How to Change a Company Name

Categories Company FormationsPosted on
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Changing a company’s name is not an uncommon practice. There are plenty of well-known examples, including BackRub to Google and Confinity to PayPal. But, changing your company name is not as straightforward as you might like it to be. It’s not just a case of updating branding and logos.

Because you registered your business as a legal entity, there are rules and regulations you must adhere to and numerous guidelines and procedures you need to follow. These procedures are not purely down to regulations established by the government. They are also down to other people involved in your business, specifically directors and shareholders.

To change your company’s name, you’ll need to pass a special resolution. A special resolution requires at least 75% of shareholders and directors to agree to the change. This process is simple in a small business but gets trickier for larger entities. If you cannot achieve this majority, you can attempt to force change through a separate action, known as an NM04 notice of change. There are varying legal requirements in both instances and our expert advisors at Mint Formations can help you understand them.

Your new name must also follow the rules associated with registering any business name. This includes being unique and non-offensive.

How to Change Your Company Name

Once you have permission to change your company name, you can put forward the required documentation to Companies House. A legal business name change can only be made using this method. There is no other way to change your business name other than by working directly with the British government and HMRC.

You can change your company’s name online or file for a change via a paper form posted to Companies House. It can take a few days for certification of name change to reach you. Once Companies House has certified you, you have officially changed your business name.

How Much Does it Cost to Change Your Company Name?

Direct fees from the government for a company name change cost £10. This nominal charge is used to cover the administrative costs of the name change. When paying this fee, though, you are required to handle all the tasks involved in the company name change yourself. These include understanding the rules, laws and regulations that apply, filling out and submitting the form, as well as monitoring progress.

If you don’t want to deal with this directly, Mint Formations can help you change your company name. This will cost £49 + VAT and includes the original £10 application fee charged by the UK government. At this price, we’ll handle all aspects of the company name change for you, and even support you through the process of commissioning a special resolution. All you have to do is tell us your current business name, the new name you wish to register and details of directors and shareholders. We’ll manage the rest.

Why Would You Want to Change Your Company Name?

We’ve looked at how to change your company name, and explained how we could help you achieve this goal, but why would you want to do it? There are plenty of benefits to changing your company name, some of which include:

  • You Want to Rebrand — As with everything, businesses have a life cycle. During this cycle, they change and grow. The business name you chose when you started may not fit the direction your business is currently taking. A good example of this is a business set up under an individual’s name that has since become a much wider entity no longer about one person. You don’t want to be John Smith’s Accountants if John left the firm two years ago.
  • You Are Switching Industry — It’s not uncommon for businesses to pivot and adapt to new industries. Famously, Play-Doh was once known as Kutol, when the company marketed its product as a wall cleaner. Upon discovering children used the product as a toy and moulded it into shapes, the company changed its sales direction and updated the company name. Play-Doh remains one of the leading providers of children’s toys in the UK.
  • Your Company Name Is Confusing — It may have sounded great at the time. But after being in business for a while, you might discover your company name isn’t supporting your branding. If your company name is giving people the wrong impression of your business, it’s time to change it.
  • You Want to Start Fresh — We all make mistakes; we all have a past. Your company may have gone astray at some point. It may also have had trouble with previous employees or bad management in the past. Instead of letting the past haunt you, a name change can help you escape recent controversy and start again.
  • Your Name Does Not Support Marketing — A company name can be important when it comes to marketing. You need a business brand that is searchable online. You also need one that is memorable. Overly-complicated company names that are tough to remember aren’t going to support your marketing. You may also have chosen a name that — while unique in the UK — is similar to international brands that may result in loss of website traffic.

 

Mint Formations are dedicated to supporting UK businesses achieve the success they deserve. If you’d like to know more about how to change a company name, or want help make the change, get in touch with our experts now.

 

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Raj co-founded Mint Formations with business partner Andy Tree in 2017. Mint formations is established to nurture small UK businesses and enable exciting new opportunities for quick growth. As a successful entrepreneur, Raj knows how to start and run a business. He currently resides as a board member of seven successful companies across the world. He is best known for founding Integra Global Solutions, specialists in robotics, automation, and business process optimisation.