How To Change Your Company’s Legal Name In the UAE?
If you own a business in the UAE, you know exactly how the market trends keep changing. New types of businesses with innovative ideas swarm the market every now and then. Besides, consumer preferences change with trends across the years. To keep up with the market demand, you might have to amp up your business strategies. Sometimes, you may need to diversify your services or add new products to your range. Often, it is seen that changing your business name can also help you improve traction and expand your clientele!
Sometimes, entrepreneurs decide to rebrand their business to give it a new identity. This has also proved to be a very effective marketing strategy. At other times, a change in company name may become necessary to fulfil certain legal obligations, comply with partner needs and other reasons. However, changing your business’s legal name in the UAE can involve a bunch of legal procedures. So, to simplify this process for you, here is a detailed stepwise guide!
Step 1: Getting Approval from the Department of Economic Development (DED)
All business-related paperwork and legal procedures are governed by the DED. Thus, to change the legal name of your business entity you must first seek approval from the DED. This involves getting initial approval. For the initial approval, you will have to fill out a bunch of forms and submit your documents.
Step 2: Filing Your Essential Documents
Documents act as proof to validate your business and its operations. Thus, the DED and other legal bodies look very closely at your business’s documents. Make sure you have them ready beforehand so that you don’t face any last-minute issues!
Here is a list of all the documents that you will need:
A supporting document for your business’s existing trade name
Completely filled application form for change in trade name
Original trade licenses and multiple copies of the same
Signed agreement of change in name
Approval by the Ministry of Economy
If your company has any other branches, a copy of their registries
Step 3: Sending Out a Public Notice
Once you receive all approvals, the next step is to send out a notice to the public calling out for objections, if any. In practice, the local bodies publish a notice in the local newspapers mentioning the change of name of your company. Once the notice period is completed, you can proceed further to successfully get your business name changed. Finally, the local authorities will issue a Memorandum of Association upon completion of registration. And there you go! Your business will then have a new identity.
Don’t Let a Name Bring You Down
Your business name is your brand’s first identity. And if a need comes you mustn’t hesitate to change it. A change in the business name could be a very important step especially in mergers, new partnerships and rebranding. Sometimes, a change in the business name is almost unavoidable! And, we want to make sure that you don’t face any hassle in the process of getting the name change. So, team Marqueway has a team of trained experts to help you figure things out. Get in touch with us and we will guide you through it all!