Why to Change Business Objective?
Addition of New Business Activity
Addition of business activity, not mentioned while company registration is the main reason for change business objective. A business may have to add new activity with demand of the market or related to its expansion plans and such changes have to be added to the MoA and get approved from Ministry of Corporate Affairs.
Show MoreTakeover of the Company
If a company is takeover by other company for the sake of its market value or any other factor and the company which takeover may decide to add/remove activities or to completely change the activity to their requirement. The change in objective can be made before or after takeover of the company.
Show MoreRemoval of Abandoned Activities
MoA of a company is accessible to any person, who may refer it before getting in to an agreement with the company and hence it would be advisable to make sure that the objectives of the company are updated with the Ministry of Corporate Affairs even by deleting those activities the company has abandoned to undertake.
Show MoreBan or Prohibition of Current Activities
Operations of a company get affected by the Policies of Government, which changes from time to time and by any change of policy, the activities undertaken by any company declared to be prohibited or banned, such objective must be removed from MoA and update the same with Ministry of Corporate Affairs.
Show MoreChange Business Activity Online
Documents Required o Change Business Activity
- DSC Digital Signature Certificate of Authorized Director
- MoA and AoA Copy of latest amended MoA and AoA of the company
- Details of the Change Details of proposed changes in activity
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Consultation on Change of Business Activity
Provide details & documents required for Change of Business Activity
Drafting of new object clause of MoA
Drafting of other necessary documents
Sending the documents to be get signed
- Receipt of signed documents from applicants
Preparation and filing of application
Start business with new objective now
All it takes 8 – 10 working days*
*Subjected to Government Processing Time
Process of Change Business Activity
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Day 1- 2
Consultation on Change Business Activity
Collection of Information
Collection of Required Documents (Scanned Copies)
Review of Documents and Information provided
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Day 3 – 4
Drafting of documents including clause in MoA
Sending the documents to get signed from applicants
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Day 5
Receipt of signed documents from applicants
Preparation and filing of application for activity change
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Day 6 – 10
Government Processing Time
*Subjected to Government Processing Time
Enquiry
FAQ
What should be kept in mind while changing object?
One should make sure that the new object also covers all the ancillary activities to the main object. Also, the name should represent the object correctly even after the change of the object, else the RoC may direct name change.
When will the change of object be in effect?
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.
When is the application to MCA made?
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
Whether change of business activity requires alteration in MoA?
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 new set of Memorandum and Articles in line with Companies Act, 2013.
Whether the change the name of the company is required while change of Object?
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.
Whether the procedure of the change of object and change of name can be carried on simultaneously?
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.