How to Register your Business on MSME / Udyam Registration?
In past few years, there is a rapid growth in entrepreneurial culture. Indian government helps to enhance the growth of small, micro and medium enterprises by initiating few schemes, offers and subsidies to increase participation of more youths in business sector. This schemes are eligible to avails tax benefits, concession in electricity, and subsidy on patent registration, local schemes and other subsidies. Reserve bank of India also gives loans to MSMEs and entrepreneurs at a concessional rate and help them in their business growth. Ministry of MSMEs concluded that MSME and SME sector gives almost 70% of Indian GDP. This includes business like agriculture sector, manufacturing, food and beverages, automotive raw materials, business and retail sector. To avail this benefits this business companies need to be register under MSME sector for the growth of business and also make it easier for the governments.
MSME Registration Government of India launched MSME act to support the MSME through various schemes, subsidies and yearly incentives. MSME registration stands for Micro, Small and Medium Enterprise Registration, any company comes under MSME categories needs to ensure they are register under the MSME categories. With MSME registration, bank also provide loans at lower rate of interest.
Registration Process for MSME/ Udyam The registration required personal details, and details about the business and so on. Aadhar card is must for Udyam Registration, an application is to be filled online on MSME / Udyam Registration.
Documents required for registration Process 1. Aadhar Number Required for Udyam Registration 2. Aadhar number shall be of the Proprietor in case of proprietorship firm Managing Partner for in case of partnership form Karta in case of Hindu undivided Family (HUF) 3. Name, Gender, Pan Number, Email Id and Mobile number of the applicant. 4. Pan Location and Address of Organization. 5. Number of Employees and date to start your businss 6. Bank account number and IFSC code 7. Basic business Idea of the enterprises 8. No enterprise shall file more than one Udyam Registration 9. Whoever intentionally misrepresents or attempts to suppress the self-declared facts and figures appearing in the registration or updating process shall be liable to penalty.