Change Objectives of Your Business
Business objectives are the targets that a business wishes to achieve
in the long term. But these targets don't always remain the same and
may change with time.
Reasons for Change in Business Objectives
There may be several factors behind a change in business objectives. These factors may bring about a sudden as well as a gradual change in such business objectives. Some such factors are:
- Internal factors such as expansion and growth.
- External factors such as change or development in technology.
- Economic factors such as recession.
- Financial factors such as breaking-even instead of making profit.
- Other factors such as diversification.
Moreover, the market conditions may give rise to other objectives as well. These objectives may be specific to a particular business.
Steps to Change Business Objectives
You can add or delete an objective to your business. Moreover, you can also modify the existing ones. The entire procedure is easy and quick. However, it will be easy only if done right. All you need to do is alter the object clause of your Memorandum of Association.
However, to make sure that the process of change goes smoothly, always make sure that you:
- Limit your main objectives to a specific objective, e g, Trademark and Copyright Registration for a company dealing in IPR, and
- Include other objectives in the ancillary clause, e g, website designing services by the above company.
The next step is to pass a board resolution and submit the necessary forms and documents to the MCA.
Documents for Change in Business Objectives
You will need the below documents and details:
- 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.
- Form MGT-14.
- Changed MOA.
- 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.
Fee for Change in Business Objectives
The government fee starts from Rs. 200 and the professional fee starts from Rs. 1000.
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.
How PocketLawyer Can Help?
Do you need help with changing your business objectives? You can find a one-stop hassle free solution at PocketLawyer.
At PocketLawyer, you can post your requirement and get the best price quotation of lawyers as well as other professionals. These professionals are experts in company law and can provide you their best services at affordable price.
Need any further help? Contact us now.