SSI / MSME / UDYOG AADHAR REGISTRATION

Udyam Registration in India or MSME Registration or SSI registration is a certificate that is provided to micro, small, and medium-sized businesses in India under the MSME Act, 2006. Udyam registration in India was earlier known as MSME registration. Any business entity falling under these limits can apply for registration under MSME Act.

Essentials

The legal notice contains the basic averment of the affected party.

• The aggrieved party will make his allegation on the person addressed or receiver.
• The aggrieved party will state his solution to the dispute.
• It contains the claim of the aggrieved party to remedy the current issue.
• It will enumerate the civil and penal consequences if the rights and claims of the aggrieved party were not fulfilled.

Eligibility

Micro Enterprises
Investment in plant and machinery < 1 crore
Annual turnover< 5 crores.

Small Enterprises
Investment in plant and machinery < 10 crore
Annual turnover < 50 crores.

Medium Enterprises
Investment in plant and machinery < 50 crore
Annual turnover < 250 crores.It also acts like a reminder for the receiver about the acts done on his part which is creating problem.

Requirements

• Precise statement and facts relating to the grievance for which the action is to be taken.
• Alternatives/relief sought by the grieving party.
• How are the relief/problem in hand be solved, a summary of facts and the way it can be solved.

A complete brief of the problems that the aggrieved party is facing, combined with what can be done to resolve the issue need to be clearly mentioned. The last past of the Legal notice should contain a detailed account of how relief can be obtained/problem solved if mutually agreed upon the grievance.

A perfectly crafted legal notice, can act as a mediator between the two parties and help solve the issue out of the court if both of them are willing to compromise on the issue.

It  must contain the following points:

• Name and required information
• Description
• Place of residence of the notice sender
• Aspects of the effect
• The monetary relief claimed by the sender of the notice
• The gist of the legal basis for the relief claimed

Objective

The main objectives of the Micro, Small and Medium enterprises concerning the Udyam registration is as follows:

• To enable the Micro, Small and Medium enterprises on a large scale to effectively tackle the widespread problems of unemployment and poverty;
• To extend the benefits of various government schemes at one stop to the SSI units;
• To safeguard the SSI from financial harassment in the hands of the big industries.

For Proprietorship Business

• Proprietor PAN (Self Attested)
• Proprietor Aadhaar Card (Self Attested)
• Proprietor Bank A/c No & IFSC Code
• Proprietor Mobile Number
• Proprietor Email id
• Scan photograph of Proprietor
• Complete Office Address

For Other Businesses

• Directors or Partners PAN (Self Attested)
• Directors or Partners Aadhaar Card (Self Attested)
• Business Bank A/c No & IFSC Code
• Director/Partners Mobile Number
• Director/Partners Email id
• firm/LLP/Company PAN
• Complete Office Address
• Scan photograph of Partner/Director

Benefits

1. Bank Loans can be availed at a lower rate of interest in some cases the loans can also be availed without the collateral or mortgage.

2. It is very easy to get licenses, registrations, and approvals once you get MSME registration

1. The interest rate charged by banks for MSME registered enterprises is lower than the normal interest rate
2. The applicant gets the financial support to participate in foreign expos to showcase their products.

5. Those have MSME Registration are eligible for Industrial Promotion Subsidies as prescribed by the government.
6. Enterprises that have MSME Registration Certificate can avail Concession on electricity bill by making application to the electricity department along with MSME Registration Certificate.

1. You get special consideration for participating in international trade fairs, exhibitions, and buyer-seller meets. You can also hold international seminars and conferences which are in the interest of MSME sector

8. MSMEs registered with the MSME ministry stand to benefit from a 50% subsidy on their patent registration fees.
9. MSME gives protection to MSME Registered Business against a delay in payments from Buyers and right of interest on delayed payment.  If the buyer delays the payment for more than 45 days after accepting the products or services then the buyer has to pay interest on the amount that was agreed to be paid. The interest rate is three times the rate that is notified by the Reserve Bank of India.