The Micro, Small and Medium Enterprises (MSME) form the backbone of the manufacturing and services sectors in any developing country. As far as India is concerned, these Micro Small & Medium Enterprises have been contributing massively to the national outputs (up to 45%), both in the sectors of manufacturing and services, employments (around 35 million), and earnings from exports (over 30%). Hence, our full-fledged and well-resourced law firm also offers the full-range of legal and supportive services for these enterprises located across the country, essentially including the expert and economical service for MSME registration / Udyam registration in India, for secure and profitable engagement in the desired economic field.
The Ministry of Micro, Small and Medium Enterprises is the apex governmental body in India, which is exclusively concerned with the formulation, administration, and regulation of various rules and regulations associated with the MSME in entire country. In addition to proficient MSME registration online, Global Jurix also extends the full-range of legal and supportive services for MSME, which relate to establishing production infrastructure, necessary approvals & clearances from regulatory bodies, recruitment of workforce, quality certifications, business management, financial assistance from any industrial or commercial bank, planning and market research for further growth, etc. Exclusive information about how to get MSME registration and other relevant info is being provided in sections below.
Eligibility Criteria of MSME Registration
The Micro, Small and Medium Enterprises (MSME) are broadly classified into the following two major categories
- Manufacturing enterprises, and
- Service-providing enterprises.
The criteria for MSME registration, was earlier broadly classified in India, depending on the investment thresholds as follows:
Micro Enterprises: In the manufacturing sector, the investment threshold in the enterprise is less than Rs. 25 Lakh (2.5 Million) in the requisite plant and machinery; and for the services sector, this investment limit for a Micro enterprise is less than Rs. 10 Lakh(One Million), excluding investment in the land and buildings.
Small Enterprises: For a small manufacturing enterprise, the investment threshold in plant & machinery is more than Rs. 25 Lakh and less than Rs. 5 Crore, excluding investment in the land and buildings. While, these limits for a small services enterprise are more than Rs. 10 Lakh and less than Rs. 2 Crore.
Medium Enterprises: A manufacturing enterprise which has invested more than Rs. 5 Crore but less than Rs. 10 Crore, is called as a Medium manufacturing enterprise. On the other hand, for a medium services enterprise, these limits range from more than Rs. 2 Crore to less than Rs. 5 Crore.
As per the revised definition, applicable w.e.f 1st July 2020; eligibility criteria for MSME registration have been reclassified in terms of Investment and Annual Turnover as follows:
- Any firm with investment up to Rs 1 crore and turnover under Rs 5 crore will be classified as "Micro".
- A company with investment up to Rs 10 crore and turnover up to Rs 50 crore will be classified as "Small" and
- A firm with investment up to Rs 50 crore and turnover under Rs 250 crore will be classified as "Medium"
All above three types of enterprises are registered and prospered by our prestigious and innovative law firm in the sectors of manufacturing and services in places across the country.
What is the Procedure for MSME Registration?
Any company or enterprise/industry registered the Indian Companies Act of 2013 or the earlier companies Act, or the Indian LLP Act of 2008, or any other relevant Act, may get the MSME certificate, to be able to harness a variety of lavish benefits and subsidies mentioned in the MSMED Act, 2006. All procedure for MSME registration in India involves the following tasks or activities which are done by the expert professionals of Global Jurix:
The process involves:- Filling of 12 digits Aadhaar Number and name of Entrepreneur in the appropriate field on the online registration platform.
- Validation and generation of OTP and entering in the appropriate field.
- Application form will appear, fill in the relevant information such as Name of Enterprise and Type of Organization etc, and after carefully reviewing the information, click submit.
After successful completion, Udyog Aadhaar certificate will be made available for printing.
What are the documents required for MSME Registration ?
- PAN of Enterprise/Business
- Aadhaar card of owner
- Name of Enterprise/Business
- Current Office Address
- Mobile Number
- Email Id
- Date of Commencement of business
- Bank Account Details
- Main Business activity of Enterprise
- Number of Employees
What are the Benefits of MSME registration?
In India, getting the MSME registration certificate is not mandatory. However, getting registered under the MSMED Act, is rather beneficial and securing. Hence, MSME registration for company/industry is strongly advisable. Broadly, the following are the main and highly significant benefits of MSME registration anywhere in India:
- Various governmental industrial promotion subsidies and incentives
- Easier, faster, and cheaper bank loans
- Diverse tax exemptions and rebates
- Establishment support
- Easy access to government tenders
- As much as 50% subsidy on patent registration/ Trademark registration.
- Protection under delayed payments
- Preference is given in case several tenders
- Easy accessible Credit
- Invoice discounting on TReDS
- Concession in Electricity Bills
- ISO certification support
To avail expert and economical services for MSME registration in India under the desired category, please mail us at companies@globaljurix.com or you can directly call at Mobile : +91-81303-00046, Landline: +91-11-2248-1711.