MSME Registration
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MSME Registration
MSME stands for Micro, Small and Medium Enterprises. In a developing country like India, MSME industries are the backbone of the economy. When these industries grow, the economy of the country grows as a whole and flourishes. This sector is the job creator as well as plays a crucial role in providing large-scale employment and industrialization of rural and backward areas. These industries are also known as small-scale industries or SSI’s.
Even if the Company is in the manufacturing line or the service line, registrations for both these areas can be obtained through the MSME act. This registration is not yet made mandatory by the Government but it is beneficial to get one’s business registered under this because it provides a lot of benefits in terms of taxation, setting up the business, credit facilities, loans etc.
The MSME became operational on October 02, 2006. It was established to promote, facilitate and develop the competitiveness of the micro, small and medium enterprises.
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DOCUMENTS REQUIRED FOR MSME REGISTRATION
- Aadhaar Card
- PAN Card
GST is not compulsory for enterprises that do not require a GST registration under the GST law. However, the enterprises that need to compulsorily obtain GST registration under the GST regime need to have GST registration for obtaining Udyam Registration.
Those who have UAM registration or any other registration issued by any authority under the Ministry of MSME, will have to re-register themselves in the Udyam Registration Portal by clicking on the “For New Entrepreneurs who are not Registered yet as MSME or those with EM-II”.
The enterprises having UAM registration need to migrate to Udyam Registration by 31/12/2021. If the entrepreneurs having UAM registration do not migrate to Udyam Registration by 31/12/2021, the UAM registration will be invalid and they will not be able to receive the benefits provided to the MSMEs.
MSME REGISTRATION FEES
The MSME Registration can be obtained by applying only on the Udyam portal. There are no fees charged for filling and submitting the MSME registration form. The MSME registration is totally free on the Udyam portal.
MSME REGISTRATION CERTIFICATE
After submitting the MSME registration form online, a message of successful registration with a reference number will appear. The Ministry of MSME will issue the Udyam Registration certificate or MSME certificate to the email ID of the entrepreneur after verification of the registration form submitted on the portal.
GET MSME CERTIFICATE ONLINE
The entrepreneurs can also download the MSME certificate online by visiting the Udyam Registration portal. The process to get the MSME registration certificate online is as follows:
- On the homepage of the portal, the entrepreneurs have to click on the ‘Print/Verify’ tab and click on the ‘Print Udyam Certificate’ option.
- The next page will open where the entrepreneurs have to enter the Udyam Registration Number, mobile number, choose the OTP option and click on the ‘Validate and Generate OTP’ button.
- Enter the OTP received on the mobile number or email ID and click on the ‘Validate OTP and Print’ button.
The MSME registration certificate will appear and you can print the MSME registration certificate from the page. An entrepreneur can check the MSME registration number from the reference number given after the submission of the MSME registration form.
For getting the MSME registration number, an entrepreneur needs to click on the ‘Verify Udyam Registration Number’ option under the ‘Print/Verify’ tab on the homepage. A new page will open and the entrepreneurs have to enter the reference number, captcha code and click on ‘Verify’ button. The details of the MSME along with the MSME registration number will appear on the screen.
Advantages of MSME Registration
- Cheaper bank loans: The rate of interest on loan offered to MSMEs is 1-1.5% lower compared to typical business loan interest.
- Easy access to credit: PM Modi has introduced the Mudhra Loan scheme, which provides loans to MSME / SSI without collaterals.
- Quicker approvals from state and central government bodies: Businesses registered under MSME are given higher preference in terms of government license and certification.
- Tax rebates: MSME / SSI registered businesses enjoy multiple income taxes and capital gains tax subsidies from the government.
- Cheaper infrastructure: Charges are lower for MSME registered company for facilities such as electricity and VAT exemptions. In fact, other business services such as patents are also cheaper for MSMEs.
- Access to tenders: There are multiple government tenders which are open only to MSMEs to promote small business participation in the India.
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