When we think of a developing country, such as India, then MSME industries are indeed the backbone of our economy. Only when these industries can grow, our country’s economy can grow and flourish. Such industries are also termed small-scale industries or also SSIs.
Change Company Name in MSME Certificate: MSME registration is very essential as it helps the MSME, that is, Micro, Small and Medium businesses to receive the numerous benefits that are offered by the Indian government that supports their growth. The Ministry of MSME provides an e-certificate that is known as the Udyam registration certificate to all the MSMEs in India. The MSME registration certificate is also known as the Udyam registration certificate. Entrepreneurs obtain the MSME registration certificate once they complete the MSME registration procedure.
MSME registration has not yet been made compulsory by the Indian government. However, registering one’s business is beneficial as this provides many benefits in terms of setting up the business, taxation, loans, credit facilities, loans, and so on. Vakilsearch is your one-stop shop related to any legal matters that you may need help with.
What is MSME classification?
In the beginning, when the Indian government launched the MSME registration in the year 2006, the MSME classification depended on the investment criteria in machinery and plant or equipment. The government also then revised the MSME classification by adding annual turnover and composite investment criteria. Moreover, the distinction between the services and manufacturing sectors under the MSME description was eliminated. Following is the revised MSME classification, where the annual turnover and investment are considered to decide if an entity is indeed an MSME:
| Criteria | Micro | Small | Medium* |
| Annual Turnover and Investment | More than Rs.1 crore and lesser than Rs.5 crore | More than Rs.10 crore and lesser than Rs.50 crore | More than Rs.50 crore and lesser than Rs.250 crore |
Documents Required for MSME Registration
The following documents are required for an MSME registration:
- PAN card
- Aadhar card
The MSME registration process is quite simple, and there are no fees for MSME registration. Also, the registration does not need proof of documents. GST-linked and PAN card details on the turnover and investment of enterprises are calculated automatically by the Udyam Registration Portal from the Government databases, as the portal has been integrated with GSTIN and Income Tax systems.
GST registration is not mandatory for organisations that do not need a GST registration based on the GST law. However, businesses that are compulsorily required to get GST registration under the GST law need to specify their GSTIN for MSME Registration. If you need any help related to legal matters related to changing the company name, reach out to Vakilsearch.
Changing the Company Name in MSME Certificate
This blog covers the step-by-step procedure to change a company’s name and the checklist you have to follow need to follow to change a business name in India. An Udyam Certificate is an e-certificate that is issued once you complete the MSME registration procedure. The Udyam portal is a tech-first system designed and developed by the Ministry of Micro, Smaller and Sized Businesses to enhance and facilitate MSME development in India and also to provide all the essential support to MSMEs to digitise India and streamline operations. Reach out to Vakilsearch for any help regarding the change of name of the company.
Procedure to Change Company Name in MSME Certificate
Ensure a mutual board resolution: One needs first to ensure that all the board members are on board with changing the business name. This comprises all board members, crucial shareholders, executives and also the director of the company.
Checking the availability of a name: Once a new company name is finalised, one needs to check if the name is available for the business. If the name is in line with all the guidelines that have been specified, then the MCA accepts the application.
Completing a special resolution: After the MCA accepts your request to change the company name, the organisation needs to host a GM to pass a dedicated resolution to change the company’s name.
Filing application for approval: Once the resolution is passed, one needs to submit the resolution and the approved application for a company name change to the Registrar of Companies.
Issuing a new incorporation certificate: If the registrar finds the application all right, then a new certificate of incorporation is issued to the company with the new name on it.
Modifying the AOA and MOA: Before the new incorporation certificate is issued, however, one needs to ensure that the new business name is in all the copies of the AOA and MOA issued by the Registrar.
Vakilserach is here to help you with changing your company name. The organisation has an efficient process in place to help with the process of having to change your company name. From making amendments to your MOA and AOA to drafting resolutions, Vakilserach is your one-stop shop for any service related to changing your company name.
Documents Required to Change Company Name
First, Form MGT-14 has to be filed with the RoC with the following documents:
- Certified copy of the resolution passed in the EGM
- Notice of the EGM
- Copy of modified AoA and MoA with the changed company name
- The explanatory statement to EGM
Note: Names of candidates, states, and also Aadhaar numbers cannot be modified on the Udyam Registration Certificate. Do note that PAN numbers will be modified only in certain cases. Upon completion of the full registration, a few critical things cannot be updated.
- Candidate Name
- State
- District
- Aadhaar Number
Things We Can Update In the Udyam certificate
The following details can be updated in the Udyam registration certificate:
- Business Name
- Address
- The contact information
- PAN number in particular cases
- Bank account details
Conclusion
There are many reasons that one may need to change their company name. Vakilsearch can help you with the same by making this process simple and speedy, with all the manual work done by their expert team. Reach out to Vakilsearch for any help related to changing your company name.
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