How to Change Your Company Name (for Montenegrin D.O.O.)
Sometimes a Montenegrin company may decide that the name chosen at incorporation no longer reflects the nature of the business, for example, after an acquisition or a change in business activity. While changing your business name may sound intimidating, it should not stop you from acting if it’s really time for a change.
Research the New Company Name
Renaming your business should be a thoughtful process that should not be rushed. The new name should be unique, helping you differentiate your firm from others in your niche. Brainstorm potential names and narrow the search down to a handful of alternatives, and then investigate whether the names are already taken.
You can either search yourself on the Montenegro Company Register’s website or have your accountant perform the name search for you, which is the option we recommended to avoid any mistakes. You should ensure that your business complies with Montenegro’s business naming regulations. For example, no other business may have used the name in the past ten years.
Additionally, ensure the name is not offensive and does not contain sensitive or prohibited words or expressions, such as ‘bank,’ ‘stock exchange,’ or ‘post office.’ If the name is too similar to another company already operating in Montenegro, you risk being mistaken for that business or, in the worst case, infringing on their intellectual property rights.
Update Your Statutory Documents
Once you have confirmation that your desired new business name is available, the next step is to update your Articles of Association. Depending on your business entity structure, this may require prior approval from other shareholders. Here’s a general overview of the process:
- Draft a new version of the Articles of Association reflecting the company name change.
- Pay the fees and complete the standard registration form, and submit it to Montenegro’s Company Register in Podgorica.
- Receive the updated Certificate of Amendment
Order a New Company Stamp
After the new Certificate of Amendment is issued and your statutory records are updated, it’s time to order a new company rubber stamp. Many Montenegrin institutions and private companies (banks, insurers, etc.) still require a stamp to seal important documents, as it serves as your company’s official mark.
Update Your Records with Banks and Other Stakeholders
Your new business name must also be updated in your bank records. All commercial banks in Montenegro require the company name on their list of authorized signatories to be updated within a few days of receiving the Certificate of Amendment from the CRPS (Company Register). This process is usually handled by your bookkeeper or accountant.
If you have a business permit from your local council or an equivalent trade license from a ministry, be sure to update your new business information with them as well to avoid fines or the potential revocation of your license. Just like with your bank, it’s crucial to inform all lenders and creditors of your business, guaranteeing that your financing remains intact.
Need help with changing your business name?
Begin the procedure today with adriacom. Quick, simple, and affordable.