Changing your company’s name may feel like a natural step in the evolution of your business. However, it can be a complex process. This Business Kitz blog will provide you with the key steps on how to change your company’s name as smoothly as possible.
How Do I Change My Company Name?
When considering a company name change in Australia, it is important to follow the guidelines and procedures set by the Australian Securities and Investments Commission (ASIC). To initiate the process, you must choose a new name that is not already registered and does not contain restricted words or suggest a false connection or illegal activity. It is advisable to search ASIC’s registers and visit IP Australia to ensure there are no conflicts with existing names or trademarks.
After selecting a suitable name, the next step is to pass a special resolution during a meeting of the company’s members. Unlisted companies must provide at least 21 days’ notice, while listed companies must give at least 28 days’ notice before the meeting. The special resolution requires at least 75% of votes cast to be in favor.
Once the special resolution is passed, you need to complete Form 205, Notification of a resolution, including a copy of the passed special resolution, and pay the applicable fee. It is crucial to lodge the form within 14 days of the resolution being passed to avoid late fees.
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.
A Guide to Change Your Company Name
- Compliance with ASIC Guidelines:
- Refer to the ASIC guidelines for changing a company name as previously mentioned.
- Ensure the new name meets ASIC’s requirements regarding uniqueness, acceptability, and restrictions.
- Inform Stakeholders:
- Notify the company’s stakeholders, including employees, clients, suppliers, and relevant government authorities, about the name change.
- Update company documents, including contracts, agreements, and marketing materials, with the new name.
- Update Business Registrations and Licenses:
- Update the company’s business name registration with ASIC if applicable.
- Inform other government agencies and regulatory bodies, such as the Australian Taxation Office (ATO), of the name change.
- Update any licenses, permits, or certifications associated with the company’s operations.
- Update Online Presence and Marketing Materials:
- Update the company’s website, social media profiles, and online directories with the new name.
- Update marketing materials, including business cards, brochures, signage, and advertisements, to reflect the new name.
- Monitor and Protect the New Name:
- Monitor the market for any potential infringements or unauthorized use of the new name.
- Consider trademark registration to protect the new name and prevent others from using it without permission.
Why Should You Bother Changing Your Company Name?
Rebranding and Reinvention: Embrace a new company name to embark on a transformative journey, redefining your brand identity and attracting fresh customers and untapped opportunities.
Enhanced Market Positioning: Selecting a carefully crafted name that resonates with your company’s values, vision, and target audience empowers you to strategically position yourself amidst the competition, amplifying your market presence.
Increased Customer Appeal: Ignite curiosity and captivate potential customers with a memorable, evocative name that fuels engagement, fosters brand recognition, and entices customers to choose your business.
Competitive Advantage: Stand out amidst a sea of competitors by embracing a name that sets you apart, forging a distinct identity that conveys innovation, credibility, and a compelling proposition.
Adaptation to Business Evolution: Embrace change as your business evolves and expands. A name change signifies progress, aligning your brand with your new direction, expanded offerings, and cutting-edge solutions, signaling growth to your valued customers.
Ensure Legal Compliance and Protect Your Intellectual Property: Safeguard your business from legal entanglements and trademark conflicts through a meticulously planned company name change. By proactively navigating the regulatory landscape, you can mitigate risks and fortify your intellectual property rights, ensuring a solid foundation for long-term success.
Check out our Business Kitz Subscription Service today to access our full range of legal, commercial and employment documents to begin your business with a solid foundation that ensures compliance. If you are unsure about how to best protect yourself and your future business, our sister company, Legal Kitz can assist you. Click here to request a FREE consultation with one of our highly experienced solicitors today or contact us at email@example.com or by calling 1300 988 954.