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MSME/SSI Registration
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Overview of MSME/SSI Registration
The Ministry of Micro, Small and Medium Enterprises, broadly known as MSME, is the premier Government body that deals with the formulations and management of rules, guidelines, and laws pertaining to small scale industries in India. The MSME came to effect on October 02, 2006. It aims to incentivize, facilitate, and boost the competitiveness of MSMEs working pan India.
MSME, i.e. Micro, Small and Medium Enterprises, is considered as the backbone of the Indian Economy. The MSME sector encompasses a massive number of small scale industries under its belt, making it one of the prominent GDP contributors of India. MSME is a government-backed initiative that seeks to boost the growth of small scale industries operating in the organized and unorganized sectors.
What Do You Mean by MSME/SSI Classification?
Previously, the prevailing MSME Classification was based on the criteria of investment in production facility and machinery. So to access MSME benefits, the MSMEs have to confine their investment to the lower level, as shown below:
Previous MSME Classification
Sector | Criteria | Micro | Small | Medium |
Manufacturing | Investment | < Rs.25 lakh | < Rs.5 crore | < Rs.10 crore |
Services | Investment | < Rs.10 lakh | < Rs.2 crore | < Rs.5 crore |
Benefits offered by MSME/SSI Registration to the Small Scale Units
- Public Procurement Policy
- Credit Linked Capital Subsidy Scheme
- Credit Guarantee Scheme
Standard Documents Needed for MSME Registration
PAN and Aadhaar cards are the only essential documents required for MSME registration. This registration is fully web-based, and no proof of documents is needed. GST and PAN linked particulars on annual turnover and enterprises’ investment will be secured automatically by the portal from the government databases.
How to Apply for MSME Registration on Udhyam Registration?
The Udyam Registration portal is a government-backed portal that is in sync with Income Tax and GSTIN systems. Acquiring GST registration is not a mandate for enterprises that fall outside the scope of GST law. But, the enterprises that fall under the GST regime need to secure GST registration to obtain Udyam Registration.
Points to Ponder:
Post Incorporation Compliance for Private Limited Company
Once a company is incorporated in India, it should maintain a number of compliances to avoid any penalties and legal actions. After Company Registration, a Company would need to comply with the following requirements:
- DIN KYC: Every year, DIN KYC is required who holds a Director Identification Number, which is given at the time of Company Registration Process and verifies the email address & phone number on file with the MCA.
- Commencement of Business: The Company’s Shareholders must deposit the subscription amount cited in the MOA within 180 days of Company Registration, and the company must create a bank current account. Therefore, in order to receive a Company Registration Certificate, the Company’s Shareholders that is to be established with a paid-up capital of Rs. 1 lakh must deposit Rs. 1 lakh into the bank account of the company and file a copy of bank statement with the MCA.
- Filing of Income Tax: Each Financial year, all businesses are required to submit an ITR using Form ITR-6. ITR filing must be completed for each financial year before the deadline. A DSC of a Director must be used to digitally sign the Company’s Income Tax Return.
- Appointment of the Auditor: Within 30 day of Company Incorporation, every in Company in India must appoint a precising, registered & certified CA.
- Annual Filings: Every Financial Year, the Ministry of Corporate Affairs must get a copy of the Financial Statements from each Company that is incorporated in India. A Company that registered between Jan & Mar may elect to include the 1sdt MCA Annual Return in the Annual Filing for the following Financial Year. Form AOC-4 and Form MGT-7 are the components of the MCA annually return. The Directors and a working professionals must digitally sign both of these documents.
Note: For more information regarding MCA Compliances to be followed by the Company, read on MCA Compliance.
Why Connect with Dreamunicus Support for registration and licensing services?
Dreamunicus is one of the most trustable platforms for government registration and licensing services. We ensure that our clients get top of the line services regardless of the quantum of compliances and rules set out under different Acts.
Top reasons for choosing Dreamunicus services
- Presence of highly experienced professional and field experts
- Ability to simplify complicated pre-registration requirement for the sake of client’s understanding
- Proven track record of rendering flawless services to different clients
- Ensure on-time delivery of government license and registration
Frequently Asked Questions (Faq)
Yes, Udyam Registration has been introduced by GOI as a replacement of the erstwhile registration system, i.e. MSME registration. Applicants seeking Udyam Registration can file an e-form on the concerned web portal.
Yes, the Aadhar card is one of the fundamental documents for availing of Udyam Registration in India.
Yes, MSME registration is available to existing and new businesses. However, to become eligible for registration, they need to meet the threshold limits for registration. UAM registration
Yes, an existing and new business can apply for MSME/Udyam Registration, provided the existing unit is functioning and meets the threshold limits for registration. UAM Registration has to be re-registered for Udyam registration to avail of the benefits of MSME.
Udyam Registration Certificate remains valid for a lifetime; hence, there is no requirement of renewing the same.
No. MSME only encompasses manufacturing and service enterprises. Trading firms do not have permission to access the MSME scheme. MSME is all about boosting start-ups with subsidies and benefits; such companies serve as a mediator between manufacturer and customer. Thus, they fall outside the scope of MSME registration.
No. The MSME certificate is granted for a single entity regardless of allied branches or plants. But, information pertaining to multiple plants or branches must be furnished.
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