Every business entity needs to be given some name and the functioning of the business is carried out in that name only. In the case of a company which enjoys the status of the separate legal entity, choosing business name in India is a must. Name approval from the Registrar of Companies is pre-requisite condition before incorporation of the company.
Procedure for Business Name approval in India
Application to concerned Registrar of Companies to ascertain the availability of name in eForm-INC1 need to be made. Maximum 6 suitable business or company names can be submitted in order of preference and name must indicate main objects of the company.
While choosing business name in India, make note of following:
- The proposed business names must not be similar or resemble the name of any other already registered company, or
- Proposed business name should not violate the provisions of emblems and names (Prevention of Improper Use Act, 1950), or
- Proposed business or company name(s) should not constitute an offense under any law.
- Last word Limited need to be used in the case of a public limited Company, or Private Limited, in the case of a private limited Company and LLP needs to be used for Limited liability Partnerships.
Along with government fee and complete form, the digital signature of the applicant proposing the company needs to be attached. For filling this form Digital Signature of one of the Promoters is mandatory.
The details need to be provided in eForm INC1 are:-
- Authorized capital for the proposed company
- Main objectives of the proposed company
- State (location) of the proposed company
- Personal details of all Promoter?s
- Copy of trademark application/certificate (if applicable)
- In case, there is a logo associated with trademark then image of logo
- Balance sheet (if applicable) and Income tax returns for last 2 years
If the name is approved by Registrar of Companies, letter of acceptance is issued for the proposed name. If proposed name(s) are not available, fresh names can be applied through the same application.