Change Your Company’s Business Objectives with ease!

Modify the business objectives / Goals in you MOA with Advisource easily!

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2. Call to discuss

Our experts will call you to discuss formalities and prepare documents.

3. Task Complete

We will file all the necessary documents and forms for changing the objects.

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Change Objectives of Business

Change Objectives of Business – Overview

Changing the objectives of a business is a process of modifying the goals or purposes that the business is seeking to achieve. This may involve revising the business’s mission statement, changing the products or services offered, or shifting the focus of the business to a different market or target audience.

There are several reasons why a business may choose to change its objectives, such as adapting to changes in the market, responding to shifts in consumer demand, or addressing new competitive challenges.

In order to change the objectives of a business, it is important to carefully consider the current state of the business and the desired direction for the future. This may involve conducting market research, analyzing the business’s strengths and weaknesses, and developing a clear plan for how the business will achieve its revised goals.

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Reasons to Change Business Objectives

There are several reasons why a business may choose to change its objectives:

Adapt to market changes: Businesses operate in a constantly changing environment, and it is important for a business to be able to adapt to new market conditions in order to remain competitive. Changing the objectives of the business may be necessary in order to respond to shifts in consumer demand, changes in technology, or other factors that affect the market.
Respond to new opportunities: A business may choose to change its objectives in order to take advantage of new opportunities that arise. For example, a business may decide to enter a new market, launch a new product or service, or pursue a strategic partnership in order to achieve its goals.
Address challenges: Changing the objectives of a business may be necessary in order to address challenges or problems that the business is facing. This could include addressing financial difficulties, improving operational efficiency, or repositioning the business in the market.
Align with changing values or goals: A business may choose to change its objectives in order to better align with the values and goals of the company’s owners or stakeholders. For example, a business may decide to shift its focus to sustainability, social responsibility, or other issues that are important to its stakeholders.

Process to Change Objective or Goals of Company

The process for changing the objectives of a company in India is governed by the Companies Act, 2013 and the rules and regulations issued by the Ministry of Corporate Affairs (MCA). The specific steps involved in changing the objectives of a company will depend on the type of company and the nature of the changes being made. However, some general steps that may be involved in this process include:

Board resolution: A meeting of the board of directors must be held and a resolution passed to make the necessary changes to the name and objectives of the company. A director or company secretary should be authorized to sign and file the necessary forms with the Ministry of Corporate Affairs (MCA).
Special resolution at an extraordinary general meeting (EGM): At an EGM, a special resolution must be passed by the company’s members. Members must be given notice with certain mandatory information, and their responses to the special resolution must be obtained.
File form MGT-14 with the MCA: The company and its directors must file form MGT-14 with the MCA in order to process the changes. Other required documents must be attached to this form.
Issuance of a new certificate of incorporation: If the company’s Corporate Identity Number (CIN) changes due to a change in industry code, the MCA will issue a new certificate of incorporation to the company.
Incorporation of the new objectives in the memorandum of association (MoA): After the MCA issues the new certificate of incorporation, the company must take steps to incorporate the new object clauses into all copies of the MoA.

Necessary Documents

1. Notice regarding EGM
2. Attested true copy of the special resolution
3. Minutes of the board meeting and EGM
4. Altered MoA
5. A certified true copy of the board resolution (optional)
6. Id proof of all the directors of the company
7. Address proof of all the directors of the company
8. Attendance sheet or register of board meetings and general meetings

Why Advisource

There are several reasons to choose Advisource when changing the objectives of your company in India:

1. Efficient and quick process: Advisource can help streamline the process of changing the objectives of your company, ensuring that the process is simple and efficient.
2. Expert guidance: Our team of experts will provide guidance and assistance in deciding what to include under the main and ancillary objectives of your company.
3. Resolution drafting and form filing: Advisource will handle the drafting of the resolution and the filing of the necessary forms with the Ministry of Corporate Affairs (MCA) on your behalf.
4. Amendment of the memorandum of association (MoA): We will make the necessary amendments to your MoA to reflect the revised objectives of your company.
5. Support and assistance: Advisource is dedicated to providing the best support and assistance to our clients. All of your queries will be promptly answered.

FAQs on Changing Your Objectives of Business

What is MOA?

The memorandum of association (MoA) is a document that outlines the fundamental constitution of a company in India. It sets out the company’s name, the purpose for which it was formed, and the scope of its powers.

What is AOA?

The articles of association (AOA) is a document that sets out the internal regulations of a company in India. It specifies the rights, duties, and obligations of the company’s shareholders, directors, and officers, as well as the procedures for conducting the company’s business.

Who decides what the company’s goals are?

The goals or purposes of a company in India are initially determined by the subscribers (founders) of the company when it is formed. However, it is possible to change the company’s objectives at a later date, according to the procedures set forth in Section 13 of the Companies Act, 2013. These procedures outline the steps that must be taken in order to legally alter the company’s purposes.

Is it necessary for a firm to have objects?

In the event of a company being declared insolvent, the company is responsible for paying the costs associated with the liquidation process. If the company does not have sufficient assets or funds to cover these costs, the directors of the company may be held responsible. The fees charged by the liquidator must be approved by the creditors of the company.

What is the estimated duration of the liquidation process?

According to the Insolvency and Bankruptcy Code of India, the insolvency resolution process must be completed within 180 days from the date that the application is accepted by the National Company Law Tribunal (NCLT). This time frame may be extended by an additional 90 days, if necessary.