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+91 8600544422Udyam Registration (MSME Registration)
MSME registration also known as Udyam Registration recognizes certain business enterprises as micro, small and medium enterprises under MSME Act and helps them to avail various benefits and subsidies under government programs and schemes.
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Udyam Registration (MSME Registration)
MSME stands for micro, small and medium enterprises and all the businesses or enterprise that falls under these categories are considered to be MSME. The MSME sector has emerged as a dynamic sector of the Indian economy over the last few decades. MSMEs contribute enormously to the socio-economic development of the country. MSME has a large share of jobs, production, and exports. The primary responsibility for the promotion and development of MSMEs is of the State Governments. However, the Government of India supplements the efforts of the State Governments through various initiatives.
An MSME registered under the Micro, Small, and Medium Enterprises (MSME) Development Act 2006 can avail of various benefits as provided by Government and other Regulatory Bodies. It can get bank loans at a cheaper rate, tax benefits, preference in the tender stage, subsidies, and access to various schemes and incentives of the government. A business entity that has registered itself under MSME Act is entitled to avail of all these benefits.
MSME Registration (Udyam Registration) process is completely online but you will require a professional to fill up your application and get it approved by the department. MSME Registration (Udyam Registration) is a voluntary registration for the businesses but it is always suggested in order to have Government backing for the enterprises. As a result, numerous medium and small-scale industries are stepping forward to register under MSME Registration (Udyam Registration).
HOW IS MSME CLASSIFIED?
An enterprise shall be classified as a micro, small or medium enterprise on the basis of below-mentioned criteria :
Micro Enterprises
Micro Enterprises includes all Manufacturing and Service rendering Enterprises whose:
- Investment in Plant and Machinery or Equipment – does not exceed Rs. 1 crore and
- Annual Turnover – does not exceed 5 crores
Small Enterprises
Small Enterprises include all Manufacturing and Service rendering Enterprises whose:
- Investment in Plant and Machinery or Equipment – does not exceed Rs. 10 crores and
- Annual Turnover – does not exceed 50 crores
Medium Enterprises
Medium Enterprises include all Manufacturing and Service rendering Enterprises whose:
- Investment in Plant and Machinery or Equipment – does not exceed Rs. 50 crore and,
- Annual Turnover – does not exceed Rs. 250 crores
Who can apply for Udyam Registration (MSME Registration)?
- An Individual Person / Proprietorship Firm
- Hindu Undivided Family (HUF)
- Partnership Firm
- Limited Liability Partnership
- Company
- Trust
- Society
- Association of persons / Body of Individuals
- Self-help Group / NGO’s
- Others
Benefits Of Udyam Registration (MSME Registration)
Easy Loan Availability
The government has introduced various initiatives for MSME Registered entities that allow them to avail collateral-free loans from SIDBI (Small Industries Development Bank of India) and the Ministry of Micro, Small, and Medium Enterprise under the name The Credit Guarantee Trust Fund Scheme.
Subsidy on Trademark and Patent Registration
Business enterprises registered under the MSME Act are given a hefty subsidy of 50 percent for trademark and patent registration.
Overdraft Facility
Business enterprises registered under the MSME Act can avail the benefit of a 1% exemption on the interest rate on overdraft (OD).
Concession on Electricity Bill
Business enterprises registered under the MSME Act can avail concession on electricity bill by making application to electricity department.
Protection against delayed payments from Buyers
A buyer is expected to make a payment for the goods/services within 15 days of the purchase from the MSME business enterprise. If the buyer delays, the payment for more than 45 days, the enterprise is eligible to charge compound interest which is 3 times the rate notified by RBI.
ISO Certification Charges Reimbursement:
Business enterprises registered under the MSME Act can claim the expenses for reimbursement that were spent on ISO certification.
Lower Rate of Interest
Business enterprises registered under the MSME Act can avail loans at attractive interest rates. Thus, enterprises can spend a minimum amount of money on loan repayment and use the rest for business purposes.
Resolution of disputes and grievances:
Business enterprises registered under the MSME Act undergoing a dispute with regard to payments may refer the dispute to the MSME Facilitation Council for Conciliation & Arbitration. Further, MSME’s can have access to Champions Control Room which is Single Window Systems to help the MSMEs in the difficult situations in terms of finance, raw materials, labour, permissions and to capture new opportunities in manufacturing and services sectors.
Minimum Requirements For Udyam Registration (MSME Registration)
Aadhaar Card of Applicant
Mobile Number Linked with Aadhaar of Applicant
PAN of the Applicant
GSTN (wherever applicable)
What Is Included In Our Udyam Registration (MSME Registration) package?
Consultation on MSME Registration Process
Verification and Submission of Application
Temporary Reference Number after submission
MSME / Udyam Registration Certificate and Registration Number
Udyam Registration (MSME Registration) Process
Collection of required documents
In the very first step, the applicant has to send us the required documents as per the checklist. We will then verify the documents and if the documents are fine, then we would be processing with the application.
Submission of Application for MSME Registration (Udyam registration)
Once we receive all the required documents, we shall then fill up the relevant forms and apply for MSME registration on behalf of the Applicant. Once, the application has been successfully applied, you will receive a temporary reference number which has to be preserved for tracking the application.
Get the Certificate in 4-5 working days
After the MSME registration application is successfully approved by the respective authority, you shall receive a copy of the MSME/Udyam Registration Certificate within 4-5 working days, subject to the approval of government authorities.
Documents Required for Udyam Registration (MSME Registration) Process
- For Individuals and Proprietorship Firm
- Aadhar Card of Proprietor.
- Pan Card of Proprietor.
- Name of the Enterprise.
- Mobile Number of Proprietor (Should be linked with Aadhaar Number)
- Official Address and plant/unit address of Enterprise
- Date of incorporation / Commencement of Business
- Bank details of the Enterprise/Individual
- The Activity of the Enterprise
- Investment in plant and Machinery and turnover during last year.
- Number of Employees – Male / Female / others
- GSTN (optional)
- Income Tax returns of Previous year (optional)
- Other than Individuals and Proprietorship Firm
- Certificate of Incorporation / registration / establishment
- Copy of PAN card of the Organisation
- Copy of PAN card of Directors / Partners / Trustee
- Copy of Aadhaar Card of Directors / Partners / Trustee
- Cancelled Cheque bearing pre-printed name of the Organisation / Bank Certificate
- Address proof of the Entity (Partnership Deed/ Rental Agreement/ Sale or Lease Deed/ Electricity bill/ Post-paid Telephone Bill)
- In case the address proof is not in the name of the applicant firm, a no-objection certificate (NOC) by the firm premises owner in favour of the firm along with the address proof may be submitted.
- GSTIN Number (Optional)
- Mobile number and Email id of directors
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