Read this blog to learn about the knick-knacks of legally reserving your company’s name.
Are you starting your own venture? Have you thought of a name for your company yet? If yes, wouldn’t you want to reserve your company’s name so that nobody else can use it in the future? If you are thinking that’s not possible! Let us tell you that it is!
Reserve Unique Name (RUN) is a web service that allows you to reserve or alter the name of your business. It assists you in determining whether or not the company name is distinctive. All applications relating to business names were available in form INC-1 before the advent of the RUN from the Ministry of Corporate Affairs (MCA).
Vakilsearch’s Company name generator has many company name suggestions for you to use on your new unregistered company.
Following the revision to the Companies Act, setting up a private limited company has altered. Previously, you had to submit a separate form with the Ministry of Corporate Affairs (MCA) to reserve a company’s particular name.
Requirements for Registering a Business Name in India
However, there are two ways to apply for the name currently. The first option is to use the Ministry of Corporate Affairs (MCA) portal to submit a separate internet registration. Another option is to register for a name using the private limited business registration form.
You will need the following to reserve a unique name for your business –
- The desired name;
- The Ministry of Corporate Affairs (MCA) profiles;
- The Corporate Identification Number (CIN);
- Before filling out the Reserve Unique Name application on the Ministry of Corporate Affairs (MCA) portal to register for a company name, keep the following points in mind:
How to Reserve Unique Name
The governing law establishes a set of guidelines for naming a business. Names that do not follow the rules will not be approved by the Ministry of Corporate Affairs (MCA). There must be three elements to the company’s unique name.
- A one-of-a-kind or unique term;
- Any kind of Suffix;
- Public or Private limited,
To avoid confrontation: – double-check the availability of the firm name. The name must be verified on the Ministry of Corporate Affairs (MCA) site. It is impossible to file trademark registration for a name that already has a trademark owner. It is crucial to make Business Name Search for making the brand unique.
How to Reserve a Business Name?
The processes for reserving a firm’s particular name are as follows: –
1.Log into the Ministry of Corporate Affairs (MCA) Portal by logging in – MCA account holders can only submit name applications. If you don’t have an account, you’ll need to register. It will be used for any company’s Future registrations when registering the Account. Seek expert help.
2. Contents – It is not necessary to submit any paperwork with the application to register the firm name. However, if further information is required, it can be submitted in PDF format. Any of the following documents can be used.
- It doesn’t matter if it’s a new request or a revised version;
- Type of business, such as a start-up, an One Person Company, a producer business, or anything else;
- If a firm’s name changes, the CIN (Corporate Identification Number) must be updated;
- Suggest two firm names;
- The firm’s business activities and other data.
3. Online-based form submission – Following the Ministry of Corporate Affairs (MCA) notification, various businesses can use the following e-forms to submit their proposals.
IN THE CASE OF PRIVATE LIMITED COMPANIES: Name registrations for PLC firms are divided into two categories:
- To form a new business, a new SPICe+ Part A registration can be used to register a business name;
- If you want to change the name of an established business, you must file a Reserve Unique Name (RUN) Form with the Ministry of Corporate Affairs (MCA).
IN THE CASE OF A LIMITED LIABILITY PARTNERSHIP: You must file the reserve unique name limited liability partnership (RUNLLP) form to register a different corporate name.
4. Fees Paid to the Government – A Private Limited Company’s title registration costs ₹ 1000, whereas a Limited Liability Partnership’s title registration costs about ₹ 200.
You must pay the government charges immediately using a credit/debit/NEFT. This is non-refundable. If the name is submitted along with the SPICE BOARD registration form, there will be no additional charge for the name registration.
5. Name registration or resubmission – After receiving the application, the Ministry of Corporate Affairs (MCA) will analyse it within two-three business days. On the Ministry of Corporate Affairs (MCA) portal, go to MCA services – Monitor SRN/Transaction status to check the firm name status. Ministry of Corporate Affairs (MCA) discovers that the requirements meet, the government will authorise it and give a letter of permission. Afterward, an application for renewal will be sent. The registration status will be changed to “submitted for renewal,” and an email will be sent to the registered e-mail address.
The Legitimacy of the Process of Name Registration
The authorized name will hold for twenty days after it has been registered. Otherwise, the candidate must file the registration for incorporation within the time frame.
If the candidate cannot submit the form by the deadline, they must submit a new name registration to the Ministry of Corporate Affairs (MCA) using the RUN form. Following the latest Ministry of Corporate Affairs update, you can now make the request for the validity period by paying an extra one thousand.
Conclusion
So, what is so important about registering a business name? The answer is, that it is your firm’s registered name that will soon become the first line of interaction for your prospective clients. A fantastic name of a business says a lot about its product and services. Hence, you should devote the time and energy needed to locate the best name for your firm.
This blog will help you understand all you need to know about registering your firm’s name. After the revision to the Companies Act on February 23, 2020, the process of integrating a privately held business has altered. Before, registering a firm name required lodging a separate document with the Ministry of Corporate Affairs. However, by merging two modes, the process has been completely transformed. Before submitting a form for name registration, ensure you’ve gone over the list of requirements.
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