The aim of the business can change over time. There are mainly two factors for changing of the objective.
1) Internal environment, means inside the business and can be controlled by the member.it includes aspects such as developing human resources, financial planning, changing management and marketing. Or it may be high staff turnover or absenteeism, falling quality standards, increasing cost.
2) External environment means everything is outside the business, no control over the members. It include political, economic, social and technological or changes that affect market. Or it may be recession, new competition, innovation or new lwas.
To change the objectives of your business you need to amend the Memorandum of Association. The objective clause always has two types of objective
1) Main objective
2) Ancillary objective
Steps involved are
1) First you need to the board to pass a resolution.
2) Special resolution in EGM.
3) MGT-14 to be filed with RoC
4) Issuance of fresh certificate of incorporation
5) Incorporating object clause in MoA and AoA
1) Documents for Change in Business Objectives
A declaration which says that the company will start business as per the new objectives within 6 months.
Projected turnover of company for next 3 years.
Notice for calling EGM.
Certified copy of the special resolution which was passed in the EGM.
CIN of the company.
Digital signature of the applicant who can be any officer such as director, managing director etc.
Name of company.
Address of registered office.
2) Fee for Change in Business Objectives
The government fee starts from Rs. 200 and the professional fee starts from Rs. 1000.
3) Timeline for Change in Business Objectives
It will take approximately 20-25 business days to change your business objectives. But only after we receive all relevant documents from your end.