MSME- an abbreviation of Micro, Small & Medium enterprises- is the pillar of economic growth in many developed, and developing countries in the world. Often rightly termed as “the engine of growth” for India, MSME has played a prominent role in the development of the country in terms of creating employment opportunities-MSME has employed more than 50 million people, scaling manufacturing capabilities, curtailing regional disparities, balancing the distribution of wealth, and contributing to the GDP-MSME sector forms 8% of GDP. Though India is still facing infrastructural problems, lack of proper market linkages, and challenges in terms of flow of institutional credit, it has seen a tremendous growth in this sector. The advantage of this sector is it requires less investment, thus creating employment on a large scale, and reducing the employment and underemployment problems. Moreover, this sector has survived almost all threats emerging out of still completion from both domestic and international market.
MSME Registration Process:
The registration process allows the MSMEs to enter into large scale industries and at the same time allows allow new entrepreneurs to enter in this sector. MSME registration is not a cumbersome process as the documents required for the same are comparatively less. One requires:
Any Business Registration proof
Bank Statement or a canceled cheque.
Aadhaar card of the Director/Partner/proprietor as the case may be.
PAN card of business
No of Employees
Investment of P&M or Equipments
It is important to note that Aadhaar card of the authorized person is important. However, in the applicant is not enrolled for Aadhaar, he or she shall apply for the same. Till the time Aadhaar is assigned, on behalf of the enterprise, the MSME-DI or DIC shall fill the Udyog Aadhaar Registration (UAR).
It is online process and can only take 5 minute to get MSME Udyog Aadhaar Registration or Udyam Registration