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Know More About MSME REGISTRATION
Introduction and Its Compliance
MSME Registration refers to the official recognition of Micro, Small and Medium Enterprises (MSMEs) under the Micro, Small and Medium Enterprises Development Act, 2006. Businesses can self-register themselves on the Udyam Registration portal to get benefits for Government schemes like a subsidy, rewards, etc. and insulation in delayed payments. We at Lawfinity make MSME registration easier to enable the startup and small businesses to receive maximum benefits and opportunities under the government’s MSME scheme.
Why It Is Needed
MSME Registration is essential for small and medium businesses to obtain government recognition. The status is for them to avail themselves of financial aid, government tenders, priority sector lending, tax concessions and a variety of developmental schemes. Lawfinity makes registration easy so that businesses can take advantage of these benefits quickly.
Benefits and Advantages
- Access to Government Schemes MSMEs get priority in government procurement, subsidies under various development schemes and credit guarantee schemes for funding.
- Easier Access to Finance Banks and NBFCs provide collateral-free loans, lower interest rates and priority lending facilities to registered MSMEs.
- Protection Against Delayed Payments MSMEs have legal protection through the MSMED Act in cases of delayed payments from buyers, ensuring faster dispute resolution.
- Concession in Electricity Bills & Taxes Registered MSMEs enjoy various tax exemptions and electricity bill concessions in certain states and sectors.
- Credit Linked Capital Subsidy & ISO Certification Reimbursement Eligible MSMEs can claim reimbursement for ISO certification costs and avail capital subsidy for upgrading technology.
Eligibility Criteria
To qualify for MSME registration, businesses must meet the investment and turnover limits under the following categories:
- Micro Enterprise: Investment ≤ ₹1 crore and turnover ≤ ₹5 crore
- Small Enterprise: Investment ≤ ₹10 crore and turnover ≤ ₹50 crore
- Medium Enterprise: Investment ≤ ₹50 crore and turnover ≤ ₹250 crore
- Both manufacturing and service sectors are eligible, including proprietorships, partnership firms, companies, LLPs and cooperative societies.
Documents Required
- KYC Documents of the applicant (Email id, Mobile No. PAN, Aadhaar, Voter id, Bank Statement etc.)
- PAN card of the business entity
- GSTIN (if applicable)
- Business address proof (utility bill/rent agreement)
- Bank account details
- Nature of business and number of employees
- Investment and turnover details
Steps for Applying
- Eligibility Assessment: Lawfinity helps assess eligibility and categorize your enterprise as Micro, Small or Medium.
- Document Collection: We gather and verify required documents and business details.
- Online Registration on Udyam Portal: Our team files the application with Aadhaar and PAN verification, linking GST and ITR data wherever applicable.
- Certificate Issuance: Upon successful registration, the Udyam Registration Certificate is issued with a unique Udyam Registration Number (URN).
- Post-registration Guidance: Lawfinity offers continued support for claiming benefits and participating in MSME tenders or schemes.
Penalties
- Missed Registration There are no direct penalties for not registering under MSME, but businesses lose out on several critical benefits such as government subsidies, protection from delayed payments and easier loan access.
- Misrepresentation Misrepresentation of data while registering can lead to cancellation of registration and legal consequences.
Timelines
Document Preparation
1 working day
Application Filing
Same day
Certificate Issuance
1 to 2 working days after successful submission
Total Estimated Time
2 to 3 working days
Timelines may vary depending on document verification and government approvals.
Fee
Frequently Asked Questions
Because every great business starts with the right answers.
No, MSME registration is voluntary, but it is highly beneficial for accessing various schemes and protections.
No, MSME registration via the Udyam portal is free of cost.
Yes, from July 2021 onward, retail and wholesale traders are eligible for MSME benefits.
No, a single business entity (based on PAN) can have only one MSME registration.
Yes, there is no renewal process. Once registered, the URN is valid for the lifetime of the business.
Only Indian-registered entities are eligible for MSME registration under the MSMED Act.
Yes, registered MSMEs get easier access to loans and may receive priority under the Credit Guarantee Scheme.
Yes, businesses can update information like turnover, investment or contact details through the portal.
You will automatically be reclassified based on your updated data from ITR and GST returns.
Voices of Success
Hear from those who have thrived with us and discover how businesses have transformed and grown with our expert guidance and support.
Anil Yadav
Shaperz India Grain Private Limited
“From FSSAI to Trade License, Lawfinity handled all our approvals efficiently. One-stop solution for all licensing needs.”
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