Can You Change the Name of Your Pty Ltd Company?

by | Jun 25, 2024 | Business Sellers & Purchasers, Commercial Clients, Franchisors, Start-Up & Expanding Businesses

Whether you are seeking to rebrand, expand and diversify, or even to stay more relevant in today’s ever-changing market environment, changing the name of your company is possible, but comes with significant considerations. So can you change the name of your business? Here, we will delve into the process of changing your company name and explore when this action may be relevant.

 

    Change of Business Name Pty Ltd

    Can You Change the Name of Your Pty Ltd Company? A Comprehensive Guide

    Changing the name of a company typically involves several steps, depending on the jurisdiction. In Australia, the Australian Securities and Investments Commission (ASIC) governs company registration and related procedures. According to ASIC, changing a company name involves specific requirements and procedures to ensure compliance with legal obligations.

    ASIC Guidelines:

    ASIC provides detailed guidelines on changing a company name, outlining the necessary steps and documentation. They outline 4 steps that must be taken to legally change your company name.

    Step 1: Choose a new name and check it’s availability!

    Before proceeding with a name change, it’s essential to ensure that the desired name is available and not already registered by another entity. ASIC’s online portal allows users to search for existing company names to avoid conflicts.

    It is also recommended to check that is it not already trademarked or you could be in serious trouble form the trademark owner.

    Step 2: Pass a Special Resolution

    To change a company name, the directors and shareholders must convene a general meeting and pass a special resolution. This resolution formally authorizes the company to proceed with changing its name and confirms the company’s intent to change its name and empowers the directors to take the necessary steps to initiate the process.

    Step 3: Lodge a Form 205 to Change the Name

    The next step involves lodging Form 205 with ASIC, along with the required fee of $93. This form notifies ASIC of the company’s intention to change its name and provides details such as the current name, proposed name, and reasons for the change. This step must be done within 14 days of the special resolution being passed.

    Step 4: Approval Process

    Once the form is lodged, ASIC will review the application and may approve or reject the proposed name change. Approval is subject to compliance with legal requirements and the absence of any conflicts or objections. If the name change is accepted, a certificate of registration will be issued, but if it is rejected an explanation of the rejection will be forwarded to you and the $93 for the Form 205 can be refunded.

     

    Considerations Upon Approval of Company Name Change

    Congratulations! Your new company name has been approved! But, there are some other considerations that must be accounted for to ensure a smooth transition to this rebrand. Upon approval, the company must update its records and notify relevant stakeholders of the name change, including customers, suppliers, and regulatory authorities. It may also be necessary to update your marketing materials, digital assets, and consider applying for new Trademarks to protect your new brand.

     

    When would you need to change your Company’s Name?

    There are many situations in which changing your company name may be required or will be beneficial for the longevity of your business. Where your company name is too similar to someone else’s and may struggle to be Trademarked, it may be necessary to change your company name in order to protect your business. In the scenario of a business asset sale, where a new buyer acquires the business and seeks to retain its name, the seller may need to rename their company to facilitate the transfer of the name.

     

    Updating your company name is often an essential step for safeguarding your company. At Rise Legal, our focus lies in assisting individuals in protecting their businesses and companies, encompassing their branding and assets. Should you be contemplating whether altering your company name is vital for safeguarding your business, one of our expert lawyers stands ready to offer guidance and support throughout this process.

    Remember, while this information provides a general overview, legal advice tailored to your specific circumstances is invaluable. Don’t hesitate to contact Rise Legal for personalised guidance or book in a free Discovery Call.

    Disclaimer: This blog post is intended for informational purposes only and should not be considered legal advice. Consult with a qualified commercial lawyer for personalised advice related to your specific circumstances. 

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    Helen Kay - Managing Director

    Helen Kay

    If you require any assistance with your business legals or any other commercial legal issue, please do not hesitate to contact me.

    Typical Legal Disclaimer!…

    Unfortunately, there is never a ‘one size fits all’ formula to apply. Every situation is unique and it can be tricky to wrap your head around some areas of the law. To ensure you are setting yourself and your business up for success, it is always best to consult a legal professional with expertise in the field.

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