According to Micro, Small & Medium Enterprises Development (MSMED) Act, 2006 the Micro, Small and Medium Enterprises (MSME) are classified into two categories:
Manufacturing Enterprises: Manufacturing Enterprises are those enterprises which engaged in the manufacture or production of goods. The Manufacturing Enterprise is defined in terms of investment in Plant & Machinery.
Service Enterprises: The enterprises engaged in providing or rendering of services and are defined in terms of investment in equipment.
Legal Window will provide you all the necessary services under one roof and provide all registration you require and also guide for other compliances. You may get in touch with our team on 072407-51000 or email firstname.lastname@example.org for MSME registration.
Advantages of Udyam Registration (MSME)
|Classification||Investment in plant and machinery and equipment||Turnover|
|Micro enterprise||Not more than INR 1 Crore||Not more than INR 5 Crore|
|Small enterprise||Not more than INR 10 Crore||Not more than INR 50 Crore|
|Medium enterprise||Not more than INR 50 Crore||Not more than INR 250 Crore|
Process of Udyam Registration (MSME)
FAQs on Udyam Registration
No, MSME registration is not a compulsory registration it is totally voluntary. Generally the Businessmen and entrepreneurs who want to utilize the benefits offered under MSME can take the registration.
The validation for MSME Registration Certificate is lifetime, although if there is any change in investment the categories will change.
MSMEs are recognized by all the institutions and banks. Government offer many Special schemes to the industry registered under MSME. Banks prefer to give loan to those Industries which are registered in MSME Act instead of giving loan to normal enterprises.
MSME loan can be provided by a bank or a Non-Banking Financial Company (NBFC) it could be a normal term loan or a line of credit. Banks like Bank of Baroda, IDBI and NBFCs like Bajaj Finserv, Tata Capital, where you get loan for your MSME Industry.
Yes, MSME registration and Udyam Registration are one and the same.
Almost every type of business entity can obtain Udyam Registration, whether it is Hindu Undivided Family, Proprietorship, one-person company, Partnership Firm, Production Company, limited company, private limited company, limited liability partnership, co-operative societies or any association of persons or any other undertaking.
Yes, the Udyam Registration can be used to get current Bank Account opened. Udyam Registration is treated as a Business registration certificate for Micro, Small and Medium Enterprises. The Small and Medium firm who have Udyam Registration can apply for current Bank account along with any other registration certificate.
After getting registered with MSME, your business will be eligible for availing government scheme benefits under MSMED Act 2006 which includes loans without guarantee, low-interest rates on loan, and easy loan, subsidies and different training programs.
Yes, there is an option available to modify the details mentioned in MSME Certificate.
Yes, the MSME Certificate can be restored. You can contact Legal Window team for restoration of the Certificate.
No, traders are not eligible to get registration under MSME.
MSME covers manufacturing and services industries only.