Fast Company Name Approval

Name Approval is an important stage in the process of Incorporating a Company. With the introduction of the Startup India Action Plan 2016, there are certain amendment rules which have made the process of name approval simpler

Once you have your Director Identification Number(DIN) approved from MCA, the very next step is the Name Approval. The Name approval involves a complicated process wherein, you need to submit name applications to individual RoC(Registrar of Companies) jurisdiction based on the registered office address of the Company. The applications then are approved by the ROC officers at their respective state level offices which is time-consuming and a long process.

The new process of Name Approval is done in 1-2 business days. However, there are certain points are to be kept in concern before applying for the same;

• The name should be distinct in nature and not an already registered name with the Ministry of Corporate Affairs.
• In case of a Private Limited Company or Public Company , the Name should include "Private limited" or "Public limited" respectively as suffix.
• The application of Name Approval is INC-1 which needs to mention a minimum of one name to a maximum of six names as per priority.
• The reason behind the name should be mentioned in INC-1.
• The Company objectives are to be written in form INC-1.
• The application INC1 should have the relevant information about the promoters of the Company.

The New Process involves all the name approval applications to be forwarded to a Centralized Processing Centre. It reduces the time taken for approval as based on the availability of name the Central Processing Center provides the Name. This is simple and easy way to get a Company Name Approved.

With the introduction of the Companies Incorporation Amendment Rules 2016, there is a relaxation on restricted naming guidelines, the changes are as follows;

• Company Name does not need to be in line with the principal object of the company.
• Abbreviations are allowed in Company name.
• If the company name is not relevant with the purpose of the company then it is misleading and such names were not permitted earlier. But with the new policies, it is approved.
• There can be change in activities/objectives of the Company without changing the Name.
• In case a Company uses Name of a Person then NOC is not required as per the new provision.