Business-License & Registration

MSME & REGISTRATION: ABOUT: The economic wheels, running for a developing country like India is the micro, small, and medium enterprise (MSME) sector of the nation. This sector prides itself as a primary contributor to employment, exports, manufacturing, and industrial units in India. These industries are also known as small-scale industries or SSI’s. This registration is not yet made mandatory by the Government but it is beneficial to get one’s business registered under this because it provides a lot of benefits in terms of taxation, setting up the business, credit facilities, loans, etc. According to the MSMED Act, 2006, also known as Micro, Small and Medium Enterprises Development Act: 1. MSME in the manufacturing sector can be identified if: • Micro enterprises – The investment doesn’t exceed Rs 25 lakh • Small enterprises – The investment is more than Rs 25 lakh but doesn’t exceed Rs 5 crore • Medium enterprises – The investment is more than Rs 5 crore and doesn’t exceed Rs 10 crore 2. MSME in the service sector can be identified if: • Micro enterprises – The investment doesn’t exceed Rs 10 lakh • Small enterprises – The investment is more than Rs 10 lakh but does not exceed Rs 2 crore • Medium enterprises – The investment is more than Rs 2 crore but doesn’t exceed Rs 5 crore   This definition of MSME has been recently amended on the 13th of May 2020 by the central government. Investments are no longer the only parameter to define an MSME. FM Nirmala Sitharaman has added ‘annual turnover’ as an additional principle along with the ‘investment in plant and machinery. Revised MSME Classification Classification                                                  Micro                                                  Small                                                                              Medium Investments and Turnover          < Rs.1 crore                                           < Rs.5 crore                                                                < Rs.10 crore and                                                     and                                                                                and < Rs.50 crore                                         < Rs.20 crore                                                           < Rs.100 crore Benefits of MSME registration: Registration of your MSME is not mandatory. If you choose to register, then your business can enjoy an excise exemption scheme from direct taxes, avail special schemes from banks custom-made for MSMEs, and many more. Also, registered businesses with an MSME certificate will benefit from various government departments, including electricity. Here are some of the benefits: • Lowest interest rates on bank loans • Avail tax rebates customized for MSMEs credit for Minimum Alternate Tax (MAT) • Very easily accessible credit for MSMEs • Reimbursement of ISO Certification • Avail special rebates and concessions on patents and industry set-ups • One-time settlement fee for the amount unpaid • Government preference to MSMEs • Concession in electricity bills • Get credit guarantee schemes from the Government • Special consideration on International Trade fairs • Bar code registration subsidy • Support from your state government • Exemption scheme from Direct taxes. • Once registered the cost of getting a patent done, or the cost of setting up the industry reduces as many rebates and concessions are available. • MSME registration helps to acquire government tenders easily as Udyam Registration Portal is integrated with Government e-Marketplace and various other State Government portals which give easy access to their marketplace and e-tenders. • MSMEs get the benefit of a government security deposit waiver that is helpful while participating in e-tenders. • Any number of activities including service or manufacturing or both may be added or specified in one Registration. • Exemption scheme from Direct taxes. Documents required for MSME registration: • Aadhar number • PAN number • Address of the business • Bank account number • The basic business activity • NIC 2 digit code • Investment details (Plant/equipment details) • Turnover details (as per new MSME definition) • Partnership deed • Sales and purchase bill copies • Copies of licenses and bills of purchased machinery. ## There may be complex things that occur during the registration process which is a time-consuming and lengthy process. The legal language of these forms is complex in nature. The government Portal and its functionality are in itself quite challenging. The support of professionals and experts can save your precious business time. Our team of LAW COMPLIANCES, having expertise in all such kinds of matters, will resolve all problems pertaining to registration & compliances and will save your precious time and Money. Working Process: >Choose your Plan and Pay Securely. > Upload required document > An expert will be assigned to you for the procedure of submission of the application. > Our Expert will complete the process required for your work along with the necessary assistance over a call during business hours. BASIC PLAN: Assistance in obtaining MSME registration. MSME registration or Udyog Aadhaar is provided for free by the Government. You can visit the Udyog Aadhaar website directly for free MSME registration.. Service Fees: 999/- inclusive All Fees. Law Compliances can help you in the Registration of M.S.M.E in 3-5 working days.** ** Time taken for Incorporation will depend on the submission of the relevant documents by the client and also approval from the CONCERNED Government authorities. FREQUENTLY ASKED QUESTIONS (FAQ): Can I register for MSME online? Yes, businesses who want to avail the benefits announced by the government for MSMEs will need to register their business online on the ‘Udyog Aadhaar Memorandum (UAM) portal’. The registration process is simplified and free for every user. How can I check my MSME registration? Upon successful registration, you will receive a registration number that will be required for future reference. Once your form is submitted, it generally takes 2-3 days for the overall approval and registration process to complete. Your registration certificate will be sent to you via email. What are the new criteria for MSME? MSME qualification is nothing but the eligibility criteria for businesses to register themselves under the tag of MSME. Any business falling under eligibility criteria may register itself/himself under the single registration system for MSMEs. Is the MSME certificate valid? MSME certificate is valid till the time the business is operational. However, a provisional MSME certificate is valid only for 5 years. What is the cost of MSME registration? The MSME registration process is free of cost, completely paperless, and online. What are the types of MSME? According to the provisions of the Micro, Small & Medium Enterprises Development (MSMED) Act, 2006, MSMEs are classified into Manufacturing Enterprises and Service Enterprises. Which industries come under MSME? All the manufacturing and service industries are covered by MSME. What is the turnover limit for MSME? * Turnover limit for micro: Less than INR 5 crore * Turnover limit for small: INR 1 to 25 crore * Turnover limit for medium: INR 25 to 250 crore ***