About Udyog Aadhar Registration or MSME Registration
MSME Registration or udyog Aadhar is a certificate provided to micro, small and medium type businesses in India under the MSME Act 2006. It helps to claim government announced benefits for your business. This ctificate is issued by the Ministry of MSME, Govt. of India. It facilitates the development and promotion of enterprises through various benefits and schemes. The primary objectives of the micro, small and medium enterprises concerning the Udyog Aadhar Registration are:
- Enable Indian micro, small and medium enterprises to compete with international counterparts efficiently.
- To promote the growth of the micro, small and medium enterprises and at the same time takle the problems like unemployment and poverty.
- To extend the benefits of various government schemes at one stop.
- To protect and safeguard SSI from financial harassment in the hands of big industries.
The entities that fall under the following three categories can apply for MSME Registration as per the revised notification w.e.f 1st July 2020.
- Micro Enterprises – Where the investment in plant and machinery is not more than 1 crore and annual turnover not more than 5 crore.
- Small Enterprises – Where the investment in plant and machinery is not more than 10 crore and annual turnover not more than 50 crore.
- Medium Enterprises – Where the investment in plant and machinery is not more than 50 crore and annual turnover not more than 250 crore.
Benefits that made MSME Registration a must for your business
Under the Micro, Small and Medium Enterprises Development Act , MSME Registered entities may avail different benefits to run and grow their business.
- MSMEs can avail co-lateral free loans from banks under CGS Scheme for Micro and Small Enterprises.
- Government has enlisted some products/items that can be manufactured only by MSMEs.
- With an MSME Certificate, an entity always gets priority in getting approvals for any other government registrations and licenses.
- Special opportunities for MSMEs for participating in international trade fairs, exhibitions, seminars, conferences meant for MSME sectors.
- An MSME registered entity gets special subsidies on government fees for different registrations, licenses, approvals like trademark registrations, barcode registration, credit ratings, industrial promotions, ISO Certification, electricity bill, patent registration etc.
- The interest rate charged by banks for MSMEs is lower than the normal rates.
- of India CLCSS Scheme offers 15% capital subsidy upto 15 lacks for the purchase of plant and machinery.
- While applying for a government tender for an MSME registered micro enterprise, tender sets can be issued free of cost. Also they are exempted from paying earnest money and can avail reduced security deposits.
Apart from that, government announces additional benefits time to time for MSMEs.
Both manufacturing and service organisations can go for MSME Registration. The documentation process is very simple and once applied, it will take 3-5 days to your MSME Certificate. The documents required are as follows:
- Applicant’s Aadhaar Number
- Applicants PAN number
- PAN Card of the entity
- Bank account details of the entity.
- NIC (National Industrial Classification) Codes of the business activity.
MSME registration process doesn’t require any document upload, but proper information of applicant and organization is required. Aadhaar authentication of applicant is must for MSME registrations.
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