Introduction:
MSME stands for Micro, Small and Medium Enterprise (MSME), introduced by Government of India in agreement with Micro, Small & Medium Enterprises Development (MSMED) Act, 2006 are entities engaged in the production, manufacturing, processing or preservation of goods and commodities.Proprietorships, Hindu Undivided Family, Partnership Firm, One Person Company, Limited Liability Partnership, Private Limited Company, Limited Company, Producer Company, any association of persons, co-operative societies or any other undertaking can obtain MSME registration in India.
MSME covers only manufacturing and service industries. Trading companies are not covered by the scheme. MSME is to support startups with subsidies and benefits, trading companies are just like middlemen, a link between manufacturer and customer.
Benefits of MSME Registration in India
- Bank Loans (Collateral Free)
- Subsidy on Patent Registration
- Overdraft Interest Rate Exemption
- Industrial Promotion Subsidy Eligibility
- Protection against Payments (Delayed Payments)
- Fewer Electricity Bills
- ISO Certification Charges Reimbursement
MSME certificate is valid till the time the enterprise is operational. However, a provisional MSME certificate is valid for 5 years.
Yes, MSME / Udyog Aadhaar registration is replaced with Udyam Registration. As per notification of MSME dated 26.06. 2020, Udyam Registration is the new process of MSME/UDYOG AADHAAR Registration launched by the Ministry of Micro, Small and Medium Enterprises effective from July 1, 2020.
Documents Required:
The following documents will be required for MSME/Udyog/Udyam Aadhaar registration.
- Aadhaar card of applicant issued by UIDAI.
- PAN card of applicant.
- Bank passbook or Cancelled cheque.
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