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Micro, small, and medium enterprises (MSMEs) play a crucial role in driving India's Gross Domestic Product (GDP) growth. MSMEs provide employment to more than 110 million people, however, their growth and expansion come with various challenges. On May 13, 2020, the Indian government introduced an updated classification system to better support and empower MSMEs. According to this classification, MSMEs across India are now referred to as 'Udyam' and must go through the 'Udyam Registration' procedure. With the Union Cabinet's approval, Udyam registration became compulsory for all MSMEs starting July 1, 2020.
Startup Club India brings you MSME registration in Delhi in an easy and hassle-free way. We are known as one of the best MSME Consultants In Delhi, as our expert consultants will provide you with complete guidance.
MSME stands for Micro, Small and Medium Enterprises. Introduced under the MSMED Act of 2006, this classification was designed by the Government of India to support MSMEs. These businesses focus on producing, manufacturing, processing, or preserving various goods and commodities. With its significant role in employment and economic progress, the MSME sector plays an important role in India's economy.
Udyam Registration or MSME Registration is a digital certification provided by the Indian government to recognize and support MSMEs across the country. The current Udyam Registration system has taken over the previous Udyog Aadhaar Memorandum (UAM) process. Udyam registration isn’t compulsory, yet it comes with many benefits that can help MSMEs grow:
By registering under Udyam, MSMEs can take advantage of various government schemes, financial aid, and policy incentives.
Udyam registration follows a self-declaration process, removing the requirement for submitting documents or certificates.
The eligibility requirements for MSME registration depend on investment and turnover limits:
Micro Enterprises: Enterprises that invest in machinery, plant or equipment which do not exceed Rs. 1 crore, and also their annual turnover is below Rs. 5 crore.
Small Enterprises: Enterprises that invest in machinery, plant, or equipment which do not exceed Rs. 10 crore, and their annual turnover is below or less than Rs. 50 crore.
Medium Enterprises: Enterprises that invest in machinery, plant, or equipment which do not exceed Rs. 50 crore, and their annual turnover also does not exceed Rs. 250 crore.
Businesses must ensure their investment and turnover remain within the designated limits of their category to be eligible for Udyam registration.
Anyone planning to start a micro, small, or medium enterprise in India can register under Udyam. It applies to different business entities, such as:
Proprietorships
Access to Government Schemes
Priority Sector Lending
Extended MAT Credit
Lower Interest Rates
If you wish to apply for Udyam Registration, then make sure you have the following documents ready:
PAN Card Number
Udyam Registration makes life easier for MSMEs, giving them access to government benefits, better funding, and growth opportunities without the hassle of excessive paperwork. It helps businesses build credibility and stay ahead in the market.
