There will be many reasons why someone chose to change their existing company name. Although it can take some time, but with Paul Hype Page, your Singapore Company name changes with ACRA and will be a smooth and easy process. This will all be done within 14 working days.
There could be many reasons why someone wants to change their company name, or their business name. Whatever the reasons are, it is ultimately your choice.
Let’s say you decide to change the name of your company for the reasons of:
Better representation of your company, or
“Feng Shui”, or
Change of business partners, or
Change of business products.
Accounting and Corporate Regulatory Authority (ACRA) will charge a fee of SG$15 when there is a change in company name. This is just formalities and it is applicable to everyone. In order to change to a different company name, below are the steps to follow in order to successfully do so.
Choose an appropriate name
This is very important. Since you are going to change you company name from an existing one, the last thing you want to do is to have the wrong name for the new name.
Apply for approval of the new company name with ACRA
This goes as the same process of you applying your new company name.
Prepare and pass a special resolution for the change of company name
Decide on a date for a general meeting and inform all shareholders of the date of the meeting, as well as the proposal to pass the resolution to change the company name.
For a Private Limited company, there must be a 14 days’ written notice given to all the shareholders prior to the meeting.
At the meeting, members who collectively hold at least 75% of the voting rights must agree to the resolution to change the company name. Only then the motion of changing the company name can be passed.
A copy of the resolution is required to be submitted to Accounting and Corporate Regulatory Authority (ACRA) within 14 days of its passing.
Information and documents that is needed to be provided to Inland Revenue Authority of Singapore (IRAS) for the name change.
Company’s tax reference number;
Company’s name before the update with ACRA;
Company’s new name that has been updated with ACRA; and
A copy of ACRA’s email notification on change of name of your company or a copy of Biz Profile extracted from ACRA.
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After you have changed the name of your company, you should make sure that this new name replaces your former company name in,
You company website(s)
All your social media accounts
Any signage leading to your business
Company’s rubber stamp
Trade mark of your company, if it is applicable
You should also understand that changing the name of your company does not change any of the company’s rights or obligations.
Basically, if you have any debts owed by your company or any obligation that need to be fulfilled by your company, it is only legit that those owing duties will still have to be paid notwithstanding the changes in the name.