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MSME Registration Online
Register with Udyog Aadhaar or MSME Registration to receive benefits under the MSME Act from the Central or State Governments as well as the banking sector.
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Are you willing to launch your firm soon, register it under the MSME Act, and grow it to new heights? The MSME sector is regarded as the backbone or lifeblood of the Indian economy. The mission of the Ministry of Micro, Small, and Medium Enterprises is to support, enable, and increase the competitiveness of MSMEs operating throughout India. By registering under the MSME Act, you can take advantage of credit, pre-approved loans, and government subsidies from the federal, state, or local governments as well as the banking industry. It is mandatory for all firms to register as MSME in order to legally launch and operate in India.Thus, with the assistance of Licit 360’s experts, complete your MSME registration and learn about the recently introduced programs and full transparency of the government’s operations.
Importance of MSME Registration for Small Businesses
- Credit is accessible
- Limited Liability Partnerships
- Exemption from taxes
- Streamlined Conformance
- Intellectual Property Rights.
- Market Access and Economic Growth.
Typical Errors in MSME Registration to Avoid
- Incorrect Company Names
- Incorrect Company Type
- Incorrect company description
- Incorrect Supporting Documents
- Unnecessary appointment of Directors
- Not drafting and registering the written rental agreement
- The absence of founders/Shareholder's agreement
- No thorough information on the local laws.
- Incorrect Office Address
- Not seeking professional help
Advantages of Licit 360's Online MSME Registration
Bank loans that do not need collateral
Access to the international trade
Banks' Interest Rates Are Lower
Assistance for Registering Patents
Exemption from taxes
Defense Against Postponed Payments
Concessions for Electricity Bills
Payment for the ISO Certification
Assistance with Marketing and Promotion
Assistance with Technology Upgrades for MSME
The Process of MSME Registration Online
Step 1
The Ministry of Micro, Small, and Medium Enterprises (MSME) offers the Udyam Registration platform.
Step 2
Before proceeding, ensure that your business meets the eligibility criteria, which are based on investment in Plant and Machinery or Equipment and Annual Turnover.
Step 3
Gather the required information. Before beginning the registration process, gather the required data and files:
Aadhaar Card
PAN (Permanent Account Number) of the business
Business name, type and location.
Contact details
Bank account details
NIC code (National Industrial Classification) of your business activity.
Step 4
Follow these steps to register:
link
Click on the link "For New Entrepreneurs Who Are Not Yet Registered as MSME".
Enter the business owner's or an authorized signatory's Aadhaar number.
Click "Validate and Generate OTP." An OTP will be sent to the registered phone number associated with your Aadhaar. To verify, enter your OTP.
Give all relevant business information, such as the PAN, business name, address, NIC code, and other facts.
Enter the information for your bank account.
After checking the supplied data, press the "Submit" button.
Step 5
After submitting the application, you will receive an acknowledgement receipt
Step 6
The MSME certificate will be generated.
FAQs about MSME Registration
No, this is optional, although it is recommended that MSMEs register because it provides access to a variety of perks and opportunities.
Indeed, based on its investments and progress, it is able to upgrade or downgrade its registration. They must notify the proper authorities so that the necessary adjustments can be made.
Yes, the MSME Act protects MSME's from late payments. If the debtors fail to make payments within the allotted time, they may also pursue compensation.
No, trading enterprises are generally not eligible for MSME Registration as of September 2021. Just like it is for businesses that provide goods and services.
You can get in touch with the relevant government agencies or use the Udyam Registration portal to confirm the legitimacy of an MSME certificate.
Indeed, they are eligible for assistance from both the federal and state governments. Both levels provide a variety of programs and projects.
Indeed, the name changed to MSME Registration (Udyam Registration) in July 2020 from Udyog Aadhar Registration, which was the prior name. Both of them accomplish the goal.
Different government policies, such as financial assistance and incentives for exploring international markets, could help MSMEs promote their exports.
MSMEs can request for a reimbursement on patent registration fees to protect their intellectual property.
No, MSME registration does not require a real office or commercial space; instead, registration is based only on self-declaration.
The MSME certificate is generated immediately after successfully registering on the Udyam Portal.
What happens if an MSME surpasses the investment or turnover thresholds for its registered category?
If an MSME's investment or turnover limits surpass those of its registered category, it must reclassify and update its registration.