How to Change Limited Company Name With Companies House?
When renaming your business there are many things to keep in mind while changing the name of your company. Some may be things you’ve already considered, while others may not have occurred to you. This formal process must be followed whether you are registering a brand-new name, fixing a spelling mistake, or altering a symbol or punctuation mark. The Companies Act of 2006 lays out these guidelines. We will briefly discuss how to change limited company name and what are the considerations while renaming your business.
How To Change Limited Company Name:
How to change limited company name after incorporation? A company may change its name whenever it wants, provided that it complies with all applicable laws and guidelines. There are two procedures to approve a name change, depending on the clauses in the company’s articles of association:
- By a board of director’s decision
- Special resolution of the members
A change of name application and a copy of the resolution must be submitted to Companies House after the members or directors have passed it. Within 48 hours of being submitted, the majority of applications are accepted and posted on the public register of corporations. It is required whether you are registering a brand-new name, fixing a spelling mistake, or altering a sign or punctuation mark. The Company Act of 2006 established all of these regulations and legislation.
Special Resolution Of Members For A Company Name Change:
How to change limited company name by the director’s decision? A 75% majority of members must vote for the members (shareholders/guarantors) to adopt a special resolution changing the company’s name. The resolution may be approved remotely as a written resolution or at a general meeting.
Instead of counting the number of members who support the name change, you must count the number of individual votes cast in favour of the change to see if a majority has been reached. This is because members may own several shares, some of which may be non-voting and each of which may have one or more votes. The directors give each member a written confirmation of the resolution’s approval. The change of name must be reported to Companies House using Form NM01.
To fill out this form, you will need to provide the following information:
- Business number
- Full name of the current business
- Proposed name for the business
- A copy of the member’s resolution
- Or Written special resolution bearing the director’s authorisation signature
Within 15 days of the resolution Form NM01 and a copy of the resolution must be sent electronically or via mail to Companies House. Additionally, you must pay Companies House a cost of £20 for online filing or £30 for mail filing. Most of them are approved within a maximum of 3 hours.
Change Of Limited Company Name By The Board Of Directors Decision:
A director’s resolution can be passed at a board meeting or in writing if the company’s articles give them the authority to change the name of the business. Form NM04 should be used to notify Companies House.
The following information is required to fill out this form:
- Business number
- Full name of the current business
- The suggested name for the business
- Authorising the director’s signature
Within 15 days after the resolution is passed, a copy of the board resolution or written resolution Form NM04 and a copy of the resolution must be sent to Companies House by postal service. Additionally, a £30 cheque or postal order must be included.
Will The Company Receive A Certificate Regarding The Name Change:
A ‘Certificate of Incorporation on Change of Name’ is emailed to you as soon as Companies House accepts the name change, and the new business name is entered on the register instead of the previous one. Both the old and new company names are listed on this certificate, along with the date the new name became effective. The business number doesn’t change.
Several Things To Take Into Consideration Before Changing The Company Name:
After understanding the procedure of how to change limited company name let’s consider some important points to keep in mind before renaming your business. Some things you may have already considered, while others may not have occurred to you.
What considerations should you make while renaming your business?
- Use your new name to conduct a trade mark search before proceeding to ensure that no one else has already registered the name as a trademark, check with Companies House.
- You should confirm that the domain name availability you have selected and is accessible for purchase or not.
- Examine the clauses in your company’s articles of organisation to see if they allow for name changes. Verify whether it offers an alternative to the special resolution procedure (section 78, CA 2006) for changing the company name.
- After completing, approve a special resolution at a board meeting to formally agree to alter the name of your business. Additionally, the registered business office should produce, distribute, and keep meeting minutes for a minimum of ten years.
- Fill out Companies House form NM01 to register the company’s new name with Companies House. (Modify the Name of the Company)
- You must make sure that the company’s statutory registers are appropriately updated when you change the name of your business. This is required by law, and there could be penalties for not updating corporate registers.
- HMRC must be informed of the company’s new name. You can notify HMRC directly about changes to your company.
- Any changes to your company name (or any other facts) must be communicated to your bank.
- Informing your clients is a crucial step, and it’s best to inform them of the change in advance.
- Informing your suppliers with company name changes to avoid any confusion or mishap.
- To prevent any confusion in the team, they must be informed of any modifications before their implementation.
- If you need to file a claim, your policy may be void if you don’t tell your insurer.
- It’s crucial to update your company name with any finance creditors you may have. This will guarantee that all agreements and loans are current.
- For any adjustments to the website, such as adding the company’s legal details, or moving or redirecting any existing websites to the new domain name.
- When a limited company changes its name, you’ll need to make sure your emails are moved to a new domain.
- It’s crucial to notify the local authorities and councils when you alter the name of your business so that their records are updated.
- You will require a new and updated set of memorandums and articles of association when you change the name of your business.
- Make any necessary adjustments to your printed marketing materials and business stationery.
- Update your Xero software (as well as any other applications) to reflect the new company name.
- Notify the company’s social media accounts and any other marketing audiences of the name change.
When Can The New Change Name Be Used:
Once a new company name is authorised by Companies House, which typically happens 48 hours after filing the online form, you can begin using it. If you mail the form, it may take up to a week to process. Companies House will send you an email when the name is approved if you submit your application online. A digital “Certificate of Incorporation on Change of Name” will be sent to you as verification. As soon as you obtain this document, you can begin using the new name.
Who Do I Notify After The Company Name Change:
Your new company name (Corporation Tax, VAT, and PAYE) must be updated for HMRC. Changes to your bank, clients, suppliers, service providers, authorities, and other business associates. Lastly, remember to change your company’s website, domain name, signs, and stationery.
Conclusion:
In summary, it is a complete guide of how to change limited company name. It is a simple procedure to change the name of a limited company. That you lodge the required papers and amendments by agreed upon deadlines, either by way of special resolution or board resolution. Don’t forget to change your company’s records and marketing materials, inform all relevant parties (HMRC, bank, customers, suppliers, etc.), and check trademark and domain name availability. You may start to use the new name as soon as the name is approved.
Disclaimer: Information provided in this article is general, we do not hold any responsibility regarding legal,tax issues. Before taking any action take legal advice from expert accountants on file confirmation statement.