Micro, Small, and Medium Enterprises, or MSME, are the backbone of the economy. MSME is the ultimate executive authority in charge of enforcing and enforcing rules, regulations, and laws governing Micro, Small, and Medium Enterprises. MSME Registration is available to businesses in both the manufacturing and service sectors.
MSME Registration is a quick and easy way to register MSMEs and SMEs. It provides a variety of benefits to businesses, including financial assistance and additional government subsidies. It aids in the development of infrastructure and the expansion of company.
WHAT ARE THE ADVANTAGES OF AVAILING THE MSME REGSTERATION?
- MSME registration assists in obtaining government tenders with ease, as the Udyam Registration Portal is integrated with the Government e-Marketplace and numerous other State Government portals that provide quick access to their marketplaces and e-tenders.
- Exclusions from Direct Taxation-As mentioned in the scheme by the government, enterprises that enclose MSME Registration can benefit from Direct Tax Exemption in the early year of business, based on business activities.
- Interest Rates on Overdrafts Are Exempt-Enterprises or businesses registered under MSME might receive a 1% discount on their overdraft, according to a system that varies per bank.
ELIGIBILITY FOR MSME REGISTERATION?
- All micro, small, and medium-sized businesses in India that meet the requirements can apply for MSME registration. Aside from micro, small, and medium-sized businesses-
- MSME registration is open to limited liability partnerships (LLPs)
- private limited corporations (Pvt. Ltd.),
- one-person businesses (OPCs),
- proprietorship firms, and
- public companies. MSME Registration is also available if the company is in the manufacturing or service sector.
- MSME Registration is open to any company with a valid Aadhar Number.
- Because the Aadhaar number is required for the provision of government documents for MSME Certificate.
ESSENTIAL COMPONENTS OF APPLICATION FOR MSME REGISTERATION
- Name of Individual/Entity as per Aadhar card.
- Social category (General, OBC, SC/ST)
- Physically Handicapped
- Name and type of the Organization.
- PAN Card of Individual and Enterprise
- Location/Address of Plant.
- Country, State, District, City, Tehsil, PIN Code
- Address Proof of office.
- Mobile Number and Email ID of the Applicant.
- Date of Commencement of Business
- Bank account number and IFSC code
- Business activity of the enterprise
- NIC 2 Digit Code – Based on primary activity.
- Additional information of enterprise if any
- Number of employees
- Investment amount in Plant & Machinery
Documents MSME Registration
- Id and Address Proof of the Applicant.
- Photograph of the Applicant.
- Aadhar Card of the Applicant.
- Documents related to the Business entity.
- Address Proof of Working premise. In the case of a Self-owned property-Sale deed is required. In the case of rented property-Rent Agreement and NOC from the owner is required.
- Bank related documents.
- In the case of Partnership Firm-Partnership Deed is required.
- In the case of Company-PAN Card, MOA, AOA, and Certificate of Incorporation.
PROCEDURE TO OBTAIN MSME REGISTERATION
To receive the MSME Registration, an applicant must follow the steps outlined below.
Step 1: Go to The Page The applicant should go to https://www.msmeregistration.org/ .
Step 2-Input Your Aadhar Card Number-An applicant must enter his or her Aadhar number and click the Generate OTP button. The OTP will be delivered to the Aadhar card's connected mobile number.
Step 3-Fill out the application form in the third step.
In the application form, an applicant must fill in the required information as well as his or her personal information. Personal information includes name, address, PAN card, bank account information, and other information required throughout the MSME registration procedure. In addition, a photo of the candidate must be uploaded. A few other factors are taken into account while applying, such as the fact that MSME registration can be done in one of the following categories:
- New registration.
- For those with an EMI-II or Udyog Aadhar Memorandum registration.
Furthermore, new registration is completed by providing the applicant's Aadhar details in one of two ways:
- Using a PAN Card to Register
- Registration without the use of a PAN card
Step 4: Submit Your Application-An applicant must apply after the details have been filed.
Step 5-Application Processing -After the application is filed, the executive will review it. If there are any differences, the executive will notify the applicant via his or her registered email address and phone number so that the necessary corrections can be made.
Receiving The MSME Certificate (Step 6)-The certificate for MSME Registration will be issued after the authority has reviewed the application.