Want to change the objective of your company
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Introduction
When particularly talking about the company, the business objectives are defined in the main object clause of MoA. These objectives define the scope of the company’s principal business activities within which it may operate. A company cannot undertake those activities, which are not prescribed in its object clause. Company, which leaves all the assets and liabilities unaffected.
With the reason for expansion or strategic changes, a company may require to undertake new activities or update business activity in MoA. This change in the object clause of MoA is possible after the consent of shareholders and the approval from the Ministry.
Why Change Company Objectives?
New Activities to be undertaken
The addition of new activities is the main reason to change the business objectives. The change isalso backed by the vertical or horizontal expansion of the activities, which were not mentioned while company incorporation. Therefore, prior to undertaking such activities, the company must undertake the change in business activity.
Takeover of the company
Many times a company is a takeover by another company just for the sake of its market value built. The objects of the company acquired must be updated as required for leading the business further. The object can be changed either before or after the takeover depending on the requirement.
Remove abandoned activities
The company’s memorandum is accessible to any person, who may refer it before binding into contractual relations. Hence, one must make sure that the objects are updated with the Ministry even by deleting those activities the company has abandoned to undertake.
Current activities are banned or prohibited
Government policies may change anytime, which essentially affects the company and its operations. If the activities undertaken by a company is declared to be prohibited or are banned, such an object must be removed from MoA or changed completely, as required.
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File the forms with RoC
ourstartupindia will help you to sign the resolution, certify, and file the necessary forms with the RoC on behalf of the company. The meeting of the board should be fixed in prior.
Board members Meeting regarding the change in objectives
A special resolution will be issued to all the board members as well as members of their respective groups. The reply of the members to the special resolution is obtained through a postal ballot.
File form MGT-14 with RoC
After passing the special resolution, ourstartupindia will help the company and its director(s) to fill the MGT-14 form to the Registrar of Companies (RoC) to proceed further.
Incorporation of the MoA and AoA object clauses
After the RoC (Registrar of Companies) issues the incorporation certificate, the company must take steps to incorporate the object clause in all the MoA copies.
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Documents Required for Change of Objective
Documents to be submitted by all the directors
- Self Attested Copy of Pan Card.
- Self Attested copy of Aadhaar Card / Passport / Driving License / Voter Identity Card
- Self Attested Copy of Telephone Bill / Mobile Bill / Electricity Bill / Water Bill
Documents required for the change in business objectives
- Notice regarding EGM
- Attested copy of Special Resolution
- Minutes of the meeting of Board and EGM
- Altered MoA
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Basic Package
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(inclusive All)- Name Search Report
- Name approval in RUN (Reserve Your Unique Name)
- DSC(2no) (Extra Dsc Per Director – Rs-1000)
- Filing Spice Form
- Issue of Incorporation certificate along with PAN & TAN
- Include Government Fees & Stamp Duty for Authorized Capital Upto -1 Lakh except for the state of Punjab, MP and Kerala.
- Msme Registration
- Share Certificate (Soft Copy)
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9,999
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- Name Search Report
- Name approval in RUN (Reserve Your Unique Name)
- DSC(2no) (Extra Dsc Per Director – Rs-1000)
- Filing Spice Form
- Issue of Incorporation certificate along with PAN & TAN
- Include Government Fees & Stamp Duty for Authorized Capital Upto -1 Lakh except for the state of Punjab, MP and Kerala.
- Msme Registration
- Share Certificate (Soft Copy)
- GST Registration
- Stamp and Company Seal
- Bank – Current Account Opening
- 10% Discount on Future Service
Premium
Save upto-30% cost on this package
16,999
(inclusive All)- Name Search Report
- Name approval in RUN (Reserve Your Unique Name)
- DSC(2no) (Extra Dsc Per Director – Rs-1000)
- Filing Spice Form
- Issue of Incorporation certificate along with PAN & TAN
- Include Government Fees & Stamp Duty for Authorized Capital Upto -1 Lakh except for the state of Punjab, MP and Kerala.
- Msme Registration
- Share Certificate (Soft Copy)
- GST Registration
- Trademark Registration
- 1month free GST filing
- NDA
- Guideline for Startup India Registration.
- Stamp and Company Seal
- Bank – Current Account Opening
- 10% Discount on Future Service
FAQ's on Company Objective
One should make sure that the new objective also covers all the ancillary activities to the main objective. Also, the name should represent the objective correctly even after the change of the objective, else the RoC may direct name change.
An application to update business activity is filed within 30 days of obtaining the consent of shareholders (i.e. General Meeting). It must be noted that the approval is obtained before indulging in activities.
It will be effective only after receipt of approval by the RoC for the application made. Only after approval, the company may carry on updated activities.
Yes, the object clause is part of the Memorandum which must be altered to give the effect of the change of business objective. The said altered MoA shall also be filed with RoC while making an application. Where the Registrar deems appropriate, he may ask for the adoption of a new set of Memorandum and Articles in line with the Companies Act, 2013.
The change in name of the company is not necessary in every case. However, where the existing name of the company fails to reflect the new activities or any relations thereto, the registrar may direct to change the name of the company accordingly.
If the change of name of the company is made due to a change in the main object of the company, both the procedures can be carried on simultaneously. However, as the approval of the government is involved, the period can vary based on the response and time taken by RoC.