Business

MSME REGISTRATION for STARTUP

MSME REGISTRATION for STARTUP

A start-up is formed to develop a new business concept. After establishing a business in the market, the focus shifts to benefit. On the other hand, small-medium enterprises (SME) are established for profit only. On 1 July 2020, The Government of India launched a new MSME Registration portal, which is known as Udyam Registration Portal. Earlier it was known as Udyog Aadhar/MSME Registration portal. All MSME enterprises are now referred to as Udyam. Any person who wants to establish micro, small or medium enterprise may file online Udyam Registration through our udyam Registration Portal. Once you have successfully completed the registration process you will be eligible for a certificate of Udyam Registration. The certificate you will obtain is given by the Ministry of MSME (Ministry of Small and Medium Enterprises) with lifetime validity.  

What is the process for registering as an MSME?

It is an online process, MSMEs can register by visiting our udyam registration portal, and there they can fill out the Application form and make a payment for your application. Applicants will get their MSME certificate in their registered email address within 1-2 working hours after completing the registration process. This credential is valid for both manufacturing and service companies and has no expiration date.

Udyam Registration certificate is a confirmation of registration under Micro Small Medium Enterprises (MSME). 

Who can apply for MSME registration?

Any type of business entity may register as a Micro, Small, and Medium Enterprise (MSME):

  • Proprietorships
  • Partnership Firm
  • Private Limited Company
  • Public Limited Company 
  • Others 

Documents Required for Registration under MSME :

The Aadhar number is the first requirement for MSME registration. 

Only the PAN Card and GSTIN are required for company registration.

NOTE: 

The applicant’s 12-digit Aadhaar number should be entered in the appropriate area. 

Just mentions the Aadhar number that is connected to an active phone number, as MSME will send an OTP for verification.

Who is eligible for MSME?

MSMEs stand for Micro, Small, and Medium Companies, and these are the types of firms that run and function on a smaller basis than larger organizations. MSMEs are undoubtedly smaller in number, but they are numerous. MSMEs play an important role in the economy of the world, so their survival is crucial. 

The definition of MSMEs was first adopted in 2006 when the MSMEs Act was enacted. MSMEs who meet the eligibility requirements were required to register as MSMEs under this law. MSMEs will receive benefits provided under the act, as well as benefits created by the government, after effective registration.

MSMEs Eligibility Criteria:

Only manufacturers, users, and service providers are permitted to use the MSME tag and file under it. Any manufacturer or service provider who meets the qualifying requirements will use the MSMEs single-window registration scheme.

  • Companies with investments up to rs. 1 crore & turnover of below 10 crore comes under MICRO UNITS. 
  • Companies with investments up to rs. 10 crore & turnover of below 50 crore comes under SMALL UNITS.
  •  Companies with investments up to rs. 50 crore & turnover of below 250 crore comes under MEDIUM UNITS.

MSMEs Registration:

To take advantage of the benefits, companies who meet the qualifying requirements must register as an MSME. The registration system has been revised several times to satisfy the most current criteria. The Indian government has now launched a new method named UDYAM REGISTRATION, which is an entirely online process.

You can apply for udyam registration online at http://udyamregister.org/.

you should know about udyam registration:

  • Physical documents are not required
  • For registration, only your Aadhar number is sufficient.
  • No company may file more than one Udyam Registration, with the exception that any number of operations, including manufacture, operation, or both, may be listed or attached to a single Udyam Registration.
  • PAN and GSTIN-related data would be auto-populated.
  • There is no need to renew.
  • Since April1,2020, having GST and a pan is necessary.

CREDIT INCENTIVE PACKAGES FOR MSME

Udyam Registration has replaced MSME Registration. As an MSME private contractor, we have the Udyam Registration form in our Udyam Registration portal, where you can fill it out and pay for your application. Nirmala Sitharaman unveiled the Rs 20,00,000 crore upgrade package, dubbed ‘Atmanirbhar Bharat Abhiyan,’ which is aimed at boosting growth and establishing a secure India. MSMEs, workers, and white-collar workers would also be considered in the financial package. The bungalow industry would also profit, according to the FM.

MSMEs will be helped by six steps, according to Sitharaman. Despite three other obligation measures, two figures were associated with EPF, two with HFCs and MFIs, one for discoms, and one for the property.

NBFCs’ liquidity sponsor:

The FM announced liquidity to conspire for NBFCs of Rs 30,000 crore. The legislature will buy NBCs, MFIs, and HFCs’ duty documents. The Indian legislature would absolutely guarantee the purchase of articles.

MSMEs will be helped by six steps, according to Sitharaman. Despite three other obligation measures, two figures were associated with EPF, two with HFCs and MFIs, one for discoms, and one for the property.

Subsidiaries get a cash infusion of Rs 90,000 crore.

The FM observed that incomes of strength dispersion organizations (DISCOMs) have decreased, highlighting the extraordinary income problem.

At the moment, Discom owes Rs 94,000 crore to control and transmission organizations. According to the FM, PFC and REC will inject Rs 90,000 crore in liquidity into utility companies to cover receivables.

The credits would be applied to publish a document for the purpose of releasing new line’ liabilities to age organizations.

TDS/TCS financial support worth Rs 50,000 crore

The pace of assessment conclusion at source (TDS) for non-salaried indicated installments produced to residents and paces of assessment assortment at source (TCS) for predefined receipts would be reduced by 25% of the current rates in order to have more assets at the removal of people.

Suggested Read- Udyam Registration 

The MSME concept has changed.

As far as possible, the limit for small-scale units has been increased to Rs 1 crore from Rs 25 lakh. The cap for turnover has been set at Rs 5 crore.

Medium enterprises are described as businesses with a capital investment of up to Rs 20 crore and a revenue of up to Rs 100 crore. Little entails businesses with a capital investment of less than Rs 10 crore and a turnover of less than Rs 50 crore.