Professionalsaathi

MSME Registration

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About The MSME Registration
Roshan Singh

Micro, Small, and Medium Enterprises (MSME) registration is a process through which businesses in India can obtain recognition as an MSME under the MSME Development Act, 2006. The registration is carried out by the Ministry of Micro, Small, and Medium Enterprises and provides various benefits, including access to government schemes, subsidies, and financial assistance. This page provides an overview of the MSME registration process, its benefits, prerequisites, and deliverables, as well as answers to frequently asked questions.

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Benefits

Due to the MSME registration, the bank loans become cheaper as the interest rate is very low around ~ 1 to 1.5%. Much lower than interest on regular loans. .

There are many government tenders which are only open to the MSME Industries. .

There are various tax rebates and concessions available to MSME. .

Business registered under MSME are given higher preference for government license and certification. .

Once registered the cost getting a patent done, or the cost of setting up the industry reduces as many rebates and concessions are available. .

Steps

Verify if the business meets the criteria for classification as an MSME based on investment in plant and machinery or equipment and annual turnover.

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Collect all necessary documents and information, such as PAN, address proof, and business registration proof.

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Access the Udyam Registration portal and fill out the MSME registration application form with the required details.

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Submit the application form and required documents. The MSME registration authorities will review the application and verify the submitted information.

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If the application is approved, the authorities will issue an MSME registration certificate, also known as the Udyam Registration Certificate.

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Requisties

  • Valid Permanent Account Number (PAN)

  • Digital Signature Certificate

  • Business registration proof (Certificate of Incorporation, Partnership Deed, etc.

  • Valid email address and mobile number

  • Bank account details and IFSC code

  • Details of investment in plant and machinery or equipment

  • GST registration number (if applicable)

Deliverables

  • MSME (Udyam) Registration Certificate

  • Access to government schemes and initiatives for MSMEs

  • Eligibility for financial assistance and preferential loan rates

  • Tax exemptions, rebates, and benefits

  • Simplified processes and faster approvals for licenses, permits, and registrations

Frequently Asked Questions

Yes, MSME registration and Udyam registration refer to the same process. Udyam registration is the new name for MSME registration, introduced by the government in 2020 .

MSME (Udyam) registration certificates do not have an expiry date. However, registered businesses are required to update their information annually on the Udyam Registration portal. .

The MSME registration process typically takes between 2-7 working days, depending on the accuracy of the submitted information and the processing time of the registration authorities. .

Yes, you can update or modify the details of your MSME registration by logging into the Udyam Registration portal and making the necessary changes. It is essential to update your information annually or whenever there are significant changes to your business. .

No, MSME registration is not mandatory for all businesses. However, it is highly recommended for micro, small, and medium enterprises to avail the various benefits offered by the government. .

Yes, a business operating in multiple locations can have a single MSME registration if the locations are part of the same entity. However, if the locations are separate legal entities, each entity must obtain its own MSME registration. .

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  • Locations

    Kashmir to Kanyakumari

  • Email Address

    info@professionalsaathi.com

    partners@professionalsaathi.com

  • Contact Numbers

    +91 8950296299

    +91 9315650745

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