MSME represents Micro, Small, and Medium Enterprise that was presented by the Government of India in agreement with the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006.
MSME is started and overseen under the Ministry of MSME (MoMSME). These businesses specialize are manufacture, manufacturing, processing, or storage of products and commodities.
MSMEs are an important sector for the Indian economy and have contributed immensely to the country’s socio-economic development.
- Micro Enterprise: Where the investment in Plant and Machinery or Equipment does not exceed one crore rupees and turnover does not exceed five crore rupees.
- Small Enterprise: Where the investment in Plant and Machinery or Equipment does not exceed ten crore rupees and turnover does not exceed fifty crore rupees.
- Medium Enterprises: Where the investment in Plant and Machinery or Equipment does not exceed fifty crore rupees and turnover does not exceed two hundred and fifty crore rupees.
Features of MSMEs
- MSMEs are known to give sensible help to further developed improve to the domestic just as export markets for organizations.
- MSMEs support item improvement, plan innovation , mediation, and bundling components of a business.
- MSMEs support the overhauling of innovation, foundation, and the modernization of this area as whole.
- MSMEs give employment opportunities and loans .
- MSMEs give credit cutoff points or financing backing to different banks in the country.
Existing MSME Classification
||< Rs 25 lakh
||< Rs 5 crore
||<Rs 10 crore
||< Rs.10 lakh
||< Rs.2 crore
||< Rs.5 crore
Document required for MSMEs
The Udyam registration process is entirely online and does not require the uploading of any documents. However, before applying for Udyam Registration, the proprietor or owner of the enterprise is required to have the following documents:
- Aadhar card
- Proprietorship firm– Aadhar number of the proprietor in the udyam registration form.
- Partnership Firm– Aadhar number of the managing partner in the udyam registration form.
- In case of HUF – Aadhar number of the Karta in the udyam registration
- Company or Limited Liability Partnership or a Cooperative Society or a Society or a Trust:- Aadhar number of the organisation or authorised signatory in the udyam registration
Aadhar number is necessary for Registering under the MSME act. Any enterprisers that qualifies under the meaning of MSME can get Udaym Registration under the MSME Act. An application is to be filed online using Udyam Registration Portal for acquiring Udyam.
Udyam Registration is a totally online registration process and when it filled and submitted on the Udyam Registration portal , the enrolment certificate will be given following a couple of days. The Udyam Registration has lifetime validity except if cancelled.
Contact us for apply your MSMEs