Change of Company Name
Both local and foreign entrepreneurs operating in Singapore have the same rights mot only when it comes to setting up a company in Singapore, but also amending various documents related to their companies, such as the Articles of Association, as well as to bring other changes to their businesses.
A common query which we get is from clients looking to change company name. Even after incorporation, the name of a company can be changed.
If you want to change your company’s name, our Tianlong Services consultants can guide you through the procedure.
Why Would You Change Your Singapore Company Name?
There are many reasons why business owners could decide to rename their Singapore-registered company. You may decide to change the name of your company due to the following reasons:
- For rebranding purposes
- For better representation of your company
- Change of business partners or business products
- Your business has evolved and you prefer a more representative name for your company.
Remember, the Accounting and Corporate Regulatory Authority (ACRA) will charge a fee of SG$15 for a change in company name.
Steps for Changing Your Company Name
Steps for Changing Your Singapore Company Name
The following are the basic steps to follow in order to successfully change your company name.
1. Choose an Appropriate Name
This is the most important step because the last thing you want to do is to come up with a wrong or inappropriate name. You should be cautious when selecting Singapore Company names that resemble the name of other Singapore Companies because if anyone lodges a valid complaint within 12 months that your name resembles their company’s or business’s, the Registrar will instruct you to change it.
According to the Companies Act, the new name of your company must fulfill the following criteria:
- It must be unique;
- It must not be categorized as undesirable;
- It must not be restricted by the Ministry of Finance;
- It must not resemble any registered address in Singapore;
- It must not be similar to any other company name reserved by another business.
2. Application for Approval of the New Name with ACRA
Once you have decided on your new company name, you are required to seek approval from ACRA by submitting a “Change in Company Information” form with details of your proposed company name.
You will log in to the BizFile+ website with CorpPass in order to submit the application online. As of September 2018, CorpPass replaced SingPass for businesses transacting with ACRA. Please note that a filing fee of $15 is applicable. ACRA may send the name application to referral authorities if there are words like “bank”, “school” or “hospital”.
3. Pass a Special Company Resolution for changing a Singapore’s trade name
One of the most important steps in changing the company name in Singapore is preparing and passing a special resolution for the change of company name in an extraordinary General Meeting of the shareholders. Decide on a date for a general meeting and inform all shareholders a 14 days’ written notice of the date prior to the meeting.
The steps for this procedure imply:
- The meeting must be established after ACRA has approved the company name change;
- At least 75% of the shareholders must agree with the change of the company name;
- The meeting must be announced 14 days ahead in the case of private companies;
- The resolution for the change of the trade name must be done in writing.
As soon as the resolution is passed, ACRA must receive the notification in a maximum of 14 days.
ACRA will issue you with a notice of incorporation under your company’s new name and the change of name will be effective upon the issue of that notice. In order to check whether your company’s name has been changed, you can check your company’s name online on BizFile+.
Once your company name is changed, ensure that it substitutes your former company name in your company’s:
- Rubber stamp
- Social media accounts
Contact Tianlong Services
If you need assistance in changing your company name or you are unsure of how your company can change its name, please get in touch with us TODAY for a quotation.
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