Choosing the perfect name for your company is important, as it serves as the initial impression on customers. It is crucial that the chosen name resonates with your business objectives and offerings. However, there may come a time when a name change is needed, whether for a rebranding initiative, better alignment with your company’s essence, a shift in business focus, or a change in legal status.
In this article, we will walk you through the process of how to change your company name in Singapore:
- Steps to change company name in Singapore
- Public disclosure of changes
- The role of the Company Secretary
Steps to change company name in Singapore
Selecting a New Company Name
When your business grows and evolves over time, there may be a need for a new name that reflects a fresh outlook and its achievements. However, renaming is not just a brainstorming session – it’s crucial to choose a name that not only sounds great but also follows legal guidelines.
In order to ensure compliance with Singapore Companies Act, selecting a new name for your company must fulfill the following criteria:
- Avoid similar, identical, or phonetically matching names in Singapore ACRA’s reserved company name list.
- Do not infringe reserved trademarks or brand names.
- Avoid offensive names, connections to religious names or government entities.
- Avoid names prohibited by the Minister of Finance (e.g. “Temasek”).
To verify your company name availability, you can consider utilizing BizFile+ – an ACRA’s filing platform that allows company directors to check business name eligibility and make all their changes online.
Applying for approval of the new name with ACRA
Once a new name is chosen, the next step is to submit a “Change in Company Information” form with the details of the proposed name to the Accounting and Corporate Regulatory Authority (ACRA), accompanied by a nominal fee of $15. To submit the application online, you can log in to the BizFile+ website using CorpPass. Upon ACRA’s endorsement, the new name is reserved for 120 days.
Passing a resolution for the new company name
One crucial step in changing a company’s name in Singapore is to necessitate the passing of a special resolution during a general meeting to formalize the change. This resolution must be duly prepared, and shareholders notified at least 14 days in advance. The meeting can also be held at shorter notice with flexibility for shorter notice periods upon agreement from most voting rights holders.
During the meeting, securing approval from shareholders holding at least ¾ of the voting rights is imperative. Subsequently, a notice of resolution must be promptly filed with ACRA within 14 days. Upon receipt, ACRA issues a notice certifying the name change, the new name therefore taking effect.
Public disclosure of changes
Following the successful name change, diligent communication with stakeholders is essential. This includes customers, suppliers, and partners, ensuring they are promptly informed. Moreover, updating all marketing collateral, such as social media profiles, websites, letterheads, business cards, signage, brochures, and rubber stamps, is imperative to reflect the new identity accurately.
The role of the Company Secretary
In Singapore, the company secretary plays a crucial role in ensuring compliance with the Companies Act, serving as a conduit between the board of directors and the shareholders of a company, and the authorities. Their responsibilities encompass various administrative and reporting tasks, including those pertinent to a company name change.
Our dedicated team specializes in facilitating seamless and expedient company name changes, by providing the services of a company secretary. From verifying regulatory compliance to preparing requisite documentation, notifying stakeholders, and overseeing the procedural aspects until ACRA’s final approval, we offer comprehensive support throughout the entire process. Trust us to navigate the intricacies, ensuring a swift and efficient transition for your company’s new identity.
If you would like to learn more about Company Secretary in Singapore, here is the related article that you might find helpful: Corporate secretarial services in Singapore
