The MSME Registration is a process that helps small and medium-sized businesses register themselves with the state government. It provides several benefits to these businesses such as:
an opportunity to avail various government schemes and incentives for small businesses;
the knowledge of what the state has in terms of policies, regulations and laws governing manufacturing sector;
What Is MSME Registration?
MSME stands for Micro, Small and Medium Enterprises. It is a government scheme to help small businesses in India. MSME registration is mandatory for all businesses that employ less than 100 people and are required to get benefits under the government schemes.
How MSME Registration Helps Your Business?
- Benefits of registering your business under the MSME Act
- How it helps you benefit from various government schemes and incentives for small businesses
- How it helps you get financial assistance from banks
- How it can help you get loans from various banks
Documents Required for MSME Registration
- Proof of identity and address. You need to submit documents such as a copy of your passport, driving licence or police certificate.
- Business plan, provisional certificate of incorporation and audited accounts.
- Provisional certificate of registration under the Income Tax Act (ITA). If you are incorporated, submit a copy of the ITA form along with other required documents like bank statements for last three years and audited accounts for last two years along with cheque books/bank statement copies if available in case they are not available online.
- Certificate of registration under Service Tax Act (STC). If you had filed return under STC during FY 2016-17, then this can be submitted along with other required documents like bank statements for last three years and audited accounts for last two years along with cheque books/bank statement copies if available in case they are not available online
How to Apply for MSME/Udyam Registration?
To apply for MSME/Udyam registration, you need to visit the MSME portal. You will have to download the form and fill it out with details about your business and its relevant documents.
After filling out this form, submit it along with necessary documents at a nearby Udyog Kendra office within 15 days of opening date of business (i.e., if you start operations on January 1st then you should submit by February 15th or else there will be fines). The fee payable at each office varies depending upon whether they are local or remote locations but generally speaking it ranges between Rs 100–200 per person in urban areas; Rs 50–100 per person in rural areas).
Steps to get Udyam Registration online
- Visit the MSME ministry website at www.mmsec.gov.in
- Click on the link for Udyam registration
- Fill in all details and submit it online
- Print out your form and sign it
What are the benefits of Udyam/MSME registration?
The benefits of registering your business under the MSME Act are many, including:
- Eligibility for loans from banks, NBFCs and other financial institutions.
- Minimum investment amount set by government (Rs 5 lakh).
- No need to submit any kind of documentation or proof like PAN card or Form 16A before applying for registration with MOFED.
Learn how registering your business under the MSME Act can help you benefit from various government schemes and incentives for small businesses.
If you’re thinking of registering your business under the MSME Act, here are some things to keep in mind:
- Registering your business under this act helps you benefit from various government schemes and incentives for small businesses.
- You can get Udyam Registration online through our website.
You can get all the details about MSME registration in our guide. It is a good idea to consult a lawyer before you apply for this license to make sure that your business qualifies for the benefits of such an act.