Changing the name of a company in Nepal may seem like a complicated task. Yes, it may be a complicated business decision, but technically it is an easy and straightforward process to change the name legally. With the right knowledge and guidance, it can be a smooth process. In this article, we will walk you through the step-by-step procedure of changing the name of a company in Nepal. From deciding on a new name to completing the legal formalities, we will cover everything you need to know. So, let’s dive in and understand the process to change the name of a company in Nepal.
STEP 1: Decide the New Name
The first step in changing the name of your company is to decide on a new name. This is an important decision as it will represent your company’s brand identity moving forward. Take your time to brainstorm and choose a name that reflects your company’s values, vision, and services. Ensure that the name is unique, catchy, and easy to remember. Consider conducting a thorough search to ensure that the name you decide is not already registered by other businesses.
STEP 2: Check if the Name is Already Taken by Other Businesses
Before finalizing the name for your company, it is crucial to check if other businesses already take the name. This step is necessary to avoid any potential legal issues or confusion in the future. Conduct a search on the official website of the Office of the Company Registrar (OCR) in Nepal to check the availability of the name. If the name is already registered, you will need to come up with an alternative name for your company.
STEP 3: Prepare Minutes of Meeting to Change Company Name
Once you have decided on a new name for your company, the next step is to prepare the minutes of the meeting to change the company name. Hold a meeting with the board of directors or shareholders and document the decision to change the company name. The minutes of the meeting should include the date, time, location, attendees, and the resolution to change the company name. Make sure to keep a copy of the minutes for future reference.
STEP 4: Submit the Documents to OCR
After preparing the minutes of the meeting, you need to submit the required documents to the Office of the Company Registrar (OCR) in Nepal. The documents you will need to submit include:
- Application for Name Change: Prepare an application requesting the change of company name. Include the current company name, the new proposed name, and the reasons for the name change.
- Minutes of Meeting: Attach a copy of the minutes of the meeting where the decision to change the company name was made.
- Updated Articles of Association: If the company’s articles of association mention the current name, you will need to amend them to reflect the new name. Prepare the updated articles of association and submit them along with the other documents.
Make sure to carefully fill out the application and attach all the required documents before submitting them to the OCR.
STEP 5: Pay the Government Fee
As with any legal process, changing the name of a company in Nepal involves a government fee. The fee amount may vary, so it is advisable to check the current fee schedule on the OCR’s official website. Make the payment for the name change process as per the prescribed fee structure. Keep the receipt or proof of payment safely as you may need it for future reference.
STEP 6: Publish Notice in National Newspaper for Three Days
To inform the public about the change in your company’s name, it is mandatory to publish a notice in a national newspaper in Nepal. The notice should be published for three consecutive days. The content of the notice should include the current name of the company, the new proposed name, the reasons for the name change, and any other relevant information. Once the notice is published, make sure to obtain copies of the newspaper for further processing.
STEP 7: Submit the Newspaper to OCR
After the notice has been published in the national newspaper for three days, you need to submit the copies of the newspaper to the Office of the Company Registrar (OCR). The OCR requires these copies as evidence of the name change notice. Make sure to gather all the published newspaper copies and submit them to the OCR within the specified timeframe.
After changing name of the company
Once the name change process is completed and you have received the approval from the OCR, it is important to include the previous name in all company documents for a period of six months. This ensures a smooth transition and allows stakeholders to familiarize themselves with the new name. Update all official documents, including bills, letterheads, contracts, and any other relevant materials, to reflect the new name while also mentioning the previous name for identification purposes.
FAQs about the Process to Change Name of Company in Nepal
1. Is it possible to change the name of a company multiple times?
Yes, it is possible to change the name of a company multiple times. However, frequent name changes may create confusion among stakeholders and affect the company’s brand image. It is advisable to choose a name that can withstand the test of time and aligns with the company’s long-term goals.
2. How long does the process of changing the name of a company in Nepal usually take?
The time taken to complete the process of changing the name of a company in Nepal may vary. It depends on factors such as the workload of the Office of the Company Registrar (OCR) and the accuracy of the submitted documents. On average, it may take a few weeks to a couple of months to complete the process.
3. Can I change the name of my company without publishing a notice in a national newspaper?
No, publishing a notice in a national newspaper is a mandatory requirement when changing the name of a company in Nepal. This ensures transparency and informs the public about the name change.
4. Do I need to update the company’s name on all legal contracts and agreements after the name change?
Yes, it is important to update the company’s name on all legal contracts and agreements after the name change. This ensures that all documents accurately reflect the new name and avoids any potential legal disputes in the future.
5. What happens if I do not include the previous name in company documents for six months?
Including the previous name in company documents for six months is a legal requirement in Nepal. Failure to comply with this requirement may result in penalties or legal consequences. It is essential to follow the prescribed guidelines to ensure a smooth transition and maintain compliance with the law.
6. Can I change the name of my company on social media platforms and websites immediately after the name change?
Yes, you can change the name of your company on social media platforms and websites immediately after the name change. Updating your online presence helps maintain consistency and reflects the new brand identity of your company.
Final thoughts on changing company name in Nepal
Changing the name of a company in Nepal requires careful planning, adherence to legal procedures, and timely submission of documents. By following the step-by-step process outlined in this article, you can successfully navigate the name change process. Remember to choose a unique name, conduct a thorough search, prepare the necessary documents, publish a notice in a national newspaper, and update all company documents for a smooth transition. By complying with the legal requirements, you can ensure a seamless name change process for your company in Nepal.