How to change a company name – step by step
- July 19, 2023
- 5 min read
Telstra did it. Qantas Airways did it. CSL Limited did it. So why don’t you change your company name?
Your company name is often the first point of contact with potential customers and clients.
It’s the foundation of your brand identity and sets the tone for how your business is perceived in the marketplace.
But what happens when your business outgrows its name or you decide to rebrand to better reflect your products or services?
Changing your company name can be a significant decision, with many factors to consider, including legal requirements, brand recognition, and customer perception.
In this article, firstly, we’re going to go through some of the reasons why you may want to change your company name.
Then we’ll guide you through the process of changing your company name in Australia, providing practical tips and insights to ensure a smooth transition and help you stay competitive in today’s ever-changing business landscape.
Reasons for changing company name
Head straight to the next section – How do I change my company name? – if you’ve already decided to change your company name!
What circumstances lead to a company name change? Is it wise to change your company name?
You might be a little young to remember when Telstra changed its company name from Telecom Australia to Telstra Corporation Limited in 1993 as part of a broader corporate rebranding initiative.
At the time, the telecommunications industry was undergoing significant deregulation and competition, and Telstra wanted to establish itself as a modern, customer-focused company that could compete effectively in the new market environment.
Telstra believed that a new name and brand image would help to differentiate it from its competitors and signal a fresh start for the company, as it sought to modernise and transform itself into a world-class telecommunications provider.
Let’s explore some common reasons why your company may choose to change its name.
They include:
Rebranding
A company may change its name to reflect a change in its brand strategy or target market. For example, a company may want to update its name to appeal to a new demographic or to better align with its values.
Mergers and acquisitions
When two or more companies merge or one company acquires another, they may choose to change the name of the combined entity to reflect the new ownership structure.
Legal issues
If a company is involved in a legal dispute or a trademark infringement case, it may be required to change its name to avoid legal action.
Negative connotations
A company may change its name if its current name has negative connotations or associations that are harmful to its reputation.
Expansion
If a company expands into new markets or product lines, it may choose to change its name to reflect the broader scope of its operations.
This is the reason why Apple Computer, Inc changed its name to Apple, Inc to reflect its expansion into other areas beyond personal computing.
Simplification
A company may choose to change its name to make it easier to remember or pronounce, or to make it more distinctive in a crowded market.
Regardless of the reason for changing the name of an existing business, it’s important to follow the proper procedures and notify all stakeholders of the change to minimize any disruption to business operations.
How do I change my company name?
So, you’ve decided to rename your existing company? Where do you start?
To change the name of your company in Australia, follow these steps:
Step 1: Choose a new name
Choose a new name for your company.
Step 2: Check the availability of the new company name
Ensure that your new name is available and not identical or already registered by another company.
You can check the availability of the name through our Company Name Checker.
Step 3: Pass a special resolution
A special resolution must be passed by the company’s directors, which is then approved by the shareholders. The resolution must be in writing and state the current name of the company and the new proposed name.
Step 4: Complete and lodge the required forms
You need to complete and lodge the company name change Form 205 A with ASIC within 14 days of passing the special resolution. The form must include the company’s ACN, current name, new proposed name, and details of any changes to the company’s constitution that are required as a result of the name change.
Step 5: Pay the fees
Pay the fees associated with changing the company name, which can vary depending on the type of company and the state or territory in which it is registered.
Step 6: Wait for approval
ASIC will review the application and, if it is in order, will issue a new Certificate of Registration with the updated company name.
Step 7: Notify relevant stakeholders
You will need to notify your bank, customers, suppliers, and any other relevant parties about the name change.
The ATO will be notified by ASIC of the change but it is up to you to ensure this happens.
Your new registered business name is complete!
Sleek can help
Who do you need to inform about a company name change?
Great, you’ve now changed your business name.
You have a bit of work to do, as there are several agencies and key parties you will need to notify of the company name change. This will help to avoid any confusion or disruption to your business operations.
So let’s have a look at who these stakeholders are.
Australian Securities and Investments Commission (ASIC): You must notify ASIC of the name change and submit the relevant documentation, using the company name change form 205 A.
Customers and suppliers: Notify your customers, suppliers, and companies of the name change to ensure that they continue to do business with you under the new name.
Business partners: Notify your business partners, such as distributors or retailers, of the name change so they can update their records.
Government agencies: Notify relevant government agencies, such as the Australian Taxation Office (ATO), Australian Business Register (ABR), and Australian Customs and Border Protection Service (ACBPS), of the name change.
Banks and financial institutions: Notify your bank, credit card provider, and any other financial institution that you do business with of the name change.
Employees: Notify your employees of the business name change and update all employment agreements and relevant documents.
Marketing materials: Update all marketing materials, including your website, business cards, letterhead, brochures, and other promotional materials.
Intellectual property and trademark: Update your trade mark or patents that are associated with your business name.
It’s important to notify all stakeholders as soon as possible to minimise any potential disruption to business operations. You may also want to consider issuing a press release or other public statement to inform the wider community of the name change.
What documents will you need for a change of company name?
To change the name of your company in Australia, you will need to provide the following documents to ASIC (Australian Securities and Investments Commission):
Special resolution: A special resolution passed by the company’s directors or members to change the business name. The resolution must be in writing and signed by all relevant parties.
Form 205: A completed copy of the company name change Form 205, which is the “Notification of resolution to change name” form. This form includes details of the company’s current name, new name, and the date the name change is to take effect, as well as your Australian Company number.
ASIC fees: The appropriate fees must be paid when submitting Form 205. The fees vary depending on the type of company and the method used to apply.
New company constitution: If the company’s constitution contains the company’s current name, a new constitution that reflects the new name must be submitted.
Business name registration: If the company uses a trading name or business name that will change as a result of the company name change, it may also be necessary to register the new business name with the relevant state or territory business register.
It is important to ensure that all documents are completed accurately and submitted promptly to avoid any delays in the name change process.
Changing your company name can be a significant decision that requires careful consideration and planning. By following the proper procedures and keeping your company details up to date, you can ensure a smooth transition and avoid any potential legal or financial issues. Sleek as ASIC registered agents, can help here! Call us on +61 2 9100 0480 or schedule an appointment with one of our accountants here.
FAQ
Yes, a Pty Ltd company can change its name by following the steps, including passing a special resolution, completing and lodging the required forms with ASIC, and paying the associated fees.
Yes, you can change your business name and keep your ABN (Australian Business Number) as long as you inform the Australian Business Register (ABR) of the name change within 28 days of making the change.
The time it usually takes to change a company name in Australia varies, but it typically takes about two to four weeks from the time of lodgement with ASIC. You cannot lodge a same-day application.
The fee for changing a company name with ASIC (Australian Securities and Investments Commission) depends on the type of company and the method used to lodge. As of 2023, the fee ranges from $395 to $479, depending on whether the application is lodged electronically or on paper.
No, your ABN (Australian Business Number) and business name do not have to match. You can have a business name that is different from your registered name with the Australian Business Register (ABR). However, you must register your business name with the ABR and ensure that it is not already registered or too similar to an existing business name or trademark.
Yes, you can have multiple business names operating under the same Australian Business Number (ABN). This is commonly known as a trading name or a business alias.
Disclaimer
This article is meant to provide general information. Tax regulations can be complex and subject to change, so it’s always best to consult a qualified tax professional or the Australian Tax Office (ATO) for specific advice tailored to your situation.
