Effortless Online Registration for MSMEs (Micro, Small, and Medium Enterprises) in India
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OVERVIEW
UDYAM REGISTRATION
Micro, Small, and Medium-Sized Enterprises, or MSMEs, are businesses that largely contribute to the socioeconomic advancement of a country. To be eligible for the benefits, you must register under the Micro, Small and Medium Enterprises Development Act governed by the Ministry of Micro, Small & Medium Enterprises because it enables these business units or businesses to benefit from the numerous beneficial initiatives introduced by the government.
REGISTRATION BENEFITS
MSME/UDYAM REGISTRATION BENEFITS
- Once you register for a new MSME in India, the interest rate on bank loans given to these types of businesses drops dramatically to between 1 and 1.5 percent.
- Numerous government tenders are only available to MSME Industries, and registered MSMEs are also eligible to receive credit for MAT (Minimum Alternate Tax), which can be carried forward for approximately 15 years rather than a period of 10 years.
- The MSME industries are permitted to have simple access to credit and financing.
- Businesses that are recognized as MSMEs will be given priority when applying for government licenses and certifications.
MSME CLASSIFICATION
WHAT DOES MSME CLASSIFICATION MEAN?
The MSME classification system was previously based on factors relating to equipment and/or machinery investments. Therefore, MSMEs must limit their investment to a lower level to be eligible for MSME incentives, as detailed below:
MSME Classification
The MSME classification system was previously based on factors relating to equipment and/or machinery investments. Therefore, MSMEs must limit their investment to a lower level to be eligible for MSME incentives, as detailed below:
Sector |
Category |
Micro |
Small |
Medium |
|---|---|---|---|---|
|
Manufacturing |
Investment |
< Rs.25 lakh |
< Rs.5 crore |
< Rs.10 crore |
|
Services |
Investment |
< Rs.10 lakh |
< Rs.2 crore |
< Rs.5 crore |
UDYAM REGISTRATION PORTAL TO REGISTER AN MSME
HOW TO USE THE UDYAM REGISTRATION PORTAL TO REGISTER AN MSME
Currently MSME registration process is totally electronic, paperless, and self-declaratory.
Step 1: Through the Udyam Registration Portal, you can submit an online Udyam Registration application.
Step 2: After applying, your company will be given a “Udyam Registration Number” (i.e., permanent identity number)
Step 3: After the registration procedure is complete, your business will be awarded a “Udyam Registration Certificate.”
If unable to register for Udyam without an Aadhaar number, the following Aadhaar number must be required depending on your firm.
|
Type of firm |
The person whose Aadhaar number is required |
|
Proprietorship firm |
Proprietor |
|
Partnership firm |
Managing partner |
|
Hindu Undivided Family |
Karta |
|
Company or a Co-operative Society or a Trust or a Limited Liability Partnership |
Authorized signatory |
UDYAM REGISTRATION CERTIFICATE
DOCUMENTS REQUIRED FOR UDYAM REGISTRATION CERTIFICATE
- Aadhaar card
- PAN card
- A bank passbook with a picture
- Election ID card
- Passport
- Driving License
- Name of the business
- Documentation confirming the kind of the business
- Caste Certificate (for SC, ST, and OBC categories)
- Information about the initial registration procedure for the business
- Documents of the bank account information and mailing address.
- National Industrial Classification Code.
- A government-issued ID card for employees (if any)
MSME UDYAM REGISTRATION ONLINE
ELIGIBILITY CRITERIA FOR MSME UDYAM REGISTRATION ONLINE
The entities that fall under the following three categories can apply for MSME registration.
Micro Enterprises
When annual turnover should be at most 5 crores and investment in equipment and machinery must not be more than 1 crore.
Small Enterprises
When annual turnover should be at most 50 crores and investment in equipment and machinery must not be more than 10 crores.
Medium Enterprises
Annual turnover should be at most 250 crores and investment in equipment and machinery must not be more than 50 crores.
ONLINE REGISTRATION PROCESS
UDYAM'S MSME ONLINE REGISTRATION PROCESS
On the official website, an entire MSME registration is completed online. The following procedure can be used by new entrepreneurs who still need to be registered as MSMEs.
- STEP 1: On the home page of the Udyam Registration Portal, click the “For New Entrepreneurs who are not Registered as MSME or those with EM-II” button.
- STEP 2: After inputting the entrepreneur’s name and Aadhaar number on the next screen, click the “Validate and Generate OTP Button.” Clicking this button causes the PAN Verification screen to load. The OTP will be shared to the respective number.
- STEP 3: The business owner must click “Validate PAN” after inputting the “Type of Organization” and PAN Number. The portal confirms the owner’s PAN number by obtaining it from government databases.
- STEP 4: The owner must fill out the Udyam registration form with their personal and business details after verifying the PAN.
- STEP 5: Complete the declaration and click the “Submit and Get Final OTP” button after selecting the investment and turnover information. After entering the OTP and submitting the form, an email with the Udyam registration certificate will be sent. Business owners can check the status of their MSME registration on the udyam registration portal.
- The UDYAM registration number is a permanent identifier hence the MSME registration does not need to be renewed.
BUSINESS OWNERS WITH UAM
REGISTRATION FOR BUSINESS OWNERS WITH UAM
- The button labelled "For those having registration as UAM" or "For those already having registration as UAM through Assisted filing" should be clicked by people who already have a UAM registration.
- On the following page, you must enter your Udyog Aadhaar Number and select an OTP option.
- With the completed UAM, you can choose to get the OTP via email or mobile. After selecting the OTP Options, you must pick the "Validate and Generate OTP" button.
- The MSME registration form must be completed, including entering the OTP, before Udyam registration is complete.
Our experts will submit the MSME registration as soon as we receive the mandatory documents. You can get your company’s online MSME registration certificate in 2 working days.
Contact Taxkey if you need help following the entire process. In just a few clicks, we will finish the Udyam registration process. Our professionals will assist with Udyam registration and efficiently deliver the MSME certificate. The entire procedure is open and transparent online. Please get in touch with us without delay.
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