A company name is essential, and the decision to change a company name can be just as crucial. After all, a company name will be the first thing that customers notice about your business. The name should encompass what your business is about, your goal, and your business offering. Not to mention, it helps your business to stand out from other companies in the same sector or different ones.
Choosing a company name that has not been registered before is necessary when you incorporate your business to avoid similarities with existing brands, which can lead to lengthy legal battles. Why do companies change their name? A company may wish to change its name as circumstances change. Companies evolve, and sometimes it makes sense to choose a name more representative of your new vision.
Is it possible to do so? The answer is “Yes”.
4 Steps procedure for changing your company name
Here are four steps that you must follow to change the name of a private limited company in Singapore:
1. Choose a suitable name
Choose a name that adheres to the Companies Act. The new company shouldn’t be:
- Undesirable, meaning the name is obscene or religious in nature.
- Identical to an existing registered name
- Identical to an existing reserve name: refers to businesses that haven’t been incorporated yet, but have their name approved and reserved by Accounting and Corporate Regulatory Authority (ACRA). The name is reserved for at least 60 days to 120 days. If you’re wondering if your desired name is still available, you can search for it in Lanturn’s self-checkout tool and secure it right away, ensuring a hassle-free incorporation process.
- Prohibited by the Minister of Finance: as of now, “Temasek” is the only one gazetted.
2. Apply for approval of the new company name with ACRA
After deciding on your new company name, you need to apply for company name change for approval via the BizFile+ website. Remember that a fee of $15 is required when you’re changing your company name.
3. Prepare and pass a resolution for the new company name
Once ACRA approves your new company name, you must prepare a written resolution to change the company name. Afterwards, decide when a general meeting will occur to inform shareholders and pass a resolution of the new and old company name; a two-week written notice is usually required.
At the meeting, 75% of shareholders must agree to the name change and its resolution. Then, the proof of resolution must be submitted via BizFile+ within two weeks of the meeting. You will then receive a notice of incorporation under your new company name from ACRA.
4. Reflect the change
The last step is making sure that the name change is reflected in the public domain, such as your website, social media accounts, signage, and letterhead. This is a step to ensure that your new name is known to the masses and that they know that you’re rebranding.
Please note that you don’t need to notify your name change to the Inland Revenue Authority of Singapore (IRAS) for tax purposes, as your new company name will be updated automatically based on ACRA’s records.
Having a name change is sometimes necessary to reflect your brand’s evolving values and mission. We hope that the article above benefits you along your company name change journey.
Looking for ways to incorporate your business or change its name with ease? Look no further! Lanturn has you covered.
Contact us now!