How to Successfully Change Your Company Name: Steps and Legal Considerations

You came up with a new name for your company, but you don't know what legal obligations you have to fulfill in order to use it.

If that's your situation, you're in the right place!

In this article, we answer your question about how to change a company name in 3 steps, provide additional tips, and introduce a helpful tool for managing your business.

Everything you need is all in one place.

Let's start!

Why You Might Need to Change Company Name?

Changing the company name can be beneficial for your business and for various reasons:

▶  Rebranding - Rebranding can help align your company’s identity with new market trends or business goals. A new name might better reflect your current products, services, or values, improving brand recognition and customer perception.

▶  Negative Publicity - If your company has been associated with negative events or publicity, changing the name can be a way to re-establish a positive image and distance the business from past issues.

▶  Modernization - Over time, you may find that your original name has become outdated or inconvenient. Simplifying or updating the name might make it easier for clients to remember it.

3 Easy Steps to Change Company Name

Let’s see how to change a company name in 3 steps!

1. Pick a New Name

The name you choose for your company must be unique.

Considering there are 2,589,873 businesses that are active in Australia, this may not be the easiest step.

So how do you know if you can use the name you want?

By checking its availability!

You can do that on the ASIC site by simply typing your proposed name into the ASIC search tool to see if it’s already in use. 

In order to choose a name more easily and be sure that it is legal, you must know that there are restricted words that you can’t use. For example:

Use only the allowed characters listed on the ASIC site.

Besides uniqueness, there are a few more legal considerations you should be aware of.

The name you choose can’t:

💡 ProTip

Is there an easier way to check name availability?

Yes!

ANNA offers a user-friendly tool that allows you to quickly check if your desired company name is available.

This tool simplifies the process compared to the more complex navigation required on the ASIC website.

With ANNA, all you have to do is go to the site and the first thing you will see is this tool 👇

Even if you don't read the result, you will know by the color whether the name is available or not:

🟢 Green - Name is available

🟠 Orange - Name is not available

2. Pass a Special Resolution

First thing first, what is a special resolution?

A resolution is a formal means for a company to record decisions reached during a meeting of its members.

There are two kinds of resolutions:

Special resolutions are required for decisions such as altering a company's name, winding up the company, or changing the type.

How to Pass the Special Resolution?

There are a couple of criteria for special resolutions before they can be passed or voted on:

📌 Note

Keep in mind that unlisted companies must notify their members of the meeting at least 21 days in advance.

On the other hand, listed companies must provide at least 28 days' notice.

However, if members holding at least 95% of the votes agree beforehand, you can provide a shorter notice.

3. Make a Request to Change the Name

When you have finished checking the availability of the name and passed a special resolution, the next step is to lodge form 205 and pay the required fee.

According to ASIC, you might need to include a copy of the passed resolution and any relevant supporting documents, such as the minutes from the meeting where the resolution was adopted.

The fee you pay to change your company name is $474.

Keep in mind that you must lodge this form within 14 days of passing the resolution.

If you don't do that, late fees will apply.

📍 Bonus Tip

Make sure that you enter the desired company name correctly.

If ASIC approves your name and there's a small mistake, such as a typo, you will need to pass the resolution again and lodge another Form 205.

This will cost you additional time and money, so double-check before submission.

Tips to Have in Mind When Changing Company Name

Now that you've changed your company name, we would like to offer some advice.

Even though not all of these tips are legally required, they are important for the success of your business:

✔️ Notify clients, suppliers, and partners through formal communication channels.

✔️ Update contracts, agreements, and legal documents to reflect the new company name.

✔️ Launch a marketing campaign to introduce the new name to the public.

✔️ Update your company’s website, social media profiles, and online listings with the new name.

Conclusion

Choosing a name is just the beginning, isn't it? 

Following the steps from this article can make the process much smoother and ensure it's not much more complicated than picking a new name.

While changing a name itself isn't too difficult, running and managing a business is where difficulties may come.

That's the part where we can assist you!

Meet ANNA!

ANNA - Your Partner in Simplifying Business Management

If you are looking for an easy-to-use solution to both starting and managing your business, ANNA is the ideal one for you.

With the ANNA One package, you can register a company for $199, which includes the $576 ASIC fee.

This package also offers:

All these features are available for $49 a month, making ANNA a valuable and affordable tool for managing your business efficiently.

Sign up today for peace of mind, knowing every detail about your business!

FAQ

How Much Does a Company Name Change Cost?

The fee you pay for lodging the form 205 is $474.

How Do I Know If I Have Successfully Changed My Company Name?

If ASIC approves the name change, they will send a certificate of registration to your online services inbox if you lodged Form 205 online, or by mail to the company's registered office address.

If they reject the name change, they will notify you with an explanation.

You can then choose to apply the lodgement fee to another Form 205 or request a refund.