Online MSME Registration
Get in touch with Consult Value, a proactive consulting company that will provide our clients our full support by putting in the necessary time and effort to finish the online MSME registration. For online SSI registration, get in touch with our professionals.
What is MSME Registration?
The foundation of emerging economies like India is made up of small companies. These companies have less funding and run on a smaller scale. Nonetheless, they are extremely important from the standpoint of creating jobs in the economy because they are largely labor-intensive. For this reason, the government continuously seeks to encourage the expansion of the MSME sector in India. Micro, Small, and Medium-Sized Enterprises is what the acronym MSME stands for. Based on their yearly revenue and investment in plant, machinery, and equipment, these businesses are categorized. The definitions were updated by the Indian government on July 1, 2020. The following are the new requirements:
| Enterprises type | Investment in plant & Machinery or Equipment | Turnover During the previous FY |
| Micro Enterprises | Up to ₹1 crore | Up to ₹5 crore |
| Small Enterprises | Up to ₹10 crore | Up to ₹50 crore |
| Medium Enterprises | Up to ₹50 crore | Up to ₹250 crore |
Is MSME certificate mandatory?
It is advisable to obtain the MSME certificate to acquire the benefits which come with it.
What is the main benefit of MSME certificate?
The primary advantage of registering as an MSME online is that it gives the company recognition by assigning it a unique number. Aside from this, economic expansion and job creation would follow the expansion of the MSME sector.
Benefit of MSME Registration
Provide loans at a lower rate of interest.
Enable you to avail the benefits of the government schemes.
In the initial years of the commencement of the business, an MSME certificate provides you tax benefits concerning central excise and direct taxes.
Provides Industrial Promotion Rate subsidy eligibility.
Lessen the cost of trademark and patent registration.
Categories of MSMEs
- Manufacturing Enterprises- As the name would suggest, it consists of businesses that manufacture the goods listed in Schedule I of the Industrial Act of 1951. Plant and machinery investment is used to characterize the manufacturing businesses.
- Service Enterprises- These are those enterprises that are engaged in providing the services. Also, these are enterprises described in terms of investment as equipment.
MSME Registration Renewal / Update
The MSME Registration Certificate has a lifetime validity period. MSME renewal at regular intervals is not required. On a self-declaration basis, registered MSMEs are required to update their net turnover and investment restrictions each fiscal year. The notification dated July 26, 2020, outlines the need for such an update. Since the updated information from the Income Tax Portal about turnover and plant and machinery investment is likely to alter the type of MSME, the annual update of the MSME Registration is required for the proper classification of the MSME.
Documents Required for MSMEs Registration
- Name Of Applicant
- Business Name
- Type Of Business Entity
- Address Of the Plant
- Address Of the Office
- Date Of Commencement of The Business
- Bank Details
- Business Activity Details
- Number Of Employees
- Mobile No of Applicant (Linked with Aadhaar)
- Email Id for OTP Verification
- Pan of Company (In case Pvt Ltd, OPC LLP or Partnership firm)
- Certificate of a Corporation (In case LLP, Pvt Ltd, OPC)
- Partnership Deed and LLP Agreement (In case LLP or Partnership firm)
MSME Registration Certificate Process
- Fill the application form either online or offline.
- When filling the application form, fill in all the required information such as your name, Aadhar details, etc.
- Then, affix all the required documents.
- As you will be done with filling the application form, verification would be done.
- If your application satisfies the standards, you will obtain the MSME certificate.
Our Role in Obtaining MSME Certificate
Our MSME consultants online will educate you concerning each aspect of the offline or online MSME registration.
To avoid any inaccuracy, our MSME consultants online guarantee to assist you throughout the online SSI registration process.
Our MSME consultants online will provide you with the finest assistance in the MSME registration online process of documentation and evaluation.
Our MSME registration consultants are proficient in their work, for that we coordinate with the MSME officials directly to ensure appropriate follow-ups.
Our MSME consultants online will provide assistance in tracking the progress of your MSME certification.
In case of any query, our MSME consultants online guarantee to provide you the finest solution regarding MSME registration online.
Conclusion
Consult Value is committed to provide you premium services at a fair cost. We are committed to giving our clients exceptional experiences. Because of this, online MSME certification and registration can be confusing and time-consuming. Nonetheless, our skilled and knowledgeable staff will attend to your problems while offering you first-rate services. Therefore, for experienced and knowledgeable assistance, get in touch with MSME registration consultants right away for online MSME registration and online MSME certificate.
Frequently Asked Questions
Q1. Is MSME online registration mandatory?
No, MSME registration is not mandatory. However, it is strongly advisable as registration as MSME is necessary to avail of various MSME benefits and financial assistance offered by the government. Enterprises must have MSME registration in India.
Q2. Are all Startups eligible for MSME Registration in India ?
Yes, all startups are eligible for MSME Registration in India, provided they fall under the new definition of MSME. Startups eligible for MSME Registration include:
Sole Proprietorships, Partnership Firms, Hindu Undivided Family, Association of People, Co-operative Societies, Trusts, Limited Liability Partnerships, Companies, Public Sectors Undertaking
Q3. What are the MSME registration fees in India ?
There is no prescribed fee; in other words, the government does not charge any fee for MSME registration.
Q4. What is the validity of the MSME Registration certificate ?
The validity of an MSME Registration certificate extends for a lifetime without any requirement for MSME renewal. However, the net investment and turnover must be updated on a self-declaration basis every financial year.
Q5. Are Udyam registration and SSI registration the same ?
The meaning or definition of MSMEs and SSIs vary under law. For instance, businesses across sectors and industries can be classified as MSMEs. However, only manufacturing and service-based businesses can be classified as small-scale industries in India. Moreover, the threshold limits of investments are also different for the classification of MSMEs and SSIs.
Q6. What is the time taken for MSME registration ?
Usually, it takes 1-2 working days from the date of the application for MSME registration.
