Need MSME registration? Get License Consultants are India’s Leading MSME Consultants which provide end to end guidance and support for MSME registration. Our services are backed by our years of experience and knowledge. On this page we have shared details regarding MSME registration. You may go through it and contact us for further queries.
Ministry of MSME has revised the MSME registration process w.e.f 01st July 2020. It is now known as ‘UDYAM REGISTRATION’. The Term Udyam is equivalent to Enterprises in English. Hence all the Micro, Small or Medium Enterprises has to obtain UDAYM Registration to avail the benefits of various schemes run by the govt.
What is MSME registration ?
MSME stands for Micro, Small and Medium Enterprises. In a developing country like India, MSME industries are the backbone of the economy.
Proprietorships, Hindu Undivided Family, Partnership Firm, One Person Company, Limited Liability Partnership, Private Limited Company, Limited Company, Producer Company, any association of persons, co-operative societies or any other undertaking can obtain MSME registration in India.
What is the purpose of MSME?
As of now, the Ministry of Micro, Small and Medium Enterprise has given business owners and enterprises to collect interest on payments delayed by the buyer. Under the MSME registration benefits, a buyer is expected to make a payment for the goods/services within 15 days of the purchase.
Benefits of MSME Registration
- Bank Loans (Collateral Free).
- Subsidy on Patent Registration.
- Overdraft Interest Rate Exemption.
- Industrial Promotion Subsidy Eligibility.
- Protection against Payments (Delayed Payments)
- Fewer Electricity Bills.
- ISO Certification Charges Reimbursement.
What type of business comes under MSME?
- Micro Enterprises – Does not exceed twenty-five lakh rupees
- Small Enterprises – More than twenty-five lakh rupees but does not exceed five crore rupees
- Medium Enterprises – More than five crore rupees but does not exceed ten crore rupees
Any Business having a turnover of or less than Rs. 1.5 Crores is considered a Small Business in the GST Regime and are required to GST Returns Filing & pay taxes but on a quarterly basis. Meaning MSMEs were open to the GST compliance procedures of registration, Return Filing, payments, refunds, returns, etc.
Requirements for MSME Registration
- Aadhar number of the applicant.
- Name, gender, PAN number, email id and mobile number of the applicant.
- PAN, location, and address of the organization.
- A number of employees and the date, you are planning to start your business.
- Bank account number and IFSC code.
- The basic business activity of the enterprise.
How to get MSME Registration?
The MSME Registration application is an extensive process subject to strict adherence to complete and accurate paperwork and procedure. An error in paperwork is likely to delay the process by several weeks or even months leading to loss of time and money.
Hiring an experienced MSME Consultant can help you save time and efforts and get an MSME Registration without a hassle in stipulated time period. If you have a query regarding the MSME Registration, then do get in touch with us. We will be glad to assist you.
We offer end to end MSME Consultancy services across India in all states. In North India we offer services in Delhi, NCR, Jaipur, Jodhpur, Udaipur, Agra, Chandigarh, Amritsar, Ludhiana, Jammu, Allahabad, Patna, Lucknow, Dehradun. In Central India we offer services in Mumbai, Ahmedabad, Pune, Surat, Nagpur, Nashik, Indore, Kolkota, Aurangabad, Vadodara, Kota, Alwar, Ajmer, Bikaner. In South we offer services in Chennai, Bangalore, Hyderabad, Kochi, Madurai, Coimbatore, Bhaubaneshwar, Puducherry, Mysuru, Vishakhapatnam, Mangalore, Thiruchirapalli, Vijaywada, Warangal, Salem, Thrissur, Hubli, Belgaum, Vellore, Secunderabad, Rajahmundry, Tirunelveli. In North East India we offer services in Guwahati, Shillong, Imphal, Gangtok, Agartala, Kohima, Aizawl, Dibrugarh, Silchar and Tezpur
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