Change in Objective of Business
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Changing Company Name & Objectives – An Overview
As your company grows and evolves, it’s natural to explore new directions you may not have originally planned. When business objectives change, it becomes essential to update them officially by amending the Memorandum of Association (MoA) and completing the required formalities.
Expert Mantra’s services simplify this process, ensuring a smooth transition as your business enters its next phase.
Why Choose Expert Mantra for for Change in Objective of my Business?
Change in Objective of my Business with Expert Mantra – all in just 3 simple steps:
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Documents Required for Changing the Objectives of a Company
To update the objectives of your business, the following documents are generally required:
Notice of the Extraordinary General Meeting (EGM)
Certified true copy of the Special Resolution passed in the EGM
Minutes of the Board Meeting and the EGM
Altered Memorandum of Association (MoA)
Certified true copy of the Board Resolution (if applicable)
Identity proof of all directors of the company
Address proof of all directors of the company
Attendance sheet or register of the Board Meetings and General Meetings
Process for Changing Company Objectives
The Memorandum of Association (MoA) defines the two key objectives of a company:
Main Object: Covers the core business activities of the company.
Ancillary Object: Covers the supporting activities required to carry out the business.
If you wish to modify these objectives, the following five steps must be followed:
Step 1: Board Resolution
The Board of Directors must hold a meeting and pass a resolution approving the proposed changes in the company’s objectives (and name, if applicable). A director or company secretary should be authorised to sign, certify, and file the necessary forms with the Registrar of Companies (RoC). The date, time, and venue for an Extraordinary General Meeting (EGM) must also be decided.
Step 2: Special Resolution in EGM
At the EGM, members are required to pass a special resolution. All members must be given prior notice containing mandatory details. Once the resolution is approved by the members, the process can proceed further.
Step 3: Filing Form MGT-14 with RoC
The company must file Form MGT-14 with the RoC, duly signed by the directors. Supporting documents also need to be attached for verification and approval.
Step 4: Issuance of Fresh Certificate of Incorporation
If the Corporate Identification Number (CIN) changes due to a revised industry code, the RoC will issue a new Certificate of Incorporation.
Step 5: Updating MoA Object Clauses
Once the new certificate is issued, the company must update the object clause in all copies of its Memorandum of Association.
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Frequently Asked Questions…
What is accounting, and why is it important for businesses?
Accounting is the process of recording, summarizing, and analyzing financial transactions. It is essential because it helps businesses understand their financial position, manage cash flow, comply with legal requirements, and plan for growth.
How is bookkeeping different from accounting?
Bookkeeping focuses on the systematic recording of daily financial transactions, while accounting involves interpreting this data, preparing reports, and using it for decision-making and strategic planning.
What financial statements are usually prepared under accounting services?
The key financial statements include the Balance Sheet, Income Statement (Profit & Loss Account), and Cash Flow Statement, which together show a business’s financial health and performance.
Which businesses benefit most from outsourcing accounting services?
Startups, SMEs, and growing companies often outsource accounting to reduce costs, ensure compliance, and get professional support without hiring a full-time in-house team.
How often should businesses check their financial statements?
Businesses should ideally review their statements monthly or quarterly to stay updated, identify issues early, and make informed decisions.
What accounting software is commonly used by businesses?
Some widely used software solutions include Tally, QuickBooks, Zoho Books, and Xero, which simplify record-keeping and reporting.
What is the difference between cash-basis and accrual-basis accounting?
Cash-basis accounting: Records income and expenses only when money is received or paid.
Accrual-basis accounting: Records income and expenses when they are earned or incurred, regardless of payment.
What are common accounting mistakes businesses should avoid?
Typical mistakes include poor record management, mixing personal and business expenses, missing tax deadlines, and not reconciling accounts regularly.
What role does an accountant play in tax preparation and planning?
An accountant ensures accurate tax filings, maximizes deductions, ensures compliance with laws, and helps businesses create tax-saving strategies.
How do accounting services help businesses save money and grow?
By providing accurate financial insights, controlling unnecessary expenses, ensuring compliance, and supporting budgeting and investment decisions, accounting services help businesses cut costs and plan for sustainable growth.
