Changing your registered business name is not as simple as putting up a new sign outside your office. However, it is still a simple enough process that can be done online. Here is a quick step-by-step guide on how you can change your registered business name.
What do you need to change a business name?
You will need to have your current business already registered with the Companies and Intellectual Properties Commission (CIPC). Make sure you have your ID number and CIPC password at hand; you will need these throughout the process.
Reserving your new business name
Before you start the process of changing your business name, you will need to reserve a new name. Coming up with a name is not as easy as it seems so make sure you choose the right name. The two easiest places to reserve your new name, once it has been decided, are CIPC and BizPortal.
Come up with one or two alternative names in case your new name is unavailable. You can apply to reserve 1-4 names at a time so include those extra names to avoid having to start the process again.
This process will cost R50 and should only take 2-3 days. Once your name is reserved it will be valid for up to 6 months from the approval date. That leaves you with plenty of time to change your business name.
Where to change a business name
Once your new business name is reserved, you can start the process of officially changing your business name. You can also do this at the CIPC or BizPortal. Note that the changing of your business name constitutes a change of your Memorandum Of Incorporation (MOI)
This process will require a small fee of R250 to be deposited. This fee will be waived if your business is currently registered only by registration number and not by name. Then it simply becomes a matter of filling out the necessary information and waiting for the change to be processed. The estimated time for this process is 3 days.
If your company is correctly registered and you have carefully considered your new company name, you should have no trouble in changing your registered business name. Contact The Acumen Group to help you with taxation, accounting or secretarial services.