What happens when your company name is no longer suitable for your latest venture or new target audience? 🤔 You can actually CHANGE IT! Check out the pros and cons, procedure and some important tips to get you started.
Why Should a Company Change Its Name?
A change of management and shareholders
The Company product suffers from brand confusion
The legacy Company name no longer works
The Company name is too generic or mediocre
Procedure to Change a Company Name
It must be submitted to Companies Commission of Malaysia – Suruhanjaya Syarikat Malaysia (SSM) via online application called MyCoid by the appointed Company Secretary.
The Company’s representative must inform the appointed Company Secretary of the plan to change the Company name
Directors NRIC / Passports are needed the Company Secretary to proceed with the new proposed name reservation application
Proposed name must have a definition
Nature of business in general
The appointed Company Secretary is responsible to lodge the new proposed name via online application with SSM
It will take 1 to 3 working days for SSM to update the application status
Once SSM approved, the Company Secretary will then prepare the special resolutions for board of directors of the company to sign off
The Company Secretary has 30 days (from date proposed name is approved) to submit the required documents over SSM
Based on the Company Act 2016, the special resolutions can be signed only by the Board of Directors to conclude the approval of the change of Company name.
Once done, the appointed Company Secretary must submit the Special Resolution, Section 27 (1) (4) and Section 28 over SSM counter to complete the application with a cost of MYR 100
A notice of Change of Name will be issued within 1 to 3 working days by SSM upon compliance with the procedures and submissions of duly completed documents
📝 If you need help with the tedious process of submitting the right documents to the relevant government agencies to change your company’s name, you can count on us! WhatsApp us at https://wa.me/60143248237 to discuss further.
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