Are you interested in giving your small business a competitive edge? If yes, then your first step is to register for MSME. With this, it would be easy to unlock a world full of opportunities to let your business grow.  

Whether you're a seasoned business owner or a budding entrepreneur, MSME registration gives you an opportunity to enjoy government-provided benefits. So, we've come up with this guide to get you registered. 

Eligibility Criteria for MSME Registration

Let's talk about your registration eligibility, which is mainly based on the investment and turnover made by your enterprise. As per the MSMED Act, MSMEs can be categorised as: 

• Micro Enterprises: Investment made in plant and equipment or machinery should not be more than ₹1 crore. Also, your turnover should be less than ₹5 crore.

• Small Enterprises: Investment made in plant and equipment or machinery should not be more than ₹10 crore. Also, your turnover should be less than ₹50 crore.

• Medium Enterprises: Investment made in plant and equipment or machinery should not be more than ₹50 crore. Also, your turnover should be less than ₹250 crore.

Step-by-Step Guide to MSME Registration

Step 1: Visit the Udyam Registration Portal

Firstly, look for the official portal of Udyam Registration. However, make sure you head up to the only official platform for registration.  

Step 2: Enter Your Aadhaar Number

Now, enter your Aadhaar number, as it's mandatory for registration. If you're a proprietor, then your Aadhaar number is used. In case you run a partnership firm, then the managing partner Aadhaar number is required. At last, HUF, or Hindu Undivided Family, is required to provide Karta’s Aadhaar number.

Step 3: Verify Aadhaar with OTP

When you've entered the Aadhaar number, click on the button of “Validate and Generate OTP." After this, an OTP will be received on your mobile number, which is linked with Aadhaar. You can proceed further by entering that OTP.

Step 4: Fill in the Details

As a next step, you are needed to fill in the most required details. Generally, they include the name of the entrepreneur, PAN number, number of employees, type of organization, location of the plant, and official address. 

Step 5: Select NIC Code

Before you select the NIC Code, keep in mind your business activities category. Fortunately, you can select more than 10 NIC codes matching the operations of your enterprise. 

Step 6: Enter Investment and Turnover Details

In this step, enter the total investment you've made in plant and equipment or machinery. It can be done in accordance with the MSME classification criteria we've mentioned earlier. Also, there is a need to provide details related to your business turnover. 

Step 7: Submit Your Application and Generate URN

It's time to review your information, and once you get satisfied, just click on “Submit and Get Final OTP." Now, you'll receive another OTP, which you can enter and submit your application. After the submission, your URN will be generated.

Conclusion

It can be said that securing MSME registration is just like one of your strategic moves. Don't miss out on the myriad benefits; just set your enterprise on the path of achieving sustained success.