Company Name Registration ( Step by Step Explanation)
Are you willing to start your own business or start-up? It is a dream for many of you to begin your entrepreneurial journey. The first thing you should look at is finding a suitable name for your business or company. Once you decide on your company name, the next step is company name registration. Are you familiar with your company name registration and its process? Read more to learn about it.
You must register your new company or start-up name in the Ministry of Corporate Affairs (MCA), the official business record repository of India.
You can complete your Company name registration process online without visiting the government office.
In addition, to register your company, you must obtain a Director Identity Number (DIN) and a Digital Signature Certificate (DSC).
You need to submit an online application for your company name to be approved . The general procedure is as follows in this case:
- The Ministry of Corporate Affairs receives your application in the required format once you pay all the required fees.
- The Ministry of Corporate Affairs may accept or reject your proposed company name after assessing your application for its availability.
Read the article further to understand company name registration and ways to register your company name.
What Is the Quickest and Easiest Way to Register a Company Name?
If you are about to register your company under the ministry of corporate affairs, look at the easiest way to do it.
The four steps to register your company are:
Step 1: Get Name Approval
The first step is to register your company’s name. To reserve your company name, you must request approval of your company name from the Ministry of Corporate Affairs (MCA). You may submit two company names in a single application in case of doubt about unavailability. After inspecting your name, the MCA approves your request within five business days.
Step 2: Directors’ Digital Signature Certificate (DSC)
The Ministry of Corporate Affairs acknowledges only digital signatures. Every document you file with MCA must have a digital signature certified by an Indian certification authority. Therefore, before incorporation, digital signatures from the directors are mandatory.
Step 3: Create Online Account
Create a new account on the MCA portal under your name since you are the owner of the company.
Step 4: Submitting the Company Incorporation Application
Once you have all the documents with digital signatures, you can submit your incorporation application to the MCA. You should also file your company’s Memorandum of Association (MOA) and Articles of Association (AOA) with the application for incorporation.
After verification of your application, the MCA issues an incorporation certificate and PAN of your company if your application is complete and accepted by the MCA. The MCA typically accepts all incorporation petitions in less than five working days.
So, congrats! Your company name registration is complete and done in five steps. But then, do you have any idea regarding the cost you need to incur to register your company? Read on to get clarity on this.
What Is the Average Cost to Register My Startup Name in India?
It’s good that you decided to build a startup. However, you must register your company name under MCA. But are you aware of the cost you might have to pay for your company’s registration?
You can register your company under Startup India Scheme. This scheme helps many budding entrepreneurs register their firms in a hassle-free process.
The Startup India registration fee (including professional charges) is Rs. 10,000 under this scheme. The whole registration process gets completed in approximately 15-20 working days.
Thus, the cost for registering your startup under the startup India scheme is Rs. 10,000 . And the process of it includes,
Startup India Registration Online Process
Follow the below steps for Startup India registration online:
- Visit the official website of Startup India.
- Create a new account and log in.
- Fill in the application form for registration.
- Enter your company details like name, registration information, etc.
- Enter information regarding the director/partner/accredited representative.
- Upload the required supporting documents.
- Do self-certification
- Submit the form in the portal.
- Once you submit, DPI IT will verify the same.
- DPI IT will approve if all documents are in order.
Thus, your startup registration under the startup India scheme is done for Rs.7499. The process is easier though.
However, once you register your company name is there a possibility to change your company name? Don’t worry. We have the answer for you.
How Do I Change My Registered Company Name?
After you register your company with MCA, you may get reasons to change your company name. The reasons include,
- Change in Business activity
- Voluntary name change
- Change of ownership
- In compliance with ROC
In such situations, you may wish to change your registered company name. Let’s see the process for the change. Read further.
The change of your company name does not make a new entity. It comes under the same old legal entity or existence. Therefore, a change of your company name shall NOT:
- Affect any rights of your company.
- Render any defect in legal proceedings by or against the company.
- Affect any legal proceedings or litigations against or by the company in its old name; they will continue in the old name.
1. Resolution of Board members
You must hold a Board meeting to pass a resolution for a change of your company’s name. Authorize a Director to apply to the MCA to check the availability of the new name.
2. Check the availability of the Company Name
Once you pass a resolution, you can apply to MCA for name approval. The procedure for filing a name application is similar to that of the old one.
3. Pass a Special Resolution for your Company Name’s change
Once the MCA approves your new name, the company must conduct an EGM and pass a special resolution for your company’s name change and any necessary modifications to the Articles of Association & Memorandum of Association.
4. Application for approval of Change of Company Name.
As the special resolution for your company name change is passed, you should also apply to approve the company name change with the Registrar of Companies (ROC). Your company directors will have to make an application for a company name change in Form INC-24 with the applicable fees.
5. New Incorporation Certificate
If the Registrar of Companies accepts your application for a company name change, the Registrar will issue a fresh incorporation certificate.
6. Make Changes to the Memorandum of Association and Articles of Association
After the issue of the new incorporation certificate, directors must take steps to incorporate the new company name in all the copies of the Amended Articles of Association, Memorandum of Association & Certificate of Incorporation issued by the MCA or Registrar of Companies.
You must follow these steps to change your registered company name to a new one.
FAQ: Company Name Registration
What documents do I need to submit to change the registered company name?
To change your company name, you must submit the,
- Form MGT-14 (necessary resolution for the alteration of Memorandum of Association and Articles of Association (MOA and AOA).
- eForm INC-24 (Application for approval of Central Government for change of name).
These are the forms you need to change your company name.
Who is the best service provider to register the company name near me?
There are several service providers available nowadays to help you with your company name registration. Analyze thoroughly before reaching any service provider.
We, at Instafiling, help you with your company registration process from start to finish in a smooth manner. We have a great team of experts who complete your process in a hassle-free manner and at minimum cost.
Hopefully, the above article sheds some light on your company name registration. Once you decide to start your startup or company, the first step is to register it. Only after registering with the Ministry of Corporate Affairs, your company comes into existence.
You can do the registration online through the MCA web portal if you have all the required documents digitally signed. Still worrying about your company’s registration? We are here to help you. Feel free to contact us.
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