What is MSME Registration?
MSME stands for Micro Small Medium enterprises. This was introduced by the government of India in the Micro Small Medium enterprises development act 2006. As the name speaks, it was established to support the activities of small and medium enterprises such as production activity, trade activities, the process of manufacturing, etc.
Benefits of MSME Registration to Small Business?
MSME registration offers several benefits to registered small and medium enterprises, including:
1 Stamp duty and registration charges waiver, reducing the acquisition cost
2 Exemption of 1% rate of interest on Overdraft
3 Subsidy of 50% on patent fees and trademark
4 Exemption under direct tax laws
5 Concession on electricity bills
6 Claim expenses for obtaining ISO certification
7 Easy access to government tenders and avail exemption
8 Easy to obtain licenses, registrations, and approvals
9 Interest rate Subsidy on Bank loans
10 Exemption under direct tax laws
MSME Registration Process on Udyam Registration
The MSME Udyam Registration Certificate process is completely online. Here are the steps to follow:
1. Go to the government's official portal udyamregistration.gov.in
2. Select the “For New Entrepreneurs who are not registered yet as MSME or those with EM-II” option.
3. On the next page, fill in all the necessary details (personal and business-related)
4. After filling in the details, select on “Agree to Terms and Conditions” check box and click on “Submit and Get final OTP
5. Once all your information is verified by the Government, you will receive an e-registration Certificate on your registered mail id or you can download it from the Portal.,/p>
Documents Required for MSME Registration Certificate in India
To complete the MSME Udyam Registration process in India, you will need to provide the following documents:
Certificate of Incorporation
Business Objective/MOA of the Company
Number of employees in the Company
Investment in Plant and Machinery as of date
Canceled cheque or bank statement in the name of proprietor /company/LLP.
MSME Udyam Registration fees
There is no government fee for Udyam Registration or MSME registration.