MSME stands for micro, small and medium enterprises. They have always been the backbone of a developing country like India. MSMEs are small business entities that are referred to as an engine of economic growth due to their contribution to employment, exports and production, and GDP. The Government of India supports and Promotes SMEs through various schemes and offers which include cheaper bank loans, tax rebates, setting up the business, and easy access to credit under the MSME Act.
MSME registration or Udyog Aadhar Registration can be availed by enterprises working in both manufacturings as well as in the service sector.
Top Benefits of MSME
MSME Registration Procedure
- To do the registration the small and medium-scale industry owner has to fill a single form that he can do online as well as offline.
- If a person wants to do registration for more than one industry then also he/she can do individual registration.
- To do the registration he/she has to fill a single form that is available on the website which is listed below.
- The document required for the registration is Personal Aadhar number, Industry name, Address, bank account details, and some common information.
- In this, the person can provide self-certified certificates.
- There are no registration fees required for this process.
- Once the detail-filled and upload you would be getting the registration number.
These Documents are required for GST Registration
- ADHAR card of the Applicant (Proprietor/ Partner / Director)
- 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 (Account No. and IFSC code)
- Business Activity Details
- Number of employees
- Investment in Plant and Machinery and Equipment
- Photo and Id Proof of Applicant
- Mobile No. of Applicant (Linked with ADHAR)
- Email Id for OTP Verification
Frequently Asked Question
Any type of business can apply for MSME registration or MSME Certificate.
SME is termed as Small and Medium Enterprises, whereas MSME has an addition of Micro along with SME to become Micro, Small and Medium Enterprise.
Udyam Registration is MSME registration to start business under Ministry of Micro, Small and Medium Enterprises (MoMSME) approved by Government of India. Whereas MSME / Udyog Aadhaar is a 12-digit Unique Identification Number (UIN) provided by the MoMSME for Small and Medium Enterprises (SMEs).
For MSME registration, Aadhaar card is mandatory.
Yes MSME borrowers get collateral free loans from financial institutions
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Yes, they can get collateral free loans if they opt for unsecured business loans and if they maintain good CIBIL score with decent financial and loan repayment history. Rest if depends on the eligibility criteria to be cleared by applicant defined by the respective bank.
There are several reasons of rejection of MSME application like low CIBIL score, unpaid debts, loan defaults, low cash flow, lack of business plan, incomplete documentation, false information, etc.