Are you launching your own business? Did you already come up with a business name? If the answer is yes, wouldn't you want to reserve the name of your business to prevent others from using it in the future? If you believe it is not feasible! Allow us to confirm that it is! You can reserve or change your company's name using the web tool Reserve Unique Name (RUN). It helps you determine whether the business name is distinctive. Before the Ministry of Corporate Affairs introduced the RUN, form INC-1 was the only form that was accessible for applications pertaining to business names (MCA).

The procedure of forming a (PLC) private limited company has changed as a result of the Companies Act modification. To reserve a company's specific name in the past, you had to submit a separate document to the Ministry of Corporate Affairs (MCA).

Indian requirements for business name registration
 

However, there are now two methods for requesting the name. The first choice is to submit a separate internet registration via the Ministry of Corporate Affairs (MCA) portal. The private limited business registration form can also be used to register a name.

The following are requirements for Company name approval:
 

• The chosen name, profiles from the Ministry of Corporate Affairs (MCA), and the Corporate Identification Number (CIN);

• Before submitting the Reserve Unique Name application to register for a firm name on the Ministry of Corporate Affairs (MCA) portal, bear the following in mind:

Deciding on a Company Name: The governing law lays out a set of requirements for business names. The (MCA) Ministry of Corporate Affairs will not approve any names that do not adhere to the rules (MCA). The brand-new name of the business must contain three components.

• A special or distinctive phrase;
• Regardless of the Suffix; Public or Private Limited,

Avoid confrontation by double-checking the firm name's availability. On the website of the (MCA) Ministry of Corporate Affairs (MCA), the name must be validated. A name with an existing trademark owner cannot be registered as a trademark. 

How to Reserve a Business Name?
 

The steps should be taken into consideration in order to reserve a company's specific name: -

To submit a name application, you must first log into the Ministry of Corporate Affairs (MCA) Portal. Only MCA account holders may do so. You will have to register if you don't already have an account. When registering the Account, it will be used for future registrations of any company. Look for professional assistance.

1. Contents - No documents must be submitted along with the application to register the business name. However, if more details are needed, they can be provided in PDF format. You can use any of the following files.

• Whether it is an all-new request or a revised version is irrelevant:
• a start-up, a one-person business, a producer business, or any other type of business;
• The CIN (Corporate Identification Number) of a company must be amended if its name changes;
• Name two business names;

• The company's operations and other information.
  
  2. Submitting forms online - The following e-forms are available for use by different businesses to submit their suggestions in response to the Ministry of Corporate Affairs (MCA) notification.

FOR PRIVATE LIMITED COMPANIES: There are two types of name registrations for PLC companies:

• If you want to modify the name of an existing business, you must submit a Reserve Unique Name (RUN) Form to the Ministry of Corporate Affairs. 

For a new business, a new SPICe+ Part A registration can be utilised to register a business name (MCA).

FOR A LIMITED LIABILITY PARTNERSHIP: To register a new corporate name, you must submit the Reserve Unique Name Limited Liability Partnership (RUNLLP) form.

3. Fees Paid to the Government: Title registration for a Private Limited Company costs Rs1000, but title registration for a Limited Liability Partnership costs roughly Rs 200.

You must immediately use a credit/debit/NEFT card to pay the government fees. This cannot be refunded. There won't be a separate/ different fee for the name registration if the name is submitted with the SPICE BOARD registration form.
 

4. Name registration or resubmission- Within two to three business days of receiving the application, the Ministry of Corporate Affairs will analyse it. To check the firm name status, go to MCA services - Monitor SRN/Transaction status on the Ministry of Corporate Affairs (MCA) webpage. If the requirements are found to be satisfied by the Ministry of Corporate Affairs (MCA), the government will approve it and issue a letter of licence. After that, a renewal application will be sent. A notification email will be sent to the registered email address and the registration status will be changed to "submitted for renewal."
 

5. Name approval or resubmission- After submission, the MCA will process the application in two to three working days. From Ministry of Corporate Affairs services - Track SRN/Transaction status on the MCA portal, you may view the status of the company name. The ministry will approve the name and deliver the name permission letter if MCA discovers the name is available. If not, a request for resubmission of the application will be sent. An email will be triggered/ sent to the registered email ID and the application status will be changed to "sent for resubmission" in this situation.
 

The time frame for resubmitting the form will be specified in this email. Application rejection will result from failure to submit by the deadline. You will then need to submit a new application along with the required costs.
 

6. The Legitimacy of the Process of Name Registration- Once registered, the authorised name will remain in effect for 20 days. If not, the candidate needs to submit the registration for incorporation before the deadline. The candidate must use the RUN form to register a new name with the Ministry of Corporate Affairs (MCA) if they are unable to submit the application by the deadline. After the most recent modification from the Ministry of Corporate Affairs, you can now request the validity period by paying an additional Rs1,000.
 

The following are the key changes made to the Companies (Incorporation) Amendment Rules, 2016, with reference to name approval:

• To expedite the disposal of a name application and further standardise the name approval procedure across states, Central Registration Centre (CRC) shall process and dispose of name applications submitted in e-form INC 1.
   
• Now that the government is encouraging the registration of businesses through the INC 29 route, there are three opportunities to correct any errors or deficiencies in the paperwork submitted using the INC 29 e-form, one at the time of filing and two more times subsequently. Prior to INC 29, there were only two chances to fix any flaws before the application was rejected.
   
• The name of a company need not be descriptive of its goals, but if the proposed name includes a word related to those goals, that phrase must be consistent with the pursuits outlined in the firm's memorandum of association (MOA).
   
• By obeying the rules and regulations of the Companies Act, an existing firm that is well known to the public by its abbreviated names may change its name to the abbreviation of the current name. Additionally, the current firm may establish a new joint venture, associate company, or subsidiary company with its truncated name, but it must contain a word that pertains to the new company's intended line of operation. Therefore, a proposed abbreviated name for an existing corporation cannot be disapproved since it is unclear.
   
• If a company's name does not contain any words that connect to its former activity, there is no longer a requirement to modify it in the event that its commercial activity changes. When a firm's name includes a word that describes its commercial activity, the company must file a change of name application within six months of the change in commercial activity.

The incorporation process has undergone a significant transformation and has become much easier since the introduction of new procedures. The installation of the Central Registration Centre (CRC) for incorporation will have a significant impact on how long it will take to register a company because it will dramatically cut down on that time. This will help you make the dream of founding a firm in India one day a reality.

Conclusion

What exactly makes registering a business name so crucial? The registered name of your business will soon serve as your prospective client's first point of contact, in the response. A company's name speaks volumes about the goods and services it offers. As a result, you should invest the time and effort necessary to find the ideal name for your company.

You may learn everything you need to know about registering the name of your business from this site. The procedure for integrating a privately held company has changed following the revision to the Companies Act on February 23, 2020. Previously, the Ministry of Corporate Affairs needed the submission of separate paperwork in order to register a corporate name. But the procedure has been radically changed by combining two ways. Be careful to review the list of prerequisites before submitting a name registration form.