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.

Eligibility for MSME Registration

The entities that fall under the following three categories can apply for MSME registration.

Micro Enterprise:
Net investment in plant and machinery or equipment up to Rs. 1 crore and net turnover ≤ Rs. 5 crores

Small Enterprise:
Net investment in plant and machinery or equipment ≤ Rs. 10 crores and net turnover ≤ Rs. 50 crores

Medium Enterprise:
Net investment in plant and machinery or equipment ≤ Rs. 50 crores and net turnover ≤ Rs. 250 crores

Benefits of MSME Registration

• It also allowed credit for minimum alternate tax (MAT) to be carried forward for up to 15 years instead of 10 years
• Get many things done at a subsidised price: barcode registration, NSIC performance and credit ratings, ISO certification, industrial promotion subsidy (IPS) subsidy, electricity bill, and patent registration can be done easily
• Special Preference in Procuring Government Tender
• There is a One Time Settlement Fee for non-paid amounts of MSME
• Any number of activities, including service or manufacturing or both, may be added or specified in one MSME registration
• Ensure exposure to trade fairs conducted at the domestic and global level
• MSME registration holders have access to cheaper loans with an interest rate as low as 1.5%

Documents Required for Udyam Registration

• Aadhaar card
• Bank Account Statement/Cancelled Cheque
• PAN Card
• Name of the business
• Mail id and contact number
• Business Address Proof