Changing a business name is a very common issue in Malaysia and it has procedures to fulfil and follow to change your company’s name successfully. There are several reasons that a firm needs to change its name such as changes of management, management, goals, etc. The appointed company secretary is in charge of filing changes to a company name once they have been resolved. This article will look through the procedure to change your company’s name.
Procedures for Changing Company Name
Step 1: Company Name Search and Application of Name
The chosen company name should be registered with the SSM online system for a charge of RM50. The proposed name will be reserved for thirty (30) days from the date of notification if it is accepted. The process will take 1-3 working days.
Step 2: Submit the Application to Change the Company Name
The applicant may submit the following documents to SSM with a charge of RM100 within 30 days of the date of approval of the company name:
– A copy of the application, as well as a reservation for name availability.
– A copy of the approval notification email for the name reservation.
– A request for a name change under Section 27(1)(4), Section 28(1) of the Companies Act 2016.
– A copy of the special resolution.
According to the Company Act of 2016, special resolutions can only be signed by the Board of Directors to complete the approval of a name change. If a company adopts a constitution, it must produce resolutions and have an Extraordinary General Meeting (EGM) by the company’s Memorandum and Articles of Association.
Step 3: Verification of a Company Name Change
SSM will issue a notification of the change of name within one working day if all procedures are followed and all required documents are submitted. SSM will also issue a certificate of change of name upon request and payment of the stipulated cost. Once the new name has been approved, the firm must display both the old and new names in any firm-related papers for the next 12 months (starting from when the new name was approved).
After Your Business Name Had Changed
The company secretary should provide you with the following documentation once SSM has authorized the new company name:
– Section 27(1)(4) – Application and reservation for availability of names
– Section 28 – Application for change of name
– Letter of approval mailed by SSM to confirm the change of name is successful
– Latest company profile, indicating the new name as well as the previous name
These documents are essential for any official company matters, such as:
– The new name must be reported to the bank so that their system may be updated.
– The new name must be updated on all general licenses.
– Employees Provident Fund (EPF) profiles must be updated online on their official website with the new name.
– The profile of the Social Security Organisation (SOCSO) must be updated with the new name via their official website.
– The profile of the Inland Revenue Board known as Lembaga Hasil Dalam Negeri (LHDN) must be changed online with the new name on their official website.