About MSME Registration

MSME Stands for Micro, Small and Medium Enterprises it facilitates development & promotion of enterprises through various benefits & schemes. Small enterprises play an essential role in improving the economy of any country. To encourage new and existing companies/businesses, the Government of India has launched numerous programs to help small and medium-sized enterprises to grow. To take advantage of all those beneficial schemes, you need to obtain your MSME registration. The MSME registration is also known as the Udyam registration.

When to Register under MSME?

If someone wants to avail benefits from Central or State Government and the Banking Sector then MSME Registration is required.

Eligibility for MSME Registration

# Micro MSME Enterprises:- It is an enterprise whose investment is < INR 1 crore and annual turnover is < INR 5 crores.

# Small MSME Enterprises:- It is an enterprise whose investment is < INR 10 crore and annual turnover is < INR 50 crores.

# Medium MSME Enterprises:- It is an enterprise whose investment < INR 20 crore and annual turnover is < INR 200 crores.

How MSME Registration Helps My Business?

1. Low-Interest rate- All banks and other financial institutions recognize MSMEs and have created special schemes for them. MSME's get the privilege of lower interest rate on business loans.
2. Relaxation in Trademark Government Fees-Government has given relaxation in Government fees of the trademark to MSME registered entities. The fee shall be 4500/- for small enterprises despite trademark fee for enterprises other than MSME's is 9000/-.
3. Credit Support Schemes-Government of India runs several schemes to provide financial assistance to MSME for their business.
4. Tender Eligibility-There is a certain quota reserved for MSME Registered Entity in Government tender allotment.
5. No delayed payment- If an MSME entity has made any sale then the buyer has to pay to the MSME's entity within the 45 days from the date of delivery of product or services.
6. Easy loan in 59 minutes - Recently, the Government has announced that all MSMEs having MSME Registration and GST registration will be granted easy up to 5 crores within 59 minutes. This scheme has been discussed below in detail.

Documents Required for MSME Registration

1. PAN Card
2. Aadhar Card
3. Complete Postal Address with District and PIN
4. Bank Account Details