Changing the Objectives of Your Business
If you want to change what your company does — like its goals or business activities — you must update the Memorandum of Association (MoA). The MoA includes the object clause, which tells what your company is meant to do.
Changing this is not hard, as there is a clear process to follow.
Common Mistake to Avoid
Many companies make the mistake of including too many unrelated activities in their main object clause. This is usually not approved.
For example, if your business is in IT, you can mention all types of software services in the main object. But if you also deal with hardware or trading in tech products, those should be added under ancillary objects, not main ones.
How to Make Changes to the MoA
To change your company's MoA, you must:
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Pass a special resolution at a shareholders’ meeting.
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Get approval from the shareholders.
You can also change other parts of the MoA, like:
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The name of the company
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The registered office (especially if moving from one state to another)
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The object clause (what your company does)
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The capital clause (such as increasing authorized capital)
