Running a business is not an easy feat- nor is it simple. When it comes to registering, running, and sustaining a company, the processes can be quite complex. One of the most important parts of running a company is deciding on a company name. However, some CEOs and startup founders decide upon a name when getting their company up and running, but later decide that they don’t like the name. Maybe the name is irrelevant, maybe it’s boring, or maybe it’s even copyrighted! Whatever the reason, it is possible to have a company name change. The changing your company name process might not be as difficult as you might assume!
When it comes to a company name change, there are several steps involved. However, with the help of the TAT Accountant Accounting Team, you can complete a company name change in no time.
In South Africa, there is an organisation called the Companies and Intellectual Property Commission (CIPC) that was established just over one decade ago. Anything that has to do with a company- whether it’s a registration or name change- must go through the CIPC. Before you can make any changes, you must register as a customer with CIPC and pay the appropriate fee for the company name change. Then, you must reserve a corporate and apply for a company name change electronically.
In order to change an existing company name that is trading with its original registration number, a name must first be reserved. As there are thousands of companies in South Africa, make sure you have at least a choice of at least 3 different names. Once a name reservation has been successfully approved, the company must apply for a change to its Memorandum of Incorporation. Any changes to an MoI must be accompanied by a resolution by the shareholders authorising the name change.
This may not sound too complicated, but the company name change process can be time-consuming if you don’t have help from a professional accountant. Each company name change step comes with several waiting periods and processing times. Another reason why it’s helpful to work with a seasoned accountant is to ensure statutory compliance.
When it comes to changing your company name, there is specific statutory compliance that must be followed to a “T.” If a company name change is not performed properly, you could be found in violation of statutory compliance, which could be disastrous. It’s always better to be safe than sorry when it comes to the legalities of running your company.