When you register a company, the chosen name speaks volumes about your mission, vision, and market niche. However, as businesses evolve, so do their needs. Many company directors eventually consider a name change. Whether it’s to reflect a new direction, rebrand for better market positioning, or signal a structural shift, updating your registered company name can be a strategic move.
Am I Allowed to Change the Company Name?
The answer is yes. But there’s a catch. You can’t directly change a business name; instead, you need to register a new business name and cancel the old one. However, when it comes to company names, they’re fair game. Business names are used for marketing and operations, while company names (the legal “Pvt Ltd” names) are registered with the Registrar General of Companies (ROC) in Sri Lanka.
The Name!
The ROC permits name changes without requiring you to register an entirely new company. Here’s what you need to know:
- Name Availability: Before making any changes, check if your desired name is available using the eROC ‘Check Name Availability’ tool.
- No Restricted Words: Ensure your chosen name doesn’t include any restricted words.
Three Reasons to Change Your Registered Company Name
- Refocusing: If your company’s vision has evolved or expanded into new areas, a name change can better align with your revamped profile.
- Rebranding: A new name can help your business stand out in a crowded market and resonate more effectively with your target audience.
- Streamlining: If you’re merging with another company or changing your legal structure, a name change simplifies your business identity.
Steps to Change Your Company Name
- Choose a New Name: Brainstorm and select a name that reflects your updated vision.
- Pass a Special Resolution: Obtain approval from your board of directors through a special resolution.
- Lodge the Notice: Submit the necessary forms to the ROC, notifying them of the name change.
Five Tips for a Smooth Name Change Process
- Communication: Inform customers, stakeholders, and the media well in advance about the upcoming name change.
- Consistency: Update your business registration details, website, letterhead, invoices, and other official documents promptly.
- Presentation: Ensure your online presence, including social media accounts and search engine listings, reflects the new name.
- Monitoring: Continuously assess the impact of the name change and make adjustments as needed.
- Professional Support: Consider ASAC’s affordable company registration services to navigate the process smoothly. Avoid snags, delays, or late fees during your name change.
Whether you’re changing a company name, registering multiple business names, or enhancing your online presence, ASAC is here to assist you. Let’s make this transition seamless!
Also Read: Things to Consider After Changing Your Company Name in Sri Lanka
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