MSME

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MSME

Small scale businesses play a vital role in improving the economy of any country. To encourage new and existing business, the government of India has launched many schemes to help small and medium scale businesses to sustain and grow. To avail all these beneficial schemes, you need to get your MSME registration done. MSME registration is also known as Udyog Aadhaar or SSI registration.

Importance of MSME

Bank Loans (Collateral Free)
The Government of India has made collateral-free credit available to all small and micro-business sectors. This initiative guarantees funds to micro and small sector enterprises. Under this scheme, both the old as well as the new enterprises can claim the benefits
Industrial Promotion Subsidy Eligibility
Businesses that have been registered as MSMEs are eligible for subsidies for Industrial Promotion as provided by the Government.
Overdraft Interest Rate Exemption
Businesses and enterprises registered as MSMEs can avail a benefit of 1% on the OverDraft in a scheme that differs from bank to bank. This helps to make small businesses secure during unfavorable markets.
Subsidy on Patent Registration
Under the current laws, MSMEs registered with the MSME ministry stand to benefit from a 50% subsidy on their patent registration fees. This encourages small businesses and firms to keep innovating and working on new projects and technologies. The subsidy can be availed by submitting an application to the respective ministries.
Protection against Payments (Delayed Payments)
MSMEs constantly face the risk of delayed payments which in turn disturbs their entire business. It has mandated that any buyer of goods or services from registered MSMEs is required to make the payment on or before the agreed date of payment or within 15 days from the day they had accepted the goods or services. If the buyer delays the payment for more than 45 days after accepting the products or services then the buyer has to pay interest on the amount that was agreed to be paid. The interest rate is three times the rate that is notified by the Reserve Bank of India.
Fewer Electricity Bills
All companies that have the MSME Registration Certificate are entitled to concessions on their electric bill. This enables businesses to boost production and take in more orders without worrying about capital expenditure on costs like electricity and maintenance. micro, small and medium enterprises can avail of the concession by providing an application to the department of electricity along with the certificate of registration.
ISO Certification Charges Reimbursement
Any registered micro, small and medium enterprise can claim reimbursement of the expenses that were made in order to obtain an ISO certification. This motivates entrepreneurs to get their respective businesses ISO certified which helps them to do business abroad in terms of high-quality exports.

Process Of Registration

1
Start Registration Process

Click here to start the MSME Registration Process.

2
Fill Application Form

At the first step, you have to fill in basic details in the MSME Registration form that will include all the necessary details of your business such as company name, registration number, GST number, and so on

3
Enter Personal Details

At this stage, you are required to fill in all your personal details such as name, address, PAN Card, bank account details, and some common information that is mandatory during the MSME registration process. Also, a photo needs to be uploaded. Ensure that the size of the photo is within the permissible limits for it to be uploaded on the site.

4
Executive Will Process Application

At this process, an MSME executive will review your application. In case of any discrepancy, you will be notified about the process and make the relevant changes.

5
Receive Certificate of Mail

After filling the complete form you will get the certificate for MSME Registration. To know how it would be, you can download a copy of the Sample MSME Certificate. The Ministry will not issue you any hard copy for it. You will get a virtual certificate for MSME Registration. This is the process for the MSME registration for companies. Note that the entire registration process is free of cost. However, there are many online portals that do the registration process on behalf of the companies at a certain fee

Documents Required for MSME

  • Applicant’s Aadhaar card
  • Applicant’s PAN
  • Company PAN (not applicable in case of a proprietorship firm

Eligibility Criteria

Udyog Aadhaar Eligibility
The entities that fall under the following three categories can apply for MSME registration. Micro Enterprises Where the investment in plant and machinery is not more than ₹1 crore and the annual turnover is not more than ₹5 crores. Small Enterprises Where the investment in plant and machinery is not more than ₹10 crores and the annual turnover is not more than ₹50 crores. Medium Enterprises Where the investment in plant and machinery is not more than ₹50 crores and the annual turnover is not more than ₹250 crores.

FAQs

Q. Who is eligible for MSME?
To be eligible for registering under MSME, the business should fall under the investment or turnover limits that the government has established. The type of organisation doesn’t matter, and you can be an LLP, one-person company, Hindu joint family, etc.
Q. Is it mandatory to register under MSME?
No, registration under MSME is not mandatory. However, it is advised that you get registered because it comes with various benefits that you won’t get otherwise.
Q. Is an Aadhaar card mandatory for MSME registration?
Yes, an Aadhaar card is mandatory for MSME registration.
Q. Is the process completely online?
Yes, the process is 100% online. We will provide you with a dashboard in which you can comfortably do everything.

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