Change Your Objectives of Business Comfortably - ACCOTALE | Expert Accounting, Tax Consultancy, Financial Services in Kolkata

Change Your Objectives of Business

Changing the name and objectives of a company is a significant alteration that requires following a specific legal procedure. This process typically involves amending the company’s Memorandum of Association (MoA) and Articles of Association (AoA) to reflect the changes.

Company Name Change
A company may wish to change its name for branding, market repositioning, or other strategic reasons. The new name must comply with naming regulations set by the Ministry of Corporate Affairs (MCA) and should not conflict with existing company names.

Change in Objectives
A company may also decide to change or expand its objectives to accommodate new business activities or to align with strategic goals. This change requires altering the “Object Clause” in the Memorandum of Association, which outlines the company’s purpose.

Why Change Business Objectives?

Expansion into New Markets:
As businesses grow, they may wish to enter new industries or markets, which requires updating their objectives to reflect these new ventures.

Adaptation to Industry Changes:
Companies may need to change their objectives to stay relevant in response to changing industry trends, technologies, or customer demands.

Rebranding and Strategic Shift:
Changing objectives can align with a company’s new strategic vision, rebranding efforts, or long-term business goals.

Compliance with Regulatory Changes:
If regulations in a company’s sector change, altering the business objectives might be necessary to remain compliant with the law.

Process for Changing the Company Objectives

Board Meeting Approval
The process begins with the company’s board of directors passing a resolution to approve the change in objectives. The proposed amendments to the Memorandum of Association (MoA) are drafted.

Shareholders’ Approval
A general meeting of shareholders must be convened, where a special resolution is passed to approve the change in the Object Clause of the MoA.

Filing with the Registrar of Companies (RoC)
Once the special resolution is passed, the company needs to file the necessary forms, typically Form MGT-14, with the Registrar of Companies within 30 days.

Amendment of the Memorandum of Association
The MoA is updated to reflect the new objectives. After approval from the RoC, the revised objectives become legally binding.

Documents Required to Set up Main Objectives of a Business

Board Resolution
A copy of the resolution passed by the company’s board of directors approving the change or establishment of the main objectives.

Special Resolution (Shareholders’ Approval)
The special resolution passed by shareholders in a general meeting to approve the change in the main objectives.

Updated Memorandum of Association (MoA)
The amended MoA, reflecting the updated Object Clause that outlines the new main objectives of the company.

Form MGT-14:
The prescribed form for filing the special resolution with the Registrar of Companies (RoC) along with certified copies of the resolutions and amended MoA.

Public Notice (if applicable)
A copy of the public notice issued to inform stakeholders, creditors, or the public about the change in objectives (in certain cases, as per legal requirements).

Consent Letters (if required)
Letters of consent from stakeholders, partners, or creditors, if necessary for the change in objectives.

The Glossary

AoA

Articles of Association

MoA

Memorandum of Association

EGM

Extraordinary General Meeting

ROC

Registrar of Companies

Why Choose Accotale?

Expertise Across Sectors:
Accotale brings extensive experience in accounting, tax consultancy, financial structuring, and corporate advisory, making us a one-stop solution for all your financial needs.

Customized Solutions:
We understand that every business is unique. Our services are tailored to meet your specific requirements, ensuring personalized solutions for optimal outcomes.

Compliance Assurance:
Our dedicated team ensures full compliance with evolving laws and regulations, helping you avoid penalties and legal complications while keeping your business secure.

Timely Delivery & Transparency:
We prioritize timely delivery of services with full transparency in our processes, providing you with peace of mind and confidence in our work.

Testimonials

What Our Clients Says

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The level of professionalism and attention to detail at ACCOTALE ADVISORY PRIVATE LIMITED is unmatched. Their accounting services have provided us with clear and accurate financial insights, allowing us to make informed decisions with confidence.

ACCOTALE's advisory services have been instrumental in guiding our financial strategy. Their deep understanding of the market and personalized approach made a significant difference in our growth trajectory. Their team truly goes above and beyond to ensure our success.