The new definition of MSMe is as follows:
Manufacturing and services enterprises with investments up to Rs 1 crore and turnover up to Rs 5 crore will be classified as micro enterprises.
For small enterprises, the investment criteria and the turnover criteria has been revised upwards to Rs 10 crore and Rs 50 crore respectively.
The enterprises which have investment up to Rs 20 crore and turnover up to Rs 100 crore will be termed as medium enterprises.
The new definition will benefit all the MSMes as they need not worry about growing in size; they will still be able to get quite a lot of benefits which otherwise, as an MSME, they have got. This said new definition of MSMe is a welcome move for the promotion of the Atma Nirbhar Bharat Abhiyan by the Government of India. Any Micro, Small and medium-sized enterprises in the manufacturing and service sector can obtain MSME Registration. MSME is used interchangeably with SSI, which stands for Small Scale Industries. Though the MSME registration is not statutory, it is beneficial for business at it provides a range of benefits such as eligibility for capital investment subsidies, lower rates of interest, tax subsidies, power tariff subsidies, and other support. You may also avail our e-Xpress service to obtain SSI registration / MSME registration within one working day.
Ministry of MSME has revised the MSME registration process w.e.f 01st July 2020. It is now known as ‘UDYAM REGISTRATION’. The Term Udyam is equivalent to Enterprises in English. Hence all the Micro, Small or Medium Enterprises has to obtain UDAYM Registration to avail the benefits of various schemes run by the govt. for the betterment of the MSME Sector.
Aadhar No. is the first requirement for registration under MSME.12 digit Aadhaar Number issued to the applicant should be filled in the appropriate field.
In case of registration of Company, it is required to mention Aadhar No. of any one Director.
Mention only that Aadhar No. which is associated with active Mobile No. as MSME will send OTP for verification.
Bank account details like Account Number, IFSC code
With our experienced and skilled personnel, We at UpriseLegal makes process of MSME registration very smooth and helps you in each and every step at a very affordable prices. You don’t have to worry on MSME registration as UpriseLegal is there to provide all the assistance that you need.We follow law to the core and uses our knowledge to avoid any hassles in your business so that you can rise and grow! You may get in touch with our compliance manager on 9173512402 or email us at [email protected] for free consultation.