Why Small Businesses Should Know About MSME Registration?

It’s never easy to register a business or an enterprise in India. Many formalities, paperwork, documentation, and other items are involved in the procedure.

As a result of all of this, a large number of small and medium-sized firms have retreated from registering their businesses. However, with the introduction of Udyam Registration / Udyog Aadhaar Registration, registration for businesses has never been easier.

And it is only here that we will examine how MSME can help you launch your small, medium, or micro-sized business.

What is MSME?

MSME registration and Udyam registration are the same things, so don’t get them mixed up. This is a government-issued certificate that certifies micro, small and medium-sized businesses or organizations.

Businesses will also receive a certificate of recognition and a unique number. The Indian government is taking this action in order to stimulate small companies and enterprises, which will benefit the Indian economy.

Industries that registered with Udyog Aadhar became eligible for a variety of government programs, including subsidies, fast loan approvals, and more.

Companies and organizations involved in the manufacturing, production, processing, or preservation of commodities, as well as those providing services, are eligible for Udyam registration.

As a result, MSME registration is open to micro, small, and medium-sized businesses.

Who can register under MSME?

Companies and organizations involved in the manufacturing, production, processing, or preservation of commodities, as well as those providing services, are eligible for Udyam registration.

As a result, MSME registration is open to micro, small, and medium-sized businesses.

Who falls under micro, small, and medium-sized businesses?

Documents Required for Udhyam Registration

For registering MSME, certain documents are required, which are as follows,

• Name of the owner
• Aadhar Card
• PAN Card
• Business Name
• Category
• Address
• Type of Organization
• Date of Commencement
• Bank Details
• If any than Previous Registration Details
• Key Activity
• Number of Persons Employed
• National Industrial Classification Code (NIC)
• Investment in Plant, Machinery, or Equipment.

How to register

Registering for MSME is pretty simple and easy. Businesses that want to register for Udyam Registration have to follow the below steps,

1. First of all, the owner of the business needs to file an online form on the official website.
2. In the form, the MSME has to self–certify its existence, with details of the business activity, ownership and employment details, bank account, and other information.
3. While completing the registration process, the owners have to provide his self – certified certificates.
4. For the registration, there are no fees to be paid, which means that this registration is completely free.
5. After owners have filed the details and uploaded them, the registration number will be generated and will be received in the mail to the given email address in the UAM containing the unique Udyog Aadhar Number UAN.

Benefits Of MSME

There is no doubt that MSME is for the betterment of the small-scale entrepreneurs who want to establish their own businesses without any sort of hassle. But apart from it, this registration offers several other advantages.

• When businesses register their MSME, the business owners will get the benefits provided by the government schemes like easy loan approval, loans with subsidized rates of interest, and load without guarantee to count a few.
• The entrepreneurs will get financial help for participating in the foreign expos to display and showcase their products.
• With that, businesses will also be eligible for governmental subsidies.
• By this registration, businesses will easily and simply open a current bank account in the name of the business hassle-free.
• Also, it will allow the businesses to apply for government micro business loans and other related beneficial policies by the government.
• The Company, LLP, Partnership form of businesses can get a 50% rebate in trademark government fees. They can also avail rebate while Patent registration.

So, if you want to establish your own business, don’t wait and take advantage of this opportunity. Register your MSME to receive government incentives for your business. For more details connect with us, our professionals are ready to solve your queries.