Benefits of MSME Registration

Benefits of MSME Registration

By - Jagdish Lade

Small and Medium Enterprise (SME) are backbone of Indian economy. About 45% of India’s Manufacturing output is generated by SME’s. The SME’s has created a total about 11.10 Crore job in India.

The Ministry of Micro, Small & Medium Enterprises has provided a 12- digit government identification number called Udyog Aadhar for SME so that they can be recognized by as MSME. Registered members will get official verification from government of India.

All SME companies who have availed MSME recognition can enjoy numerous benefits:-
Top 15 Benefits

  1. Reduction in fee for filing patents and trademarks.
  2. Access to Credit: - Loans upto 1 crore within 59 minutes through an online portal.
    Also loans might be given without guarantee. Low-interest rates on loan, and easy loan access will be provided.
  3. Access to Markets: - Government eMarketplace, SME’S will get an exemption if they apply for government tenders.
  4. Technology Upgradation:- 100 Technology Centres to be established
  5. Ease of Doing Business:- Returns under 8 labour laws and 10 Union regulations to be filed once in a year.
  6. Sense of security for employees:- Jan Dhan Accounts, Provident Fund and Insurance
  7. Great concession in electricity bills
  8. For participating in foreign business expos the government might aid financially.
  9. The exemption under the direct tax laws
  10. Barcode registration subsidy.
  11. Reimbursement of payment made for obtaining ISO certification
  12. Excise Exemption Scheme
  13. Eligible for Industrial Promotional Subsidy
  14. 1% exemption in interest on Overdraft.
  15. Up to 80-90% refund of Octroi

Documents Required for Udyog Aadhar

Following documents are required for completing the registration process in order to obtain Udyog Aadhar.

  1. Name and Aadhar number of the business owner (as mentioned in the Aadhar card)
  2. Document required as proof for SC, ST and OBC social category
  3. Name of your organization or enterprise
  4. Previous registration details of your enterprise
  5. Type of organization that you own
  6. Current address and account details
  7. NIC Code or National Industrial Classification Code
  8. The total number of workers employed at your organization
  9. Current activities of your firm
  10. Email ID and mobile number of the entrepreneur
  11. PAN number and the total investment made in the organization by the entrepreneur

Get your MSME registration from Maharashtra’s leading online business registration portal – iSpeedBiz. Visit our company website to apply for MSME registration.