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MSME Registration

MSME – Registration, Criteria, Benefits

Micro, Small and Medium Enterprises Development Act (MSMED) came into action in the year 2006. The simplest way to understand what these different types of enterprises are is that:

(a) Enterprises which does not have it’s turnover more than 5 crores will be considered Micro Enterprise.

(b) Enterprises which have their turnover between 5 crores – 75 crores will be considered small enterprises.

(c) Enterprises whose turnover is between 75 crores – 250 crores will be considered medium enterprises.

What is MSME registration?

The function of MSME is to overlook these enterprises and formulate rules and regulations for the same. Moreover, the enterprises which have MSME registration, also enjoy a lot of benefits All the administration is carried out by MSME. Read further to know about MSME Udyog Aadhaar Registration.

What is the process of MSME registration online?

In this digital era, almost all the processes can be carried out via the internet, be it formal or informal. MSME also has an official website through which you can have your MSME registration online and very quickly and comfortably. On the official website of MSME, you will find a registration form in which you will have to fill the documents as notified about below. After filling out all the mandatory information, you have make online payment which is ₹1999.

After completion of the process of filling the registration form and making payment, the executive will process your application. When all this has been done successfully, you will receive a certification on your email address which you provided in the registration form.

What Are MSME Registration Process?

For every Enterprise to be certified, it must have an MSME registration.

The steps to register are as follows.

Step 1. Submission of the mandatory documents which are notified about, down below.

Step 2. Getting registered

Step 3. Preparation of application

Step 4. Application and filing submission to the registrar

Step 5. MSME certified

What Are The MSME Registration Benefits?

You do not just become MSM is certified after the registration, you also enjoy a lot of benefits. Keep reading to know about MSME registration benefits.

  1. Avail loans without collateral. This could be very beneficial for Enterprises, especially small Enterprises to gather funds.

  2. Subsidy is provided on industrial promotion and patent registration. 50% of patent’s registration is given as a subsidy

  3. Concession on electricity. To avail this, register the certification form along with the bill

  4. Protection again held payments. The buyer is supposed to pay for the goods within 15 days. If he fails to do that for more than 45 days, he has to pay interest 3 times the rate notified by RBI

  5. Overdraft facility and interest rate relief.

What Is MSME Registration Eligibility Criteria?

MSME overlooks the enterprises which are registered under it. To know about the MSME registration eligibility criteria, keep reading as given below are the eligible firms.

  • Hindu Undivided Family

  • Proprietorships

  • Limited company

  • Producer Company

  • Sole proprietorship

  • Private limited company

  • Cooperative Societies

  • Limited Liability Partnership

What Are The Documents Required For MSME Registration?

The documents which are required to process this registration are as follows.

  • Name of the applicant

  • A copy of PAN card of the Directors of the enterprise

  • Address of the main registered office

  • Passport size photograph of Directors

  • Copy of Aadhaar Card of authorized person

  • Name of business

  • PAN of business

  • Bank account number and IFSC code

  • Declaration for turnover and investment in plant and machinery

  • Trademark copy (optional)

  • Number of employees

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