MSME stands for Micro, Small & Medium Enterprise. It includes all types of manufacturing businesses that do not exceed a certain threshold in terms of sales or assets and businesses that employ less than 100 people. MSMEs often lack access to capital and other resources needed for growth. However, opting for MSME registration can help you leverage the power of eCommerce and setup your own online selling platform.
The Micro, Small & Medium Enterprises (MSMEs) sector has been growing at a steady rate in India and so have the number of businesses that fall under this classification. There are currently over 2 million MSMEs in India and they employ around 10% of all Indian workers.
If you’re pondering to go for MSME registration, then look no further – this small guide will help you understand the process of online registration for MSMEs. Keep on reading to find out.
MSME Registration
The MSME registration process in India is easy now. It’s also Free and takes only 2-3 days for the approval and registration to complete. After approval of application the MSME certificate will be delivered via mail. The first step is to register with the Ministry of Micro, Small & Medium Enterprises (MSME).
Documents required for MSME Registration
- Aadhar Card
- Pan Card
- Address of the business
- NIC 2 digit Code
- Bank Account No
- Business Type
- Investment Details
- Turnover details
- Company registration or partnership deed
- Sales and Purchase bills
- Bills of purchased assets, machines, or important licenses
MSME Registration Process
- Fill the registration form over UAM (Udyog Aadhaar Memorandum) portal
- If you are registering your business as the MSME for the very first time, then click at the first link as shown in the picture below or here.
- Insert all the details like Aadhar card no., PAN no etc and other details required in the form, verify the OTP and in the end you will get a number, keep this for later use.
- After application submission, it will take 2-3 days for the approval and registration will be completed and the certificate will be sent via mail.Also Read – Manufacturing : Types and Challenges
Benefits of MSME Registration
- You may facilitate loan from banks at lowest interest rate
- Tax rebates
- Easily accessible credit for MSMEs
- Easy access to ISO Certification
- Rebates on patents and concessions on infra, industry setups
- Special consideration and priority in government schemes and plans
- Concession in electricity bills
- Support from central as well as state government
How to Opt for MSME Loan Scheme?
If you’re looking for a business loan then you should have a look at the MSME Loan Scheme. It is implemented by the Ministry of Micro, Small & Medium Enterprises (MSME) to promote and encourage MSMEs in India.
MSME loan scheme was launched on 1st July 2018 and it is a part of the flagship program of Prime Minister Narendra Modi to promote entrepreneurship among the people of India. The scheme provides loans at affordable interest rates to entrepreneurs who are running their own small businesses.
The scheme has been launched as per the criteria laid down by the Reserve Bank of India. It will be beneficial for those who want to start up their own small business or expand their existing one through banks like SBI, HDFC Bank and Axis Bank etc., which offer low-cost loans for MSMEs.
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FAQs
Can I register or get an MSME certificate online?
Yes, businesses who want to avail the benefits of MSMEs announced by the government will need to register their business online at UAM portal.
What is the fee to register a business as MSME?
It’s completely FREE and a very easy process online. You just need to fill your business details in an online form over the UAM portal and that’s it.
How to check my MSME registration status?
Upon successful approval and registration, you will get a registration number for future reference. It takes only 2-3 days in the entire process. The MSME registration certificate will be delivered to you via mail.
What is the validity of an MSME certificate?
MSME certificate is valid till the business is operational.
What are the types of MSME?
Manufacturing Enterprises and Service Enterprises are the types of MSMEs.
Is there any special benefit for Women Entrepreneurs through MSME scheme?
Yes, this scheme was especially launched to boost and encourage entrepreneurship among the women who want to build something and start their own venture. Government offers financial help, training and other necessary tools to help them better manage and grow their business.
Also Read – Best Motivational Quotes from Women Entrepreneurs
What is Udyog Aadhar registration?
Udyog Aadhar registration or Udyog Aadhar Memorandum (UAM) is the registration form where the MSME owner inserts all the details during the MSME registration process.
Is GST compulsory for Udyog Aadhar?
Yes, GST and PAN no is mandatory from 01/04/2021.
What is Udyog Aadhar Fees?
It is completely Free.
