Change Your Business Name with These Simple Steps

Changing the name of a business in Singapore should not be taken lightly. It is a complex process that involves many steps. Still, there are times when going through the whole process is necessary:

• A new company name is often needed when rebranding.
• Expanding to new products and services could change the identity of a brand, which can be best represented by a new name.
• Change of shareholders and directors. 

The rest of this article highlights the key points you need to know when changing the name of a company in Singapore.

Steps to Change a Company Name

The first step is to come up with a new name. It must represent your new business goals and comply with the Accounting and Corporate Regulatory Authority or ACRA standards. ACRA can reject a proposed company name if it is undesirable, identical to a reserved or registered business name, or not allowed by Singapore’s Minister of Finance.

Once you have a name, you need to submit it to ACRA for approval. You can do this online by logging into the BizFile website and following this step-by-step guide. A fee of $15 will be charged.

After ACRA approves your application, you need to pass a special resolution to change the name of your company then pick a date for the general meeting. All the company shareholders must be informed of this meeting date and the proposal to change the company name.

During the meeting, at least 75% of the voters must agree to the resolution for it to pass. If a majority has been reached, a copy of the resolution must be submitted to ACRA within the next 14 days.

After submitting your resolution, ACRA will update your company name change. ACRA will then give you the notice of incorporation, after which the change of name will become effective. To verify this, you can look at your company’s name on BizFile+.

Do not forget to update your customers and suppliers on the change in the company name. Make sure that it is reflected on your website, social media accounts, company letterhead, brochures, and office signage.

The process of applying for a new company name involves many steps. If you are a business owner with many responsibilities, you might not have enough time to manage it yourself. Your best option is to use company secretary services. Doing this will ensure that your application receives the attention that it needs without compromising other parts of your business operation.

Other Documents Needed

When applying for a new company name, you need to prepare the following documents:

• Proposed company name in English.
• A copy of the Memorandum and Articles of Association which is a charter document outlining all the basic details about your company and the regulations governing it. 

Duration

It usually takes one week to get a certification of the name change, from the time you submit an application to ACRA to the time it issues a notice of incorporation under the new name.

The Role of the Corporate Secretary Throughout the Process

The corporate secretary handles the procedure for the company name change. He or she will file all the necessary documents, track deadlines, and make sure that your company complies with all relevant rules and regulations from start to finish.

Conclusion

Changing the name of a company in Singapore requires a lot of effort, so you must weigh all your options before you make your decision. If it is in your best interest to get a new business name, then you must follow the steps outlined above.

Better yet, you can use reliable company secretarial services Singapore has to offer. This will give you the best chance to submit a successful application and continue pursuing your business goals under a new company name.