These help to ensure that money is allocated fairly in the market. As a result, the Indian government provides MSMEs with several subsidies, incentives, and other benefits. This is made possible by the MSMED (Micro, Small, and Medium Enterprises Development) Act. To take advantage of these perks, a company must first register with it.
Also Read: Udyam Certificate
What exactly is MSME?
Micro, Small, and Medium Enterprises (MSME) is an abbreviation for Micro, Small, and Medium Enterprises. It is a government initiative aimed primarily at delivering benefits to medium and small-scale entrepreneurs in order to help them grow their enterprises in today’s highly competitive environment. The MSME plan offers loans to budding entrepreneurs in order to help them start their firms by reducing financial impediments.
How do I sign up for the MSMED Act?
The registration of an MSME is a simple process. You must go to the official website of the scheme. When you arrive, follow the on-screen directions. Select a category and follow the steps. Any business that qualifies as a micro, small, or medium-sized enterprise (MSME) can register here. And your Aadhar card is the sole document necessary. On your investment and turnover, you must also include your PAN and GST information. The portal will collect all additional information from the government’s database.
For new entrepreneurs who are not yet MSME-registered
Entrepreneurs who are registering for the first time should select the button on the Click “On the MSME portal’s homepage, there is a section titled “For New Entrepreneurs Who Are Not Registered as MSME.”The Aadhar Card number must be entered in one of the two ways specified below during the registration procedure.
- Information on registering and obtaining a PAN card
- Without a PAN Card, you can register.
Registration is available even if you don’t have a PAN Card:
The initial process for MSME registration is the same as mentioned above, which includes clicking on the option “For New Entrepreneurs who aren’t yet MSME-registered” and then filling out the Aadhar Card number and name of the entrepreneur in the space provided on the next page of the government portal for MSME registration. After the entrepreneur has entered his Aadhar Card number and name, he must then click the “Validate and Generate OTP” option.
After the entrepreneur clicks this button and receives the OTP, he must enter it. The PAN Verification page is the next page that appears after this. Because the entrepreneur may not have a PAN Card, the box will ask, “Do you have PAN?” when it opens.” Below that box, there are two choices: “Yes” or “No.” If the business owner does not have a PAN card, he must select the “No” option. The next step is to click on the “Next” button to proceed to the next page.
The Udyam Registration screen appears after clicking the “Next” button. This page requires the entrepreneur to provide his personal information as well as all information about his facility or enterprise. The next step for the Entrepreneur is to click the “Final Submit” button after going through all of these steps and filling in all of the essential details. Shortly after, a thank you message displays on the screen, along with the registration number.
It’s vital to remember that an entrepreneur can register as an MSME even if he doesn’t have a PAN or GSTN. He must apply for a PAN Card and GSTN after registering.
Entrepreneurs who already have an EM-II or UAM can register here:
Entrepreneurs who have already registered as UAM or EM-II must select the option on the government portal’s main page that states “For those with registration as EM-II or UAM” or “For those with registration as EM-II or UAM through Assisted filing.”
This will bring up a screen where the entrepreneur must type in his or her Udyog Aadhaar number and then click “Send OTP.” Receiving OTP by cellphone (as defined in UAM) or email are two options (as specified in UAM).
Click the “Validate and Generate OTP” button after you’ve made your OTP settings. The Entrepreneur must enter the OTP into the box provided when he or she receives it. After you’ve entered your OTP, you’ll need to fill out the registration details. The registration process for udyam is now complete.
Suggested Read: Cancel Udyam Registration