MSME Registration

MSME Registration

MSME stands for Micro, Small and Medium Enterprises. The MSMEs are key contributors to the socio-economic development of the country. The MSMEs cover almost 95% of industrial units, 50% of exports and 45% of employment. Opting for MSME registration is not a statutory mandate; however, it is advisable to obtain the benefits of the Mirco, Small and Medium Enterprises Act. The initiative of MSME started functioning in 2006 to create a competitive environment and encourage small businesses to ensure speedy development and boost the economy.

The MSMEs are categorized in manufacturing sectors and service sectors. These two sectors have been further classified based on the investment. The classification has recently been reset based on investment and annual turnover to create a greater scope of growth for the MSMEs. Below is the reset classification of the micro, small and medium enterprises.

• Criteria
• Investment
• Annual turnover

• Mirco enterprises
• Less than 1 Cr
• Less than 5 Cr

• Small enterprises
• Less than 10 Cr
• Less than 50 Cr

• Medium enterprises
• Less than 50 Cr
• Less than 250 Cr

Benefits of MSME Registration

• MSME certificate helps in getting government tenders
• Under bank loan, 15% import subsidy on fully automatic machinery
• Becomes easy to get licenses, approvals and registrations, irrespective of field of business
• Compensation of ISO certificate expenditure
• MSME registration helps new entrepreneurs, traders and business owners in getting loans at low interest rates
• Registered MSMEs gets tariff subsidies and tax and capital subsidies
• Gets exemption under Direct Tax Laws

Documents required for MSME/Udyam Registration

• PAN
• Aadhar
• Any business Registration Certificate (GST/IEC/Shop Act or any)
• Copy of Bank Passbook
• Mobile No. & E-mail id
• Nature of Work

Time duration

It can take up to 5-6 working days in order to MSME/Udyam Registration.

Cost involved

Get Your MSME/Udyam Registration On  999/- Only