MSME now known as Udyam Registration
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What is MSME (Udyam) ?
MSME stands for micro, small and medium enterprises and any enterprise that falls under any of these three categories. MSME enterprises are the backbone of any economy and are an engine of economic growth, promoting equitable development for all. Therefore, to support and promote MSMEs, the Government of India through various subsidies, schemes and incentives promote MSMEs through the MSMED Act. To avail the benefits under the MSMED Act from Central or State Government and the Banking Sector, MSME Registration is required.
Micro, Small and Medium sized enterprises in both the manufacturing and service sector can obtain MSME Registration under the MSMED Act. Though the MSME registration is not statutory, it is beneficial for business at it provides a range of benefits such as eligibility for lower rates of interest, excise exemption scheme, tax subsidies, power tariff subsidies, capital investment subsidies and other support. We can help your business obtain MSME Registration to avail a host of benefits.
Some benefits of MSME (Udyam) Registration
- Enterprises that have MSME Certificate can avail Special 50% subsidy on Govt fees for Trademark registration.
- If a memorandum is filed by the MSME, then it is liable to timely payments by the buyer.
- Certain exemptions under Excise Scheme and Direct Tax Laws are provided.
- Finance from banks is easy to obtain due to the Government support. The lower rate of interests is also observed.
- Preference is given in Government tenders and a concession in electricity bills is also given.
- Statutory support is provided. It includes reservation and interests on The Delayed Payments Act
Classification of Enterprises under the Act
Documents required for registration under MSME (Udyam)
1. Individual
- PAN of the proprietor/owner
- Aadhar of the proprietor/owner
- Cancelled cheque
- GST certificate (mandatory)
- Mobile number & Email id of applicant
- Nature of business
- Place of business/plant/office address
- Date of commencement of business
- Amount invested (in Lakhs)
- Number of employees (Male & Female)
- Name of enterprise/ trade name of business
2. HUF
- PAN of the karta
- Aadhar of the karta
- Cancelled cheque in the name of HUF
- GST certificate of HUF (mandatory)
- Mobile number & Email id of applicant
- Nature of business
- Place of business/plant/office address
- Date of commencement of business
- Amount invested (in Lakhs)
- Number of employees (Male & Female)
3. Firm
- Aadhar of any partner (whose mobile number is registered in Aadhar)
- PAN of that partner
- PAN of firm
- Cancelled cheque in the name of firm
- GST certificate
- Mobile number & Email id of applicant
- Nature of business
- Place of business/plant/office address
- Date of commencement of business
- Amount invested (in Lakhs)
- Number of employees (Male & Female)
- Name of enterprise/ trade name of business
4. Company
- Aadhar of any director (whose mobile number is registered in Aadhar)
- PAN of that director
- PAN of Company
- Cancelled cheque in the name of Company
- GST certificate
- Mobile number & Email id of applicant
- Nature of business
- Place of business/plant/office address
- Date of commencement of business
- Amount invested (in Lakhs)
- Number of employees (Male & Female)
