MSME Registration offers several benefits to every business entity. If you have a Proprietorship firm and want to avail several benefits from government or financial institutions, you must know about MSME Registration or Udyam Registration. In this article, you will understand MSME Registration for Proprietorship Firm.
What is MSME?
MSME stands for Micro, Small, and Medium Enterprises. All the MSMEs are the backbone of most developing countries. So in simple words, when the MSMEs expand, the economy of the country grows. Therefore, the government offers several plans and benefits to support MSMEs.
In India, there are two types of MSMEs:
- Service enterprise
- Manufacturing enterprise
MSME Registration is a kind of government scheme that assists MSMEs of India in multiple forms.
Another name for MSME Registration is Udyam Registration. This new mode of MSME registration was initiated to benefit the new entrepreneurs and make the process of MSME registration easy. To start the registration process for a proprietorship firm, all you have to do is present an Aadhaar card and some other basic details.
What are the documents required for MSME registration for a proprietorship firm?
For MSME registration, no physical documents have to be presented. All you have to do is enter simple details in the registration form and then upload a scanned copy of these documents:
- Your 12 digit Aadhaar number
- GSTIN number obtained through GST Registration
- PAN number
- Shop and Establishment Registration Details
Some other documents that you may need to produce during MSME registration, be it online or offline, are:
Sale bill and purchase bill copy
All the businesses have to submit a copy of the sale bill for each product that they are supplying. They also need to share a copy of the purchase bill for every raw material that they are purchasing.
Business address proof
If you have established your business on self-owned premises, you will need to produce an allotment letter, lease deed possession letter, and property received. On the other hand, if you are running a business on rented premises, you will need to provide a NOC letter from the owner. Additionally, you also have to submit a utility bill as business address proof.
Bill of machinery purchased for your business
While applying for MSME registration for your business, you also have to submit all the bills and receipts for the machines and equipment purchased for your business.
Copy of license
In specific cases, you might also need to submit an industrial license.
MoA and AoA or partnership deed
If your business is a partnership firm, it is mandatory that you submit a partnership deed during the registration process. On the other hand, if your business is a private limited company, you have to furnish MoA and AoA and a certificate of incorporation.
MSME Registration Key Benefits
MSME Registration Process
If you are planning for MSME registration for your business, you have to follow the following steps:
- You have to fill out an application form online.
- Along with the application form, the applicant has to submit present information like industry name, bank account details, permanent address, Aadhar Card, and many more.
- You also have to submit a self-certified certificate
- Once you have successfully filled out all the details on the application form and have uploaded the documents, you have to submit them on the official website. Once all the documents are verified, you will receive your MSME registration number and MSME registration certificate.
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