Reserve Company Name
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Name Approval of a Company or LLP is a quick, easy, and 100% online process. We provide you with a detailed analysis report on the suitability of your proposed name and file the application for Name Approval of your Company/LLP to the Registrar.
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Introduction
Reserve Company Name
Reserve Company Name is a web service on the MCA portal. The Reserve Company Name application form allows you to either reserve a unique name for a new company or change the name of an existing company. With the help of this form, you can verify that the name you want for your company is available and stays reserved for you until the company registration process is complete.
The Reserve Company Name is only one of the options for reserving a company name. The second option for reserving a unique name is to submit it in the Spice+ Part A form.
Requirements to reserve company name using RUN
- Registration as user on MCA portal;
- Corporate Identification Number (CIN) (if applicable); and
- Lastly, the proposed name.
Benefits
Benefits Of Reserve Company Name
Limited Liability Protection
One of the biggest advantages of a registered business (private limited company or limited liability partnership (LLP) or one-person company) is that it affords limited liability protection to its members.
Easy Transferability
Transferability or sharing of ownership of a business is a major hurdle in unregistered business entities. Proprietorships cannot be transferred as they are an extension of the proprietor and it is also hard to define the assets belonging to an unregistered partnership firm.
Opening Bank Account
On the other hand, for a company or LLP, the Ministry of Corporate Affairs establishes the existence of the business by way of a certificate of incorporation and memorandum of association.
Funding for the Business
Funding in the form of debt or equity is an important requirement for any business. For unregistered business entities like a proprietorship firm or partnership firm, it is not possible to syndicate the equity funding.
Process
Process to Reserve Company Name
1. Login to the Portal
To be able to file the name application, it is mandatory to have a user registration on the MCA portal. You can create an account by visiting the MCA portal, selecting the type of user and entering your relevant details. Once you successfully login, you can proceed with the process to reserve company name.
2. Documents to reserve company name
It is not mandatory to submit any documents while reserving unique name for company. However, if you feel the need to submit any documents for informational purposes, you can do so in a PDF format attachment.
3. Submit Web-Based Application
For new company name reservation: Spice+ Part A form is applicable;
For change in existing company name: Web-based RUN form is applicable;
Name reservation for LLPs: To reserve a unique LLP name, you need to file the RUNLLP form.
4. Payment of Fees to reserve company name
Before you can submit the application for the reservation of unique name, you need to pay the government fees associated with the process.
5. Approval or Resubmission of proposed names
Once you submit the form applicable, the MCA will verify the form and information provided by you. This process takes up to 2 to 3 working days after submission of the application. In those 2 to 3 days, you can also track the progress of your application. The steps below show how:
Login to the MCA portal;
Choose MCA services from menu; and
Select “Track SRN/Transaction Status.
How to Decide a Company Name
Formulation of Company Name
The Companies Act, 2013 along with the other governing regulations, provide certain guidelines on the formulation of a proper company name.
Checking the Availability of Unique Name
Once you successfully formulate a list of names that you might use for your company, you need to check its availability.
Name Suffix
The name of the company shall end with Pvt. Ltd. or Private Limited Company
Document Checklist
Documents Required for Reserve Company Name
Information of resubmission
Type of Company
Corporate Identification Number (CIN)
Two unique proposed company names; and.
Business Activity.
PAN Card
Faq
Frequently Asked Questions (FAQ)
The resubmission of RUN is allowed only 1 time. If that name reservation is not completed in that chance, you will have to file a fresh application.
Yes, you can file for an extension of the 20 days validity period. However, a fee of INR 1000/- is applicable for said purpose.
