Udyam/MSME registration

The purpose of the Udyam/MSME Registration  is to help the micro, small and medium enterprises of India.Thus, encouraging the MSME to grow will result in the socio-economic development of the country.

MSME Registration

For promoting entrepreneurship, the government provides special benefits to the small businesses in the form of subsidies and incentives. Also, banks give loans at concessional rates to set up these businesses. For availing those, the small businesses need to register under Micro, Small and Medium Enterprises (MSMEs) act. If a business is registered under MSMEs act, it can avail several benefits like cheaper bank loans, tax benefits, preference during the tender process, and access to various schemes and incentives of government.

BENEFITS OF MSME REGISTRATION

✔ Bank Loans (Collateral Free): The Government of India has made collateral-free credit available to all small and micro-business sectors.

✔  Subsidy on Patent Registration: A hefty 50% subsidy is given to the Enterprise that has the certificate of registration granted by MSME. This subsidy can be availed for patent registration by giving application to respective ministry.

✔  Overdraft Interest Rate Exemption: Businesses or enterprises registered under MSME can avail a benefit of 1% on the Over Draft as mentioned in a scheme that differs from bank to bank.

✔ Industrial Promotion Subsidy Eligibility: Enterprises registered under MSME are also eligible for a subsidy for Industrial Promotion as suggested by the Government.

✔  Protection against Payments (Delayed Payments): At times, the buyers of services or products from the MSME’s or SSIs tend to delay the payment. The Ministry of Micro, Small and Medium Enterprise lend a helping hand to such enterprises by giving them the right to collect interest on the payments that are delayed from the buyer’s side. The settlement of such disputes must be done in minimum time through conciliation and arbitration.

✔  Fewer Electricity Bills: This concession is available to all the Enterprises that have the MSME Registration Certificate by providing an application to the department of the electricity along with the certificate of registration by MSME.MSME’s are rapidly growing with regular support from the government and youths who are inspired and bold enough to start their own venture. Therefore, knowledge about the registration process and its benefits is an absolute must in order to give a boost to the entrepreneurial spirit of MSME & SSI founders.

The Indian government has always been in favor of providing benefits to Micro, Small and Medium Enterprises (MSMEs).
There are many advantages of obtaining Udyam MSME Registration in  India, which can be only availed if the business had registered itself as an MSME/SSI under MSME Act.

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Udyam MSME Registration

MSME sector, also known as Micro, Small, and Medium Enterprises, is regarded as the core foundation of the Indian economy that plays an essential role in the growth and development of the nation.

These enterprises are the backbone of the country that significantly contribute to socio-economic development as well. Thus to support the MSMEs sector, the Indian government has started an initiative known as MSME Registration in which various benefits are offered to micro, small and medium-sized businesses.

It is done to enhance the economy, motivate small businesses, and make sure the country’s speed development. Therefore if you are looking for a prominent and authentic consultancy that helps you get Udyam MSME Registration, connect with Mark-O-Legal!

What is Udyam Registration in India?

Udyam Registration, also known as MSME Registration in India, is a government-issued registration with a certificate of recognition and a unique number. This unique number is for the purpose of certifying small and medium-sized companies or organisations.

The main goal of this service was to give a mechanism for the government to deliver the most benefits to medium and small-scale firms or industries in India that are registered via MSME using their Aadhar Card Number.

How does Udyam Registration Help my Business?
How does Udyam Registration Help my Business?
  • Claim a stamp duty and registration fee exemption, lowering your buying costs.
  • Get a one-percentage-point interest rate reduction on your overdraft.
  • Receive a 50% discount on patent and trademark costs.
  • Direct tax exemptions are available to registered MSMEs.
  • Electricity bill reductions
  • Make a claim for the costs of acquiring ISO certification.
  • Get government tenders quickly and easily, and take advantage of tax breaks.
  • Licenses, registrations, and permissions are simple to get.
  • the rate of interest Bank Loan Subsidies
  • Exemption from direct taxation
Eligibility & Documents Needed for MSME Registration Online in India

The registration process for Udyog Aadhaar does not involve the submission of papers. You should, however, keep a few documents on hand because you will be asked to supply information at the time of registration. The following is a list of the papers:

  • Name of the organization –
  • Aadhar card that is linked to active mobile number in order to receive OTP.
  • PANCARD
  • Type of business- Sole Proprietor/ Partnership/ Pvt. Ltd
  • Complete business address
  • Nature of business activity
  • Date of commencement of business
  • Cancelled Cheque or Bank Account Details with IFSC Code
  • Details of Previous year’s ITR filing
  • Total no. of employees
  • Annual Turnover
  • Investment Details
  • Email Address
  • Mobile Number
  • Schedule Caste, Scheduled Tribe, General, or OBC form (if any)
Udyam/MSME Registration Process
  • On the front page, click the option “For New Entrepreneurs who are not yet Registered as MSME or those with EM-II” to register for new entrepreneurs. Click the option “For those already having registration as or “For those already having registration as UAM through Assisted filing” for those who already have UAM registration and want to move to Udyam or Re-Register UAM.
  • When you click “For New Entrepreneurs who are not yet registered as MSME or those with UAM-II,” the registration page appears. To register, input the entrepreneur’s Aadhaar number and name in the fields given on the website, then click the “Validate & Generate OTP” button.
  • Applicant must supply PAN card data after hitting this button, and registration is complete after PAN card verification and filling out udyam registration details. If an entrepreneur does not have a PAN card, he or she can fill out the udyam registration form, and the process will be completed.
  • When you click “For those already registered as EM-II or UAM.” or “For those previously registered as UAM through Assisted filing,” the registration page appears. A user must input their Udyog Aadhaar number and choose the OTP option while registering.
  • The alternatives are to get OTP through mobile or email, as specified in the UAM. After you’ve selected your OTP options, click the “Validate & Generate OTP” button. After inputting the OTP, fill in the registration data, and your udyam registration will be complete.
Udyam Registration Certificate

Suppose you operate a small firm or an operation that hasn’t grown into a major corporation. In that case, the MSME Udyam Registration Certificate is one of the essential certificates you may get. Micro, small, and medium businesses (MSMEs) are an indispensable element of our economy. They are a necessary element of the corporate world and the country’s many industrial sectors.

There are several perks and advantages to registering your company or business as an MSME and receiving the Udyam Registration Certificate. The best part is that most enterprises, including industrial and service industries, may profit from this registration. Better taxation, better business structure, and better credit facilities are all advantages of registering as an MSME (Udyam).

Who is Eligible for MSME Certificate?

To qualify as a Micro, Small, or Medium Enterprise, your company must invest a minor then the minimal amount and have an annual turnover below the minimum criteria.

To be more specific, these are the numbers you’ll need to generate if you want your company to be classified as an MSME:

Who is Eligible for MSME Certificate

Microbusinesses: To be eligible for MSME registration, your company must have a capital investment of less than Rs. 1 crore and an annual revenue of less than Rs. 5 crores.

Small companies: To be considered a small business for the purpose of registering as an MSME, your company must have an investment of less than Rs. 10 crores and an annual turnover of less than Rs. 50 crores.

Medium businesses: The largest and most extensive enterprise on this list, medium firms must have an investment of less than Rs. 50 crore and annual revenue of up to or less than Rs. 250 crore to qualify for MSME registration.

If your company meets any of the criteria mentioned above, you may apply for an MSME registration right immediately.

 

Why rely on Mark-O-Legal for Udyam MSME Registration?

We help in getting your enterprise registered in the easiest, quickest, and cost-effective way! Till date, we have helped thousands of businesses in getting register for Udyam MSME. We are regarded as the expert consultancy that houses highly dedicated and experienced team members responsible for everything – be it application filing, documents submission, and other formalities. So, connect with us and get your MSME Registration Online in  India, today from the experts!

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important things you should know
FREQUENTLY ASKED QUESTIONS (FAQS) – UDYAM/MSME REGISTRATION

Pan is mandatory GST is advisable but not mandatory for MSME Registration.

wholesale and Retail both are eligible to register as MSME.

Generally it takes 2-3 days, in cases wherein GST/PAN details are part of registration. Those without PAN details, the certificate is available on the same day.

MSME stands for Micro, Small, and Medium Enterprises whereas MSE stands for Micro and Small Enterprises and SME stands for Small and Medium Enterprises. In some countries SME is more frequently in use.