Get your business registered under MSME Registration with the help of our expert team.
MSME stands for Micro, Small and Medium Enterprises. The MSME registration is a process of obtaining a unique identification number (Udyam Registration) for a business enterprise that falls under the Micro, Small or Medium Enterprise category, as per the guidelines issued by the Ministry of Micro, Small and Medium Enterprises, Government of India.
The objective of MSME registration is to promote and support these small-scale businesses, which are considered as the backbone of the Indian economy, by providing various benefits and incentives such as easy access to loans at lower interest rates, government subsidies, and tax benefits. This registration also enables these enterprises to participate in various government schemes and programs that are exclusively designed for MSMEs.
To qualify for MSME registration, a business must meet certain criteria in terms of its investment and turnover, as per the MSMED Act 2006. These criteria vary based on the type of enterprise, i.e. micro, small or medium. Once registered, the enterprise is issued an MSME certificate with a unique Udyam Registration Number (URN), which is valid for a lifetime and needs to be renewed only on upgrading of the enterprise to a higher category.
MSME stands for Micro, Small, and Medium Enterprises, and these enterprises are classified based on their investment in plant and machinery or equipment, or the annual turnover of the business.
As per the latest revised guidelines by the Ministry of Micro, Small and Medium Enterprises, Government of India, effective from July 1, 2020, the classification of MSMEs is as follows:
MSME (Micro, Small and Medium Enterprises) registration offers several benefits to businesses. Some of the key benefits are: -
Access to Government schemes and incentives
MSME registration allows businesses to avail various government schemes and incentives such as subsidies, grants, tax exemptions, and other financial benefits.
Easy access to credit:
Banks and financial institutions prefer to lend to MSMEs as they are seen as less risky borrowers. MSME registration can help businesses to get access to loans easily.
Protection against delayed payments
MSMEs can file complaints against buyers who fail to make payments within the agreed-upon time, and the government will take necessary action to ensure the payment is made.
Protection of intellectual property
MSMEs can avail the benefits of the government's Intellectual Property Rights (IPR) scheme to protect their intellectual property such as patents, trademarks, and copyrights.
Preference in government tenders
MSMEs can participate in government tenders and are given preference over large companies in some cases.
Increased visibility and credibility
MSME registration provides visibility and credibility to the business and can help attract more customers and partners.
Simplified regulatory compliances
MSMEs have simplified compliance requirements and are exempted from several laws and regulations applicable to larger businesses.
Copy of Aadhaar Card
In case of a proprietorship firm Aadhaar Card of the Proprietor is required.
In case of a Partnership firm Aadhaar Card of the Managing Partner is required.
In case of body corporate Aadhaar Card of the Authorised signatory is required.
Copy of Pan Card
Bank account Details
Business Address Proof
Business Registration Certificate If the enterprise is registered as a partnership firm, company, or LLP, then a copy of the registration certificate must be submitted.
Mail id and Mobile No.
The MSME registration process can be completed online through the Udyam Registration portal. The following are the steps involved in the registration process:
MSME registration is a government registration process that enables small and medium enterprises to avail various benefits such as access to credit, subsidies, and government schemes.
All enterprises that meet the criteria for micro, small or medium enterprises are eligible for MSME registration. The eligibility criteria vary depending on the sector and the investment in plant and machinery.
You can apply for MSME registration online through the Udyog Aadhaar or Udyam registration portal.
The documents required for MSME registration include Aadhaar card, PAN card, bank account details, and proof of business ownership.
No, there is no fee for MSME registration.
The benefits of MSME registration include access to credit, government schemes and subsidies, exemption from certain taxes, priority in government tenders, and easier access to business loans.
No, MSME registration is not mandatory, but it is recommended for small and medium enterprises to avail of the various benefits offered by the government.
MSME registration certificate is valid for lifetime. It does not require any renewal.
Yes, Aadhaar card is the one of the fundamental document for MSME registration.
Trading companies are not eligible for MSME registration as they do not engage in manufacturing or production activities. The MSME registration is applicable only to manufacturing and service-oriented enterprises that meet the eligibility criteria based on their investment in plant and machinery or equipment, and their annual turnover.
Team Mylegalbusiness.com can help in the registration process of MSME by providing a simplified and streamlined registration process. Our team's experience and expertise can help to ensure a smooth and efficient registration process for businesses, eliminating any possible errors or delays