MSME (MINISTRY OF MICRO, SMALL, & MEDIUM ENTERPRISES) REGISTRATION

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MSME (MINISTRY OF MICRO, SMALL, & MEDIUM ENTERPRISES) REGISTRATION

INTRODUCTION

The ministry of MSME (Ministry of Micro, Small, and Medium Enterprises) plays a crucial role in the growth of the economy of any country by fostering entrepreneurship and generating employment. MSME (Ministry of Micro, Small, and Medium Enterprises) has contributed a lot in encouraging the new young entrepreneur in India. If you are a new entrepreneur in India and you are registered under the MSME (Ministry of Micro, Small, and Medium Enterprises) they can offer numerous benefits, which includes tax incentives, various subsidies, and easier access to the credit for their company. To know further about it here is a brief description about MSME (Ministry of Micro, Small, and Medium Enterprises).
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WHAT IS MSME (MINISTRY OF MICRO, SMALL, & MEDIUM ENTERPRISES) REGISTRATION

MSME stands for Ministry of Micro, Small, and Medium Enterprises. The classification as in the name is based as per the investment in the plant and machinery for the manufacturing enterprises and equipment for service enterprises. The government of India through the MSMED Act, 2006, has defined the MSME (Ministry of Micro, Small, and Medium Enterprises) as under:

MICRO ENTERPRISES

Any enterprise whose investment in plant and machinery and equipment does not exceed Rs 1 crore and the turnover of that company does not exceed Rs 5 crores is considered as micro enterprises.

SMALL ENTERPRISES

Any enterprise whose investment in plant and machinery and equipment does not exceed Rs 10 crore and the turnover of that company does not exceed Rs 50 crores is considered as small enterprises.

MEDIUM ENTERPRISES

Any enterprise whose investment in plant and machinery and equipment does not exceed Rs 50 crore and the turnover of that company does not exceed Rs 250 crores is considered as medium enterprises.

BENEFITS OF MSME (MINISTRY OF MICRO, SMALL, & MEDIUM ENTERPRISES) REGISTRATION

 After getting registered under MSME (Ministry of Micro, Small, and Medium Enterprises) there are several benefits to the companies and some of those benefits are discussed under:

SUBSIDIES AND TAX BENEFITS:

When the company is registered as MSME (Ministry of Micro, Small, and Medium Enterprises) they benefit various subsidies on patent registrations and various industrial promotion. These company also benefits with the tax exemptions and various incentives to promote the growth of MSME (Ministry of Micro, Small, and Medium Enterprises)

CREDIT AND FINANCE:

Company registered with MSME (Ministry of Micro, Small, and Medium Enterprises) got an easier access to loans at a very lower interest rate. They also provide those companies with credit guarantee schemes to ensure the hassle-free banking credit without any collateral required.

GOVERNMENT TENDERS AND PROCUREMENT:

Government announces various contracts and tenders and procurement processes all those companies that registered as MSME (Ministry of Micro, Small, and Medium Enterprises) are given a preference over others for these projects and processes. These company also benefits with the exemption from certain government fees and concessions.

INFRASTRUCTURE SUPPORT:

Government provides various subsidies on electricity, registration, ISO certification, provide access to various specialized industrial areas and infrastructural facilities to those companies that are registered as MSME (Ministry of Micro, Small, and Medium Enterprises)

MARKET ASSISTANCE:

Marketing support and assistance is provided to the companies for the sale of their goods and services in the market and help those companies with export promotions through various government schemes if they are registered as MSME (Ministry of Micro, Small, and Medium Enterprises).

DOCUMENTS FOR MSME (MINISTRY OF MICRO, SMALL, AND MEDIUM ENTERPRISES) REGISTRATION

Documents that are required to get the company registered as MSME (Ministry of Micro, Small, and Medium Enterprises) are as under:

DIGITAL SIGNATURE

Digital signature is required of the individual or the business entity for the registration as MSME (Ministry of Micro, Small, and Medium Enterprises)

PAN

Permanent Account Number of the individual or the business entity is essential for registration

AADHAAR CARD

Adhaar card is to be provided with the matching detail as of the PAN card to register as MSME (Ministry of Micro, Small, and Medium Enterprises).

BANK DETAILS OF THE IEC HOLDER

A cancelled cheque and the bank statement is of the business entity or individual.

APPLICATION PROCESS FOR MSME (MINISTRY OF MICRO, SMALL, AND MEDIUM ENTERPRISES) REGISTRATION

There is a specific process for the registering as a for MSME (Ministry of Micro, Small, and Medium Enterprises) and is discussed below:

VISIT THE UDYAM REGISTRATION PORTAL:

The first step is to visit the Udhyam Registered website to register for MSME (Ministry of Micro, Small, and Medium Enterprises) and get registered as a user.

AADHAAR CARD:

the second is to make sure that you must have the Aadhar number of the proprietor, managing partner, or authorized signatory for the process.

FILL IN THE DETAILS:

After registering as a user at the website company is required to enter the business details, including type, name, PAN, location, and bank account information. After that company has to fill in the investment and turnover details of the enterprises so that the application process can be carried forward.

SUBMIT THE APPLICATION:

After verifying the details for the application submit the application and after submission an acknowledgment with a unique URN (Udyam Registration Number) will be generated. company can use this URN (Udyam Registration Number) to track its application status.

REGISTRATION CERTIFICATE:

After the successful verification of all the documents and application and viewing its authenticity, the certificate is issued online and the company can download the certificate and print it.

IMPORTANT CONSIDERATION

ACCURATE INFORMATION:

Make sure that all the information provided for the registration is accurate and up-to-date to avoid any issues during the verification of the documents.

REGULAR UPDATES:

the details that are registered are to be kept updated, especially the turnover of the company and other financial figures, to ensure the compliance.

BENEFITS AWARENESS:

All the tenders, contracts and other schemes that are announced for the MSME (Ministry of Micro, Small, and Medium Enterprises), the companies that are registered must stay updated so that they can avail the benefits of the facilities.