As per the MSMED or Micro, Small, and Medium Enterprises Development Act of 2006, MSMEs are classified into two different types based on their nature of work. The two types of MSMEs are as follows:
Manufacturing Enterprises: These enterprises are involved in the manufacturing or production of goods in the industry. They can be further classified based on their investment in plant and machinery or equipment.
Service Enterprises: enterprises are engaged in supplying or providing services. They can be further classified based on their investment in equipment or other assets.
If you’re looking to Register Your MSME Online, you can easily do so on the brightfin.in website. Whether you’re looking for a new registration or renewal, the process is simple and straightforward. You can also Apply for MSME Registration Online In Andhra Pradesh or any other state in India.
MSME Online Registration In India provides several benefits to businesses. Here are the advantages of the MSME Registration Certificate Online In India:
Lower Interest Rates On Loans: The rate of interest on loans is much lower when compared to the interest on regular loans. The bank loans provided to this type of enterprise become extremely cheaper as the rate of interest is very less; it is around 1 to 1.5%, once an individual goes for Udyog Aadhar New Registration In India
Access To Government Tenders: There are several government tenders that are offered only for the MSME industries. Registered MSMEs have higher chances of winning government contracts and tenders.
MAT Credit: The registered MSME is also applicable to get credit for MAT (Minimum Alternate Tax) and it can be carried forward for about 15 years instead of the time period of 10 years. This benefit helps MSMEs save on taxes and reinvest the saved amount in their business.
Easy Access To Loans And Credit: MSME industries are allowed to get easy access to loans and credit. This benefit enables MSMEs to get the necessary funding for their business activities.
Concessions And Reimbursements: For registered MSMEs, the cost of receiving evidence is done, or the cost of setting up the business unit is reduced as many concessions and reimbursements are available to these industries.
Higher Preference In Government Certification And License Process: The businesses which are registered under MSME will get higher preference in the government certification and license process. This benefit helps MSMEs to navigate the regulatory environment with greater ease.
One-Time Settlement Fee For Non-Paid Amounts: There is a One-Time Settlement Fee that is imposed for all non-paid amounts of MSME Certificates. This benefit helps businesses to settle their outstanding dues without incurring additional penalties.
In conclusion, MSME Online Registration In India provides several benefits that can help businesses to grow and thrive. From lower interest rates on loans to access to government tenders, MSMEs have much to gain by registering online.
If an entity wishes to Obtain An MSME Registration Certificate, it must first register under MSME. The following steps must be followed to obtain this registration:
The MSME registration must be completed online by visiting the government portal, ‘https://udyamregistration.gov.in/UdyamRegistration‘. There are two categories available:
For those already having UAM (MSME Udyam Registration) or UAM acquired through Assisted Filing, follow these steps:
The Fees For MSME Registration vary depending on the registration organization you choose. If you opt for the government website, you can register for MSME at no cost. However, the government registration process can be cumbersome and time-consuming, requiring you to fill and refill your forms and face various challenges. Instead, consider approaching our organization, which has experienced consultants to assist you with your MSME registration. We charge a nominal fee for our services, making MSME Registration More Affordable for you.
If you’re looking to register your Micro, Small, or Medium Enterprise (MSME) online in India, it’s important to know the eligibility criteria. As per the recent Atma-nirbhar Bharat Abhiyaan Economic Package, the distinction between services and manufacturing enterprises has been removed, and the investment amount and annual turnover requirements are now the same for both sectors.
To register your MSME online, you can visit the government website and follow the online registration process. The process is free and can be done easily from anywhere in India. You can also renew your registration online when it expires, or Apply For New Registration if you’re starting a new MSME.
One of the key criteria for MSME registration is the turnover of the business. In 2020, the Government of India revised the definition of MSMEs to encourage more businesses to register and benefit from various schemes and initiatives aimed at supporting small businesses. Under the new definition, the turnover limit for small businesses to register as MSMEs has been increased to up to Rs 5 crore. This is a significant increase from the previous limit of Rs 1 crore.
Medium-sized businesses can now register as MSMEs with a turnover of up to Rs 250 crore, up from the previous limit of Rs 100 crore. The new definition is expected to benefit around 2 crore MSMEs in India and provide easier access to credit, subsidies, and other benefits.
Sector | Criteria | Micro | Small | Medium |
Manufacturing | Investment | Less than Rs.25 lakh | Less than Rs.5 crore | Less than Rs.10 crore |
Services | Investment | Less than Rs.10 lakh | Less than Rs.2 crore | Less than Rs.5 crore |
Criteria | Micro | Small | Medium* |
Investment & Annual Turnover | < Rs.1 crore & < Rs.5 crore | < Rs.10 crore & < Rs.50 crore | < Rs.50 crore & < Rs.250 crore |
Are you looking to Register Your Business As An MSME In India? Here’s everything you need to know about the online registration process
To start with the MSME Registration Online, you will need to provide some documents and information. These include:
Make sure you have all these documents and information ready before starting the registration process. It’s quick and easy to Register Your MSME Online the government website. Don’t forget to renew your registration periodically to enjoy the benefits and incentives offered to MSMEs in India.
If you’re looking to register your business under the MSME scheme in India, here’s a detailed procedure to follow:
Type Of Firm | The Person Whose Aadhaar Number Is Required |
Proprietorship firm | Proprietor |
Partnership firm | Managing Partner |
Hindu Undivided Family | Karta |
Company or a Co-operative Society or a Trust or a Limited Liability Partnership | Authorised signatory |
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Here are some of the reasons why you should choose brightfin.in for your registration and licensing needs:
So if you’re in need of registration or licensing services, trust www.brightfin.in to provide you with the assistance you need!
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