The name of a company can be changed for an array of reasons. Regardless of why you are changing the legal name of the company, there are certain things you have to know in order to get through the steps carefully without any hurdles. Many companies change their company’s legal name in order to upgrade their business or to make it more convenient for people to seek their business-related services. If you are clueless about the process of changing the legal name of the company, this blog might help you! Here is the step-by-step process of Changing the Company’s Legal Name: Things you need to know.
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A business usually registers two names that relate to their services, it can be like the short name of the real name. One can be the operating name and the other one can be the legal business name. It can be depended on the state you’re in UAE, you can either register one or both names.
Changing Company Legal Name
Before changing the name of the company, you have to conduct a board meeting to discuss it with the board members and other respective individuals. The requirement of changing the company’s legal name is considered in this. This will provide authorization for the director or any expert to file out the application making certain that the proposed company name is not used anywhere. This meeting can also be conducted to take the permission of the shareholders and other respective individuals for the change in the company’s legal name and to make amendments to the Memorandum of Association and Articles. There are two procedures to change the legal name of the company, one is to acquire the primary approval of the Department of Economic Development (DED) and the other one is to follow the approval.
Authentic Trade License
You should have an original trade license and copies of other legal documents in order to change the legal name of the company.
Register with licensing application
You have to register with the proposed name in the licensing application as well as provide all the legal documents that are required for the success of registering for the license application. You have to get approval from the ministry of the economy for the public shareholding companies in the UAE and also the branches of the foreign companies that have been approved and registered by the Ministry. A broad resolution is to be shown in the agreement while changing the legal name of a foreign business branch that is not actually indicated in the UAE ministry of economy. A Copy of the UAE firm branch’s registry in commerce needs to be shown as well that applies to GCC company branches, foreign company branches, and free zone company branches if that is functioning with a professional license. If you are searching for a business setup in Dubai, we provide efficient solutions for finding the best advice or starting your business.
No Refusal letter on changing the Company’s Legal name
After completing the main and vital step of getting approval for the proposed name, you can relax and wait to change the name of your reputed firm in all the documents and copies.
Amendment to the Memorandum of Association
To make alterations to the name of the firm, it is required to change the MOA by the passing of a special resolution. There is no need to take approval from the central government if the name is changed for a private or public limited company.
Final documents submission
Basic documents that are to be submitted as the final documents are the Memorandum of Association (MOA), Certificate of Incorporation (COI), and Articles of Association (AOA).
Release of New License with a new legal name and updation
Releasing the new license with all the updates is the last process in changing the company’s legal name. Updating the new license name in all documents, platforms, and related institutions is vital after the official change of the legal name.
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To conclude, the reason can be anything to change the legal name of the company. It can be to upgrade the business with a more related name for your services or outside pressure of having a similar name to any other company. Anyways, there are some procedures you need to know in order to make the process a little easier.
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