There are various reasons, as an entrepreneur, behind changing the name of an existing company in Singapore. But the following could be some of the reasons why you might want to change the name of the company:
- Since you are rebranding the company, renaming the company might be one of the exercises.
- Your business has evolved since you started and the old name does not align with your current story.
If you are a company based in Singapore, you have to follow certain things when renaming a company is concerned. Follow these steps to do it successfully:
Select the right name:
Either you are renaming an existing company or starting from scratch. You have to ensure that the name you provide, is correctly given. This is because, you cannot change the company name repeatedly, every now and then.
As part of the Company Act, the name of the company cannot be:
- Undesirable
- Similar/identical to any other existing company
- Identical name compared to other company who has already reserved the name.
- The name is under prohibition under the Minister of Finance.
Apply for the name’s approval with ACRA:
Once you decide on the new name for the company, you have to submit the “Change in the company information” application. This application should be sent to ACRA to offer a proposal for the new name. ACRA stands for Accounting and Corporate Regulatory Authority
After the submission of the application online, you have to sign into BizFile+website with CorpPass. It is a replacement for SingPass for businesses that work with ACRA as of Sept-2018.
Develop and send across the resolution for the name change procedure:
Once ACRA offers approval for the proposed name, you have to pass a specific resolution to change the name. These are the following steps to pass such a resolution:
- Prepare a written draft of the resolution for changing the name of the company
- Decide a date for a general meeting schedule. Take all the shareholders in the loop with the date of the meeting. You should also include the proposal draft. This is to pass the resolution for the name change of the company.
- If you are a private company, you have to send out 14 days’ notice in a written draft. You can hold a meeting earlier if almost 95% of the voting rights.
- Almost 75% of members of the company should agree to the change of the name for the company.
- Once the resolution is passed, it should be submitted to ACRA within 14 days. You can file the resolution online.
Once the name is changed in ACRA, it will be reflected. You will be provided notice from ACRA with the new name. After that notice, the name will be considered effective from then and there.
You can check the BizFile+ website to check if the name has been updated.
Coming to the next step:
Once you have the new name updated at ACRA, you should ensure that the name has been changed in:
- The website
- The letterhead
- Social media accounts
- Signage
- Brochures/marketing materials
Also, ensure that the rubber stamp of your company also reflects the new name. In addition to this, you have to see that the name of your company (old/new) has a registration for the trademark.
When it comes to tax assessment, you don’t have to separately acknowledge the Inland Revenue Authority of Singapore (IRAS). They update the record according to ACRA.
Conclusion:
The company rights and obligations don’t change when you alter the name of your company. For instance, if your company holds withstanding dues, they cannot be waived. Bestar services help you out with the process of changing the name of the company and we also offer a service related to the company Incorporation. We are a strong name in Singapore
