MSME/Udyam Registration - Overview
The Ministry of Micro, Small and Medium Enterprises has allowed the micro, small, and medium industries to get the MSME registration or the SSI registration under the MSMED Act. It is not a compulsory registration however, owing to the benefits it is feasible to go for the registration.
Udyog Aadhar and MSME Registration is now known as Udyam Registration.
SSI Registration or Small Scale Industry Registration or Small Business Registration is all the same as MSME Registration in India. SSI Registration is through the Directorate of Industries of the State Government. The main purpose of SSI registration is to maintain statistics and a roll of SSI businesses in India to provide incentives and support services. In the digital era, Tax Seva Kendra offers an online MSME registration service for all at affordable prices.
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MSME/Udyam Registration Package
Rs.499/-+18% GST
- What we provide
- Documents required
- Free Consultancy
- Delivery in one working day
-
FOR APPLICANT / PROPRIETOR / PARTNER / DIRECTOR
- PAN
- Aadhaar
- Mobile & Email ID FOR COMPANY/FIRM
- PAN
- GST / Any Other Licence
- Nature of Business
- No of Employee
- Assets value as on date
- Bank Statement
- Cancelled Cheque
Importance of MSME Registration
MSME Registration
MSME Registration is an optional Registration under the MSMED Act that provides Micro, Small and Medium-sized enterprises with a variety of subsidies and schemes.
Registration Criteria
For the MSME registration, the enterprises in the Manufacturing sector need to have less than Rs.10 crores of investment in plant & machinery; service Enterprises must have an investment of less than Rs.5 crores of investment in plant & machinery.
Bank Loans
The government has made collateral-free credit available to small, micro, and medium industries. Also, there is a benefit of 1% on the overdraft as mentioned in a scheme that can differ from bank to bank.
Industrial Promotion Subsidy The MSME industries are eligible for a subsidy for industrial promotion as specified by the government.
Classification of MSME
Recently the classification and definition of MSMEs in has been revised by the Central Government. Let's look into the updated classification that have been done based on the investment and turnover of the enterprises.
Type of enterprise:
MICRO ENTERPRISE
Investment: Rs. 1 crore
Turnover: Rs. 5 crore
SMALL ENTERPRISE
Investment: Rs. 10 crore
Turnover: Rs. 50 crore
MEDIUM ENTERPRISE
Investment: Rs. 50 crore
Turnover: Rs. 250 crore
MSME Registration Process
Below mentioned are the steps to follow for the MSME Registration Process.
Step 1: Fill in MSME registration form online with all requisite details by visiting the official website
Step 2: Upon submission of documents, the applicant shall receive a registration number
Step 3: Next step is payment of the registration fee online
Step 4: After successful payment, the authority will register the applicant’s business as MSME within 1-2 working days
Step 5: MSME registration certificate shall be sent via email to the applicant’s registered email address.
The process for MSME registration is simple and hassle-free for businesses to get registered as MSMEs under the Ministry of MSME.
Documents required for MSME Registration Online
Following the documents required for MSME online registration.
- Duly filled application form with recent passport-sized photographs
- KYC documents of applicant: passport, voter ID card, Aadhaar card, driving license, utility bills (latest)
- Business PAN card
- Business Establishment Certificate
- Income Proof
- Bank details
- Last 6 months’ bank statement
- Rent or Lease agreement
- NOC from the landlord
Timeframe for MSME Registration
It takes 2 to 3 working days to receive the MSME Certificate.
Why Choose TAX SEVA KEDNA- Online MSME/Udyam Registration Consultant in India
Here is why you should choose Tax Seva Kendra for your MSME registration:
- Simple and quick procedure
- Professionals will take care of MSME filings
- You get assistance throughout the process
- 100 % client satisfaction
FAQs on MSME Registration
Who are eligible for MSME registration?
Following entities are eligible for MSME registration.
Individuals, Startups, MSMEs, business owners & entrepreneurs
Private and Public Limited Companies
Sole Proprietorships
Partnership Firms
Limited Liability Partnerships (LLPs)
Self Help Groups (SHGs)
Cooperative Societies
Trusts, and many other entities
How can I get a copy of my MSME certificate?
Once the MSME registration is complete, you will receive a copy of the MSME certificate at your registered email address.
How long does it take to obtain Udyam Registration?
Your Udyam Registration number will be generated immediately. The Registration Certificate takes time as the concerned authorities verify your information before generating the certificate. The time taken to verify your details is approximately 7 to 10 days.
When is MSME Certificate issued?
MSME Certificate is issued after 1-2 working days from the date of submission of application.
What are the chances of rejection of an Online MSME Application?
There are many reasons for rejection of MSME application like low credit score, unpaid debts, loan defaults, low cash flow, lack of an efficient business plan, incomplete documentation, false information, etc.
Can the MSME borrowers get collateral-free loans from banks?
Yes, they can get collateral-free loans if they opt for unsecured business loans and if they maintain a good CIBIL score with decent financial and loan repayment history.
What is the difference between Udyam Registration and MSME/Udyog Aadhar?
Udyam Registration is MSME registration to start a business under the Ministry of Micro, Small and Medium Enterprises (MoMSMEs) approved by the Government of India. Whereas MSME/Udyog Aadhaar is a 12-digit Unique Identification Number (UIN) provided by the Ministry of MSME for Small and Medium Enterprises (SMEs).
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