10 May 2018, 09:36 — 5 min read
Registering your SME on the Udyog Aadhaar portal, can be beneficial for your SME. The government, in its bid to promote entrepreneurship has created several benefits for SMEs ranging from concessions in banking services to provision of subsidies. Read more to find out more about whether your business qualifies as an SME and how to register.
What are MSME Enterprises?
MSME enterprises of manufacturing sector can be categorised on the basis of amount invested in plant and machinery:
MSME enterprises in the service sector can be categorised on the basis of amount invested in equipment.
The Udyog Aadhaar portal is the one-stop shop for signing up. Here are some other important points to remember:
Requirements for the form
The Aadhaar number is now a requirement for registering under MSMED act. An application is to be filed online using Udyog Aadhaar Registration, and this can be verified using e-Aadhaar OTP.
Obtaining the Udyog Aadhaar requires you to provide 14 points of information on the online form on the Udyog Aadhaar website:
1. Aadhaar Number
2. Name of Owner – The applicant name as mentioned on the Aadhaar Card
3. Social Category
4. Name of Enterprise – Separate entities will have to be registered individually under Udyog Aadhaar
5. Type of Organisation – Type of business entity or legal entity.
6. Postal Address – Address of the business including mobile and email address.
7. Date of Commencement – The date on which businesses was started.
8. Previous Registration Details
9. Bank Details
10. Major Activity – Manufacturing or service.
11. NIC Code – The appropriate NIC Code should be entered from the National Industrial Classification (NIC) handbook.
12. Number of persons employed
13. Investment in Plant & Machinery / Equipment – Amount of money invested in terms of machinery and equipment by the business.
14. DIC – Details of the District Industry Centre nearest to the business
After registering their MSME, the applicant will receive the benefits of all the government schemes such as an easy loan, loan without guarantee, loans with subsidised rates of interest etc. The applicant will receive financial support for participating in foreign expos to showcase their products and will also be eligible for government subsidies. Registration would facilitate hassle-free opening of current bank accounts in the name of the business. It would also allow SMEs to apply for government micro-business loans and other such related beneficial schemes.
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By Varun Bhagat