Introduction
Compliance after name change of company is a critical process for businesses in India to remain legally compliant and operational after altering their company name. A name change, approved under the Companies Act, 2013, triggers several statutory, tax, and regulatory obligations to update records with authorities like the Registrar of Companies (ROC) and Income Tax Department. This blog provides a comprehensive guide on compliance after name change of company, detailing required filings, updates, and how TaxQue simplifies the process for private limited and Section 8 companies.
What Is Compliance After Name Change of Company?
Compliance after name change of company involves updating all legal, financial, and operational records to reflect the new company name across government authorities, banks, and stakeholders. This ensures the company’s continued legitimacy and avoids penalties for outdated registrations. Compliance is mandatory for private limited, Section 8, or other company types post-name change.
1. Key Areas of Compliance
To achieve compliance after name change of company, businesses must address:
- ROC Filings: Update the company name with the MCA.
- Tax Compliance: Amend PAN, TAN, and GST registrations.
- Bank and Financial Updates: Revise bank accounts and contracts.
- Statutory Registers: Update internal records and certificates.
- Trademark and Licensing: Align trademarks or licenses with the new name.
2. Core Compliance Requirements
Here’s a breakdown of compliance after name change of company obligations:
| Compliance Type | Requirement | Timeline |
|---|---|---|
| Form INC-24 | File for name change approval post-shareholder resolution | Within 30 days of resolution |
| Form INC-25 | Obtain new Certificate of Incorporation | Issued by ROC |
| Update PAN/TAN | Amend PAN and TAN with new name | Within 30 days of name change |
| Update GST Registration | Revise GSTIN with new name | Within 30 days of name change |
| Form DIR-12 (if applicable) | Update director details if required | Within 30 days of change |
| Bank Account Update | Revise bank accounts and KYC | Immediately after name change |
| Update MoA/AoA | Amend Memorandum and Articles of Association | With INC-24 filing |
- ROC Filings: File Form INC-24 for name change approval after shareholder resolution and obtain a new Certificate of Incorporation (Form INC-25) via the MCA portal.
- Tax Updates: Amend PAN and TAN on the Income Tax portal and update GST registration on the GST portal within 30 days.
- Bank Updates: Update bank accounts, KYC, and financial agreements with the new name.
- MoA/AoA: Amend the Memorandum of Association (MoA) and Articles of Association (AoA) to reflect the new name, filed with Form INC-24.
- Other Registrations: Update licenses, trademarks, or certifications (e.g., FCRA for Section 8 companies) with the new name.
3. Steps to Ensure Compliance After Name Change
Follow these steps to maintain compliance after name change of company:
Step 1: Obtain Name Approval
- Apply for name availability via Form RUN (Reserve Unique Name) on the MCA portal.
- Ensure the new name complies with MCA naming guidelines.
Step 2: Pass Shareholder Resolution
- Convene a board meeting and Extraordinary General Meeting (EGM) to pass a special resolution for the name change.
- File Form MGT-14 (resolution) within 30 days of the EGM.
Step 3: File ROC Forms
- Submit Form INC-24 for name change approval within 30 days of the resolution.
- Obtain the new Certificate of Incorporation (Form INC-25) from the ROC.
Step 4: Update Tax and Regulatory Records
- Amend PAN, TAN, and GSTIN with the new name within 30 days.
- Update FCRA, 12A/80G (for Section 8 companies), or other licenses as applicable.
Step 5: Notify Stakeholders and Update Records
- Update bank accounts, contracts, stationery, and websites with the new name.
- Revise statutory registers and inform shareholders, vendors, and clients.
4. Penalties for Non-Compliance
Failing to ensure compliance after name change of company can lead to:
- Fines: ₹5,000–₹1 lakh for non-filing of Form INC-24 or MGT-14; penalties for outdated tax records.
- Legal Issues: Rejection of contracts or licenses due to mismatched names.
- Operational Delays: Inability to operate under the new name until compliance is complete.
TaxQue simplifies compliance after name change of company with expert support for ROC filings, tax updates, and record amendments. Visit TaxQue’s ROC services or business compliance guide for seamless solutions.
FAQs
1. What is the first step for compliance after name change of company?
Apply for name availability via Form RUN on the MCA portal and obtain ROC approval.
2. How long does it take to update PAN and GST after a name change?
PAN, TAN, and GST updates should be completed within 30 days of receiving the new Certificate of Incorporation.
3. Is a new Certificate of Incorporation mandatory?
Yes, Form INC-25 (new Certificate of Incorporation) is issued by the ROC to formalize the name change.
4. What happens if I don’t update bank accounts after a name change?
Mismatched names can lead to transaction rejections or delays in financial operations.
5. How does TaxQue assist with compliance after name change?
TaxQue provides automated filing, deadline tracking, and expert guidance for ROC and tax updates. Explore TaxQue’s compliance services.
Conclusion
Compliance after name change of company is essential to align legal, tax, and operational records with the new name in India. From ROC filings like Form INC-24 to updating PAN, GST, and bank accounts, timely compliance prevents penalties and ensures continuity. Platforms like TaxQue streamline compliance after name change of company with expert tools and support. Act promptly, update records, and keep your business compliant.
