Changing your company’s name may seem like the most natural thing in the world when growing your business. It is, however, not an easy process. This article will help you navigate through the main steps of renaming your company.
Content Outline
How Do I Change My Company Name?
When thinking about changing a corporate name in Australia one should follow the rules and regulations provided by the ASIC. To begin the process you must pick an entirely new name that is not already taken and does not use restricted words or imply a deceptive link or criminal conduct. To avoid conflicts with existing names or trademarks, searching ASIC’s registers and visiting IP Australia is recommended.
After choosing an appropriate name, one then proceeds to get the company’s members together in a meeting and passes a special resolution. First of all, unlisted companies need to issue at least 21 days’ notice prior to the meeting while listed ones – at least 28 days’ notice. So, a special resolution of the company needs at least 75% of votes cast in favor.
Once the special resolution is passed, you must to fill in Form 205 Notification of a resolution – attach a copy of an adopted special resolution and pay the required fee. It is important to file the form within 14 days after the resolution has been passed in order not to have late fees applied.
ASIC will review your application and either accept or reject the name change. If accepted, you will receive a certificate of registration through your online services inbox or by mail.
Your application will be reviewed by ASIC, either approve or reject the name change. If approved, you will be notified through your online services inbox or by mail with a certificate of registration.
A Guide to Change Your Company Name
- ASIC Guidelines Compliance:
- Ensure that the new name meets ASIC criteria regarding uniqueness, acceptability and restrictions in place.
- Notify involved parties:
- Inform all stakeholders, like employees, clients, suppliers and relevant government bodies regarding the name change. Make sure company documents including contracts, agreements and marketing materials reflect the new name.
- Revise business registrations and licenses:
- Update the business name registration with ASIC, if applicable.
- Inform other governmental departments such as the Australian Taxation Office (ATO) about the name change.
- Any licenses, permits, or certifications tied to the activities of the company must be updated.
- Online Presence and Marketing Materials Update:
- Update the company’s website, social media profiles and online directories to reflect the new name. Change marketing materials, such as business cards, brochures, signage and advertisements to suit the new name.
- Oversee and safeguard the new name:
- Pay attention to the market for possible infringements or illegal use of the new name. It is advisable to register for trademark so that the new name is protected and no one else can use it without permission.
Why Should You Bother Changing Your Company Name?
Company Rebranding: Adopt a new corporate name to start an evolutionary adventure, redefine your brand image and attract new clients and untapped potential.
Market Positioning: By choosing a name that is deliberately crafted and appeals to your company’s values, vision, and target audience you are in a position to strategically position yourself amongst the competition which enhances your market presence.
Increased Customer Appeal: Captivate potential customers and spark curiosity by using a vivid, engaging name that inspires engagement, boosts brand recognition levels, and urges them to spend money at your business.
Competitive Advantage: Being a unique name that represents innovation, credibility and a strong association helps stand out in the sea of competitors by crafting an identifiable personality that conveys all this and more.
Adjusting to changes in business evolution: Understand change as your business grows and develops. A name change is a sign of improvement so that to align your brand with the new direction, increased range and leading edge solutions you are about to offer meaning growth for your valuable customers.
Comply with the law and protect your intellectual property: A well-thought-out company name change will help safeguard your business from legal entanglements and trademark conflicts. By being proactive and navigating through the regulatory landscape, you reduce risks and strengthen your intellectual property rights, thereby laying a solid foundation for sustainable success in the future.
How FastLane Group Can Help
FastLane Group seamlessly transforms your business identity. Our company incorporation and company secretary services facilitate easy change-over. Reach out to us today to take your brand up a notch with confidence and compliance, as the world makes way for your company’s successful transition.