The government has also worked to encourage them through special initiatives under which a business can receive a variety of incentives if it registers under the MSME scheme.
India's resourcefulness and risk-taking tendencies have been observed throughout history and are shown to be quickly expanding in recent years. All of this has opened the way for the expansion of small and medium-sized businesses (SMBs) and Micro, Small, and Medium-Sized Businesses (MSMEs). The government has also worked to encourage them through special initiatives under which a business can receive a variety of incentives if it registers under the MSME scheme. To take advantage of these perks, small enterprises must register under MSME. Let's walk over the steps of registering for MSME and the benefits that come with it.
Also, Read- udyam registration portal
Requirements for MSME Registration Documents:
The following are the documents that must be submitted for MSME registration:
- A property tax slip, letter of allocation, and letter of possession are required as proof of business address for a self-owned property.
- The agreement and NOC from the property owner, as well as rent receipts, are required as proof of rental property.
- A copy of the sale and purchase bills is required as proof of company registration.
- The partnership deed and the registration certificate are required for a partnership firm.
- A copy of the Memorandum and Articles of Association, as well as a certificate of incorporation, must be submitted for a corporation.
- Copy of licenses and bills of machinery purchased, Aadhaar card, canceled cheque, PAN, documentation indicating the applicant's social category (whether General, SC, ST, or OBC), and a document demonstrating physical fitness or impairment are also required.
How to Register a Business as an MSME:
- To begin, the applicant who is the business owner must complete a single form, which can be completed either online or offline.
- They can also proceed with individual registration if the application is for more than one industry.
- The applicant must go to https://www.e-msme.org/ while keeping the required documentation on hand.
- The registration number is obtained after the form has been filled out with all of the essential information.
- The following methods can be used to complete the application process:
- A PAN Card is required for registration.
- Registration without a PAN card is possible.
- Registration for applicants previously having EM-II or UAM.
A PAN Card is required for registration:
- You can get to the registration page by clicking the ‘For New Entrepreneurs who are not yet Registered as MSME' key on the site homepage. The data of the entrepreneur's Aadhaar number and name must be supplied here.
- After filling in the above information, press the ‘Validate and Generate OTP Button' key.
- An OTP is produced and received when you click the button, and when you input the passcode, a screen for PAN verification appears.
- The details are received by the PAN card of enterprises in the portal via the previously submitted details.
- The ITR information must be filled out by the applicant.
- After entering PAN information, a notice appears that says, "Udyam Registration has already been done through this PAN," prompting the applicant to click the "Validate PAN" button.
- After the PAN verification, a box called ‘Udyam Registration' appears, and the applicant must put in the business details.
- Click on ‘Submit and Get Final OTP' after filling in these details. The MSME is thus registered, and a notification indicating registration success will be displayed, along with a reference number. Following registration verification, which may take a few days, the certificate of Udyam Registration is issued.
2. Registration without a PAN card is possible:
- The key that states 'For New Entrepreneurs who are not Registered as MSME' must be clicked on the udyam registration portal's homepage.
- It goes to the registration page, where the Aadhaar number and the applicant's name must be filled out. Then press the ‘Validate and Generate OTP' button. The ‘Verification of PAN' screen appears after entering the OTP received. When the applicant does not have a PAN card, the ‘No' option in the ‘Do you have PAN?' key must be selected, followed by the ‘Next' key.
- With a click of the ‘Next' button, the Udyam Registration page appears, prompting the applicant to provide personal information as well as information about the plant or company.
- After entering the above information, select ‘Final Submit,' which displays a ‘thank you' message based on the registration number. To avoid the suspension of Udyam Registration, the details in the portal must be filled out within a certain time range after receiving the PAN and GSTIN.
3. Registration for applicants who have already completed either the EM-II or the UAM:
Applicants who have already registered with EM-II or UAM must click the button on the government site homepage labeled "For those with registration as EM-II or UAM." This will take you to a screen where you must enter the data of your Udyog Aadhaar Number and then select the ‘OTP' option. This is for getting an OTP through email with a completed UAM. After that, you must select the 'Validate and Generate OTP' option. After filling out the OTP information, the registration must be finished before the Udyam registration may be considered complete.
Suggested Read- print Udyog aadhaar certificate
The Benefits of MSME Registration:
The following are some of the advantages of MSME registration:
- Interest rates on loans have been reduced from 1% to 1.5 percent.
- Benefits of government-issued licenses and certificates
- Access to credit is simple.
- Various tax exemptions are available to you.
- Extension of the minimum alternate tax to 15 years is a possibility.
- Concessions and rebates
- A distinct advantage in relation to a number of government tenders