MSME (Micro, Small and Medium Enterprises) covers any venture that does not have a turnover of 1200000000. These, according to analysts, form the backbone of the economy of any nation. These help the market ensure equitable distribution of wealth. For this reason, the Government of India offers numerous subsidies, incentives and other facilities to MSMEs. It does this through the MSMED (Micro, Small and Medium Enterprises Development) Act. To avail of these benefits, a venture has to register itself into it.
The initial process for MSME registration online is the same as mentioned above like clicking on the option “For New Entrepreneurs who are not Registered yet as MSME” and then when the next page of the government portal of registration of MSME is opened, the next step required is that the Aadhar Card number and name of the entrepreneur needs to be filled into the space provided. When the entrepreneur fills his Aadhar Card number and his name, then the next step required is clicking the “Validate and Generate OTP” button.
Once this button is clicked and OTP is received by the entrepreneur, he needs to enter the OTP. After this step the next page that opens is that of the PAN Verification. But the entrepreneur might not possess a PAN Card, so when the box opens it asks “Do you have PAN?”. There are two options below that box – “Yes” and “No”. Here the entrepreneur has to click the “No” option if he does not possess a PAN Card. Then for opening the next page the next step required is clicking on the “Next” button.
After the “Next” button is clicked, the Udyam Registration page gets opened. This page requires that the entrepreneur must upload his personal details and all details regarding his plant or details of the industry. After going through all these procedures and having filled in all the required details, the next step that the Entrepreneur needs to take is clicking on the “Final Submit” button. In a short while a message of thank you can be seen on the screen along with the registration number.
Here it is to be noted that although an entrepreneur can register himself as MSME even if he does not have a PAN Card. But after registration, he has to apply for a PAN Card and GSTN. As soon as he gets both, i.e., PAN Card and GSTN he has to update it on the MSME Registration in India
Advantages of registering into MSME
Subsidy to register patents
Government of India offers 50% subsidy for the loans it receives if the venture is registered with MSMED Act. You may use it to apply for patent registration under the Ministry of MSMEs.
Subsidy for industrial promotion
Registering under this Act makes you eligible for Government subsidy available to promote your products and services.
Extension of interest on overdraft facility
Ventures registered under MSMED are eligible for 1% interest on the overdraft facility. The amount may vary depending on the lender you choose.
You avail low interest rates for the loans you take
In addition to the exemption on overdraft facilities, those MSMEs registered under the MSMED Act are eligible for 2% interest sub pension. These are made available for incremental loans of less than INR 10000000.
Reimbursement of charges incurred for ISO certification
MSMEs registered under the Act are eligible for the reimbursement of the cost they incur in obtaining the certifications like ISO9000, ACCP certification etc. This is done so as to improve their performance in all sectors.
MSME, which stands for Micro, Small, and Medium Enterprises, serves as the supporting structure of the Indian economy.
It provides the necessary resilience to our economy against global adversities.Currently, MSMEs in India have a contribution of 6.11% and 33.4% in the manufacturing GDP and manufacturing output respectively.
They also employ 120 mn individuals in India, contributing around 45% of total exports from India.Becoming a part of the MSME registration online in India requires MSME registration.
Irrespective of whether a company falls into the manufacturing or service sector, they need to get MSME registration done as defined in the MSME act.What is the MSME registration process?Companies need to get the MSME registration done online using the portal udyam registration.gov.in.
Their registration is done under two broad categories, which are:MSME registration for entrepreneurs who are not yet registeredRegistration for those who have already done MSME registration as EM-II or UAM (Udyog Aadhar Memorandum)What are the benefits of MSME registration?MSME registration in India makes it easier for individuals to avail bank loans at interest rates that are comparatively lower than regular loans.Businesses that have obtained an MSME certificate become eligible for tax exemption under the MSME Act.Registered MSMEs are more preferred for various licenses and certificates issued by the government.By getting the MSME registration done, an enterprise gets easy access to loans and credit facilities.A registered MSME also gets compensation for the expenditure incurred for ISO certification.It also enables the allowed credit for MAT (Minimum Alternate Tax) to be carried forward for fifteen years (10 years otherwise).Post MSME registration, the total cost of product patent or setting up an industry goes down because of several concessions and rebates.It helps acquire government tenders easily.
This is because of the integration of the Udyam registration portal with the government e-marketplace which provides easy access to e-tenders.What are the documents required for MSME registration?The business entity has to submit several documents which are required for MSME registration.
We are India's largest online business services platform dedicated to helping people easily start and grow their business, at an affordable cost.In July 2012, we began our journey with the goal of making it easier for entrepreneurs to expand and grow their business.
We help startups and entrepreneurs get registration and certification for all processes of the Indian government.
We are well qualified for micro small & medium-sized companies with the MSME New Udyam Registration processing system.Our aim is to assist the entrepreneurs with legal and regulatory requirements, and be a partner across the business lifecycle, offering support at every stage to ensure the business remains compliant and continually growing.We are a technology-driven platform trying to organize professional services industry in India!
Our mission is to provide individuals & organisations with one-click access to all their legal & professional needs…!!
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We have introduced msmeregistration.org with the aim of serving our clients with best and reliable online MSME Registration assistance in India.
Many people search the internet for information about udyam registration fees, and they want to know how much they pay for a new udyam registration or a re-registration for current users.So, in today's short guide, we'll clear up any confusion you may have about the udyam or msme registration fee and provide you with all the information you need.Udyam Registration Fee DetailsThe cost of registration is the first thing that comes to mind when you think about any kind of registration.
So, first, let's see what the registration fee for udyam or msme is.You have two options for completing the Udyam/MSME registration:The first is via the official government site, where you can register for free.
However, the government process is difficult, time-consuming, and difficult to learn for new users.Second, you can hire a private agent, such as Udyamregistration.co, who can charge you a low consultation fee and complete the registration on your behalf, saving you time and resources.Udyam Registration ProcessThe process for registration for Udyam is simple and clear:Step 1: To begin, go to our udyam portal.Step 2: Complete all of the information needed on the MSME form.Step 3: Pay for your application online.Step 4: Our executive will review and process your submission.Step 5: You can obtain a certificate to your registered email address within 1-2 hours.Document RequiredDocuments that you needed to complete the process of udyam registration are given below: Applicant’s Aadhaar cardPAN Card & GSTIN ( Only for company registration
