How to Change the Name of a Business?
Change of Business Name
Approximately 30 years ago, you started a masonry business. You decided to call this company “Smith’s Masonry Services”. Business was good so you started to look at adding different business lines. You found that there was a need for masonry in the assembly of fireplaces. Things further evolve and you notice that there is a demand for the installation of the fireplaces. As years pass on your firm is capable of installing fireplaces. Business is booming, in fact there are so many requests for the installation of fireplaces, that your original masonry business is almost inactive. Because of this change in business your company’s name may be somewhat misleading.
How does a business change their Company’s name?
In British Columbia, there are two steps. The first step is to request a name approval. This step is to ensure the public is not confused or misled by similar corporate names. New corporate names must be approved by the Corporate Registry. Before making application for the name approval, one should conduct an online search of the registered BC companies and organizations database on BC Online to ensure that new business name is not already taken.
The second step is file a change of corporate name. In order to submit the application through Corporate Online you will need your incorporation number, company password and Customer Profile ID. If you do not have a Customer Profile ID, you need to create one on Corporate Online before you can file the change of the company name. Also, companies must be in good standing with all filings up-to-date before altering the company name.
As per the Government of British Columbia Website, these are the 3 most common reasons why names are not approved:
- Name is too similar to an existing corporate name within the same industry.
- Research was not conducted before applying to make sure the name wasn’t already in use.
- Name lacks a distinctive and/or descriptive element.