It is permissible for a company registered in Ireland to change its name if the authorising stakeholders deem it necessary. It also hinges on the Registrar of Companies, which is responsible for endorsing their written request. Typically, such a process requires 2 to 3 days to complete.
Stages in the Name Change Process
1. Special Resolution Reached
When changing the company name, firstly, parties with shareholding stakes in the entity inform the Directors of the company of the impending need to change the firm’s name. The shareholders then ratify the decision by way of a Special Resolution reached at a company caucus. A minimum of three-quarters of the shareholders should authorise the change by way of a majority poll and in tandem with the corresponding voting rights of each shareholder.
2. Modification of Company Constitution
The responsible directors then revise the company’s constitution to factor in the altered name of the entity. Prior to this amendment, the directors have to conduct a Name Search to ascertain whether the new name is not taken. It is generally advisable to reserve the firm’s name prior to filing the company papers with the Registrar of Companies to prevent anyone from acquiring it and using it as their own instead.
3. Notification of the CRO
The directors have to forward a copy of the Form G1Q accompanied with a duplicate copy of the modified constitution to the CRO. The Form G1Q has two purposes; firstly to let the CRO know of the shareholders’ verdict to alter the company name and secondly to request the formal endorsement of the name change in not more than 15 days after the Special Resolution was voted for into effect. Filling of the form is possible using the official Companies Registration Office webpage at a cost of €50 or in printed format for a fee of €100.
4. Bringing the Companies Registry by CRO up-to-date
The CRO sends an avowal of receipt of the two previously mentioned documents to the company’s Directors. Typically, it takes between 2 and 3 days for the CRO to bring its registry of company names up to date, after which the alteration of the firm’s name will become visible. The CRO supplies the company with a Certificate of Change of Company Name. These Digital Certificates are forwarded to the directors via the firm’s email address. Appended by a Company Seal, the Digital Certificate is relayed to all relevant interested parties such as banking organizations, raw materials providers, and clients among others.
Displaying the Name of a Firm
It is mandatory for any entity to pin its name in a clearly visible spot, in letters written in readable print for easy observation, outside of all of its places of work or at any site in which its trading activities occur.
Businesses can choose to make use of third party agents to handle the name change for them, a hassle free route that also entails monetary investment. For more details and assistance regarding changing a company’s name in the Republic of Ireland, you can reach out to our expert consultants. Our highly experienced and well-informed team is ready to answer all your questions and give you all the help you might need.