To register your business as an MSME, you need to provide some basic information about your business, such as name, address, type of enterprise, investment in plant and machinery or equipment, or turnover.
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For getting registered as an MSME, you need to submit the following documents! more
Advantages of MSME
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Every business owner has to register themselves on the UDYAM Portal. Once they have done so, they are categorized into micro, small, medium, and large businesses based on their investments and turnovers. Upon successful registration, they are given a certificate according to their category. These certificates are known as MSME certificates.
No, you do not need to renew your MSME registration certificate as these certificates never expire. Once you successfully register yourself on the UDYAM Portal, the certificate provided by them is valid as long as the business is intact..
Every company or business whose investment lies between 1 Crore to 50 Crore and whose turnover lies between 10 Crore to 250 Crore is eligible for MSME registration. Keep in mind that MSME is only for businesses, i.e., only a company can register for MSME whereas an individual cannot register for MSME registration.
Startups mostly work on investments made by investors and look for capitalists for funding, whereas, MSMEswork on the investments made by their founders and their substantial funding comes from financial institutions. Also, there have been several examples in which a startup becomes a unicorn (multi-million company) sometimes ina very short period, whereas, MSMEs mostly have the same (constant) annual turnover as it mostly works to remain stable.
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In recent years, the government of India has made several amendments to the MSME registration laws to make the process simpler and more accessible. Some of the latest amendments are:
Composite Criteria - Earlier, an enterprise was classified as an MSME based on the amount of investment made in it. However, under the new composite criteria, an enterprise is classified as an MSME based on both investment and turnover. This has made it easier for small businesses to register as MSMEs.
Revised Investment Limits - The investment limit for micro-enterprises has been increased from Rs. 25 lakhs to Rs. 1 crore. Similarly, the investment limit for small enterprises has been increased from Rs. 5 crores to Rs. 10 crores. This has allowed more businesses to register as MSMEs.
Provisional Registration - The government has introduced provisional registration for new enterprises. This allows new businesses to register as MSMEs even before they start their operations. This has helped new businesses access credit and other benefits from the government.
Zero Fees for MSME Registration - Earlier, there was a fee charged for MSME registration. However, under the latest amendment, MSME registration is free of cost. This has made it easier for small businesses to register and access benefits.
India Advocacy and MSME Registration :
MSME registration is an important process for small businesses in India. It provides various benefits and advantages that can help an enterprise grow and succeed. India Advocacy is a platform that works towards promoting the interests of MSMEs in India. The platform provides various services such as policy advocacy, capacity building, and networking opportunities to MSMEs. India Advocacy has been working closely with the government to promote the interests of MSMEs and has played an important role in helping the businesses in their respective MSME registration.
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Documents required for MSME Registration :
MSME registration in India is a simple and easy process that requires a few documents to be submitted. The following are the necessary documents required for MSME registration:
Aadhaar Card: The Aadhaar card is mandatory for the proprietor or the authorized signatory of the business entity.
Business Address Proof: Any document that verifies the address of the business entity, such as an electricity bill, telephone bill, property tax receipt, and more.
Bank Account Statement: The latest bank account statement of the business entity, which should reflect the transactions of the last six months.
PAN Card: The PAN card of the proprietor or the authorized signatory of the business entity.
Partnership Deed (in case of Partnership Firm): The partnership deed is required for the registration of partnership firms.
Incorporation Certificate (in case of Company or LLP): The incorporation certificate is required for the registration of companies or LLPs.
Business Registration Certificate: Any registration certificate issued by the government, such as a GST registration certificate, sales tax certificate, or trade license.
It is important to note that these documents may vary depending on the state in which the business entity is registered. In addition to these documents, the business entity may also need to provide additional information, such as the type of business, investment in plant and machinery, and the number of employees.
In India, MSMEs or Micro, Small, and Medium Enterprises form the backbone of the country's economy. These enterprises contribute significantly to the GDP of the country and are major employment generators. The government of India has taken various steps to promote and support these enterprises. One of the most important steps taken in this direction is MSME Registration.
MSME registration is a process by which an enterprise is recognized as a Micro, Small, or Medium Enterprise by the Government of India. The registration is done under the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006. The registration provides a legal identity to the business entity and enables it to avail various benefits and incentives provided by the government.
In recent years, there have been some significant amendments made to the MSME registration laws in India. These amendments have been made to make the process simpler and more accessible for small businesses. In this blog, we will discuss the MSME registration process in detail and the latest amendments made to it.
MSME Registration Process in India
To register as an MSME in India, an enterprise needs to follow the following steps:
Step 1: Visit the UdyogAadhaar portal - The UdyogAadhaar portal is the official portal for MSME registration in India. An enterprise can visit the portal and fill in the registration form.
Step 2: Fill in the details - The registration form requires an enterprise to provide basic details such as its name, address, type of enterprise, and other such details.
Step 3: Submit the form - Once the form is filled in, an enterprise needs to submit it online. After submission, a unique UdyogAadhaar number is generated, which is used for all MSME-related activities.
Step 4: Registration certificate -After the submission of the form, an MSME registration certificate is issued. This certificate is proof of the enterprise's registration and can be used for various purposes.
MSME registration provides access to various government schemes such as subsidies, grants, and other incentives that are designed to promote and support the growth of MSMEs.
MSME registration provides legal protection for intellectual property such as patents, trademarks, and copyrights, which can help in safeguarding the unique features and identity of the business
MSME registration provides a level of credibility and authenticity to the business, which can help in improving its marketability and competitiveness.
MSME registration enables businesses to participate in various government tenders, which can provide a significant boost to their revenue and help in expanding their business.
MSME registration provides access to various government schemes and incentives that are designed to promote technology upgradation, which can help in improving the efficiency and competitiveness of the business.
MSMEs can make a significant contribution to the economy by creating jobs, generating income, and contributing to GDP growth.
MSMEs are a significant source of employment, especially in developing economies, where they can play a crucial role in reducing unemployment and poverty.
MSMEs are often characterized by their ability to innovate, as they are often more agile and can experiment with new ideas and approaches more easily than larger businesses.
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Follow the general instructions listed below while furnishing the digital signature application form:
• The signature of the applicant should be in blue ink only
• The signature of the applicant should be as it is in the Identity Proof
• A photo of the applicant in the application form should be signed by the applicant
• All supporting documents should be attested by either Gazetted Officer / Bank Manager / Post Master
• For proof of attesting officer, either one of the below is mandatory –
• Contact Details of Attesting Officer including the name, designation, office address, and contact number. This should be part of the attestation. If provided separately, it should be attested either by the Applicant or Attesting Officer
• Self-Attested copy of the Organizational Identity card of the Attesting Officer
• Organizational Documents can also be attested by Authorized Signatory. However, if the taxpayer fails to get the Organizational Documents attested by the authorized signatory, an attested copy of the organizational ID card of the authorized signatory is mandatory.
How Digital Signature work
Like handwritten signatures, digital signatures are unique to each signer. The providers of digital signing solutions, such as DocuSign, follow a specific protocol called Public Key Infrastructure (PKI). PKI requires the provider to use a mathematical algorithm to generate two long numbers called keys. One key is public, and one key is private.
When someone electronically signs a document, the signature is created using the signer’s private key, which is always securely kept by the signer. The mathematical algorithm acts as a cypher, creating data matching the signed document, called a hash, and encrypting that data. The resulting encrypted data is the digital signature. The signature is also marked with the time that the document was signed. If the document changes after signing, the digital signature is invalidated.
For instance, suppose that Jane signs a timeshare sale agreement with her private key. The buyer receives the document. A copy of Jane's public key is also sent to the document's purchaser. If the signature is not Jane's or the document has changed since it was signed, the public key will be unable to decrypt it using the cypher that produced the keys. The signature is then invalid. To ensure the integrity of the signature, PKI mandates that keys be generated, carried out, and stored securely. As a result, a reliable Certificate Authority (CA) is typically required. Companies that provide digital signatures, like DocuSign, address the PKI criteria for secure digital signatures.
Advantages of MSME Registration :
Financial Assistance: MSME registered businesses can avail of various financial assistance schemes provided by the government, including credit guarantee schemes, credit-linked capital subsidy schemes, technology upgradation schemes, and more
Tax Benefits: MSMEs are eligible for various tax benefits, including exemption from certain taxes and subsidies for various taxes, such as GST.
Protection: MSME registration protects the business entity in case of delayed payments by the buyer. The buyer is required to make payment within 45 days of the date of acceptance of goods or services.
Priority Sector Lending: MSME-registered businesses are considered a priority sector for lending by banks, and are eligible for lower interest rates.
Marketing Assistance: MSMEs can avail of marketing assistance from various government agencies, including India Advocacy.
Validity of MSME Registration:
MSME stands for Micro, Small and Medium Enterprises. In India, the MSME sector plays a crucial role in the growth of the economy, and hence, the Government of India has made provisions for the registration and renewal of MSMEs.
The validity of MSME registration in India is permanent, meaning that once an enterprise is registered as an MSME, it will remain registered for its lifetime. However, it is essential to update the registration periodically as per the changing requirements of the enterprise.
The government provides several benefits and incentives to MSMEs, such as easier access to credit, subsidies, tax benefits, and exemptions, and priority in government tenders, among others. These benefits and incentives are aimed at promoting the growth of the MSME sector, which is critical to the overall growth of the Indian economy.
In conclusion, MSME registration is a simple and straightforward process that can be completed online without any cost. Once registered, an MSME can avail of several benefits and incentives provided by the government to promote the growth of the sector. The registration is valid for the lifetime of the enterprise, and it needs to be updated periodically as per the changing requirements of the enterprise. Overall, MSME registration is an essential step for any enterprise in India that wants to grow and take advantage of the various benefits and incentives provided by the government.
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