diff --git a/src/company_cmd.cpp b/src/company_cmd.cpp
--- a/src/company_cmd.cpp
+++ b/src/company_cmd.cpp
@@ -888,6 +888,11 @@ CommandCost CmdCompanyCtrl(DoCommandFlag
 				break;
 			}
 
+			/* Send new companies, before potentially setting the password. Otherwise,
+			 * the password update could be sent when the company is not yet known. */
+			NetworkAdminCompanyNew(c);
+			NetworkServerNewCompany(c, ci);
+
 			/* This is the client (or non-dedicated server) who wants a new company */
 			if (client_id == _network_own_client_id) {
 				assert(_local_company == COMPANY_SPECTATOR);
@@ -906,8 +911,6 @@ CommandCost CmdCompanyCtrl(DoCommandFlag
 
 				MarkWholeScreenDirty();
 			}
-
-			NetworkServerNewCompany(c, ci);
 			break;
 		}
 
@@ -923,7 +926,10 @@ CommandCost CmdCompanyCtrl(DoCommandFlag
 			assert(company_id == INVALID_COMPANY || !Company::IsValidID(company_id));
 
 			Company *c = DoStartupNewCompany(true, company_id);
-			if (c != nullptr) NetworkServerNewCompany(c, nullptr);
+			if (c != nullptr) {
+				NetworkAdminCompanyNew(c);
+				NetworkServerNewCompany(c, nullptr);
+			}
 			break;
 		}
 
diff --git a/src/network/network_admin.cpp b/src/network/network_admin.cpp
--- a/src/network/network_admin.cpp
+++ b/src/network/network_admin.cpp
@@ -853,11 +853,10 @@ void NetworkAdminClientError(ClientID cl
 }
 
 /**
- * Notify the admin network of company details.
+ * Notify the admin network of a new company.
  * @param company the company of which details will be sent into the admin network.
- * @param new_company whether this is a new company or not.
  */
-void NetworkAdminCompanyInfo(const Company *company, bool new_company)
+void NetworkAdminCompanyNew(const Company *company)
 {
 	if (company == nullptr) {
 		Debug(net, 1, "[admin] Empty company given for update");
@@ -867,10 +866,8 @@ void NetworkAdminCompanyInfo(const Compa
 	for (ServerNetworkAdminSocketHandler *as : ServerNetworkAdminSocketHandler::IterateActive()) {
 		if (as->update_frequency[ADMIN_UPDATE_COMPANY_INFO] != ADMIN_FREQUENCY_AUTOMATIC) continue;
 
+		as->SendCompanyNew(company->index);
 		as->SendCompanyInfo(company);
-		if (new_company) {
-			as->SendCompanyNew(company->index);
-		}
 	}
 }
 
diff --git a/src/network/network_admin.h b/src/network/network_admin.h
--- a/src/network/network_admin.h
+++ b/src/network/network_admin.h
@@ -103,7 +103,7 @@ void NetworkAdminClientInfo(const Networ
 void NetworkAdminClientUpdate(const NetworkClientInfo *ci);
 void NetworkAdminClientQuit(ClientID client_id);
 void NetworkAdminClientError(ClientID client_id, NetworkErrorCode error_code);
-void NetworkAdminCompanyInfo(const Company *company, bool new_company);
+void NetworkAdminCompanyNew(const Company *company);
 void NetworkAdminCompanyUpdate(const Company *company);
 void NetworkAdminCompanyRemove(CompanyID company_id, AdminCompanyRemoveReason bcrr);
 
diff --git a/src/network/network_server.cpp b/src/network/network_server.cpp
--- a/src/network/network_server.cpp
+++ b/src/network/network_server.cpp
@@ -2198,9 +2198,6 @@ void NetworkServerNewCompany(const Compa
 		Command<CMD_RENAME_PRESIDENT>::SendNet(STR_NULL, c->index, ci->client_name);
 	}
 
-	/* Announce new company on network. */
-	NetworkAdminCompanyInfo(c, true);
-
 	if (ci != nullptr) {
 		/* ci is nullptr when replaying, or for AIs. In neither case there is a client.
 		   We need to send Admin port update here so that they first know about the new company