and obtaining the necessary approvals, companies can successfully change their names and reposition themselves in the market.
Change of Company Name Contract
This contract is entered into on this [Date] day of [Month, Year], between the parties [Party A] and [Party B], collectively referred to as the “Parties”.
1. Background |
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Whereas, Party A is a company registered under the Companies Act 2016 with the name [Current Company Name], and desires to change its name to [Proposed Company Name]. |
2. Change Company Name |
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Party A shall follow the procedures outlined in the Companies Act 2016 for changing its company name. This includes conducting a special resolution and filing the necessary forms and documents with the Registrar of Companies. |
3. Representations Warranties |
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Party A represents and warrants that the proposed name change complies with all legal requirements and does not infringe on any intellectual property rights of third parties. Party B acknowledges that it has no knowledge of any impediments to the name change. |
4. Governing Law |
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This contract shall be governed by and construed in accordance with the laws of [Jurisdiction], and any disputes arising out of or in connection with this contract shall be resolved through arbitration in accordance with the rules of [Arbitration Institution]. |
5. Entire Agreement |
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This contract constitutes entire between Parties with respect subject hereof, and supersedes all prior contemporaneous and, oral or written. |
In witness whereof, the Parties hereto have executed this contract as of the date first above written.
Frequently Asked Legal Questions about Change of Company Name under the Companies Act 2016
Question | Answer |
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1. What is the process for changing the name of a company under the Companies Act 2016? | The process changing name company under Companies Act 2016 involves approval from company`s board directors, consent from shareholders, submitting Application to Registrar of Companies approval. Is to comply all statutory and ensure proposed name complies relevant regulations. |
2. What are the legal implications of changing a company`s name? | Changing a company`s name can have various legal implications, including the need to update all legal documents, contracts, and agreements with the new company name. Additionally, may be to inform regulatory creditors, and relevant about change. |
3. Is specific within company must complete process changing name? | Yes, the Companies Act 2016 stipulates that a company must complete the process of changing its name within a specified timeframe, typically within 90 days from the date of approval by the Registrar of Companies. Failure to meet this deadline may result in penalties or other legal consequences. |
4. Are restrictions choice new company name? | Yes, there are certain restrictions on the choice of a new company name, such as the prohibition of names that are identical or similar to existing companies, names that are offensive or misleading, or names that violate intellectual property rights. It is advisable to conduct a thorough name search to ensure the availability and compliance of the proposed name. |
5. What are the documentation requirements for changing a company`s name? | The documentation requirements for changing a company`s name typically include a special resolution passed by the board of directors, a copy of the consent obtained from shareholders, and the prescribed application form for changing the company`s name. Additionally, supporting documents such as the company`s constitution and updated statutory registers may be required. |
6. Can a company change its name multiple times? | Yes, a company has the legal right to change its name multiple times, subject to compliance with the Companies Act 2016 and any other relevant regulations. However, frequent changes of name may impact the company`s reputation and may require additional administrative efforts to update records and inform stakeholders. |
7. What are the costs involved in changing a company`s name? | The costs involved in changing a company`s name may include application fees payable to the Registrar of Companies, legal fees for preparing the necessary documentation, and potential costs for updating the company`s branding, marketing materials, and other corporate assets with the new name. |
8. Can a company change its name without shareholder consent? | No, under the Companies Act 2016, a company cannot change its name without obtaining the consent of its shareholders through a special resolution. Shareholder approval is a crucial step in the process of changing a company`s name and is legally required to validate the name change. |
9. What key for choosing new company name? | Key considerations for choosing a new company name include ensuring that the name is available for registration, aligns with the company`s brand, vision, and values, is distinctive and memorable, and is not likely to be confused with other existing companies or trademarks. It is advisable to conduct a thorough trademark search and seek legal advice to avoid potential conflicts. |
10. What potential of not complying legal for changing company`s name? | The potential risks of not complying with the legal requirements for changing a company`s name include facing legal challenges from third parties with conflicting rights to the name, incurring penalties or fines imposed by regulatory authorities, and experiencing reputational damage due to non-compliance with statutory obligations. It to diligently follow prescribed mitigate these risks. |