The Memorandum of Association (MoA) contains the object clause of the business. Therefore, for a change in the aims and objectives of the business entity, an amendment in the Memorandum of Association is needed. If the procedure is followed rightly, it can be done quickly. One of the grave mistakes that many entities make is including several domains in the main objects which will eventually not be approved.
Respective services of the businesses are included in the main objects but other related business services should be included in ancillary or other objects of the company.
PROCEDURE FOR CHANGING THE NAME & OBJECTIVES
1. The board needs to pass a resolution before selecting the new name and changing the objects of the company.
2. Few documents will be then needed to get the approval from RoC in this regard.
3. Necessary forms for changing the name and objects must be filed, along with projected turnover details for three years and a declaration that the company will commence the business should be mentioned in the main objects within six months.