In this blog, check out the online procedure for MSME registration in Chennai.

MSME / SSI Udyam Registration

The Ministry of Micro, Small, and Medium Enterprises issues a 12-digit registration number known as Udyam Registration. Micro, small, and medium-sized businesses are eligible for registration based on their plant, machinery, or equipment investment. MSME registration is also called Udyam registration.

What is MSME Registration

The Ministry of MSME and the Government of India have announced a new plan called Udyam registration to replace the existing Udyog Aadhaar system. Udyog Aadhaar was a 12-digit identifying number for your company. It was dubbed Aadhaar because it had an identification number similar to that found on an Aadhaar card. The new MSME registration system seeks to offer each MSME a unique number to identify themselves and a recognition certificate that verifies them as a micro, small, or medium firm. One of the main goals of this strategy is to enhance the conditions of all current MSMEs and offer them a slew of advantages. The Ministry of MSME replaced Udyog Aadhaar with Udyam registration on July 1, 2020. The MSME sector in Chennai has been one of the most vigorous, contributing significantly to the country’s economic growth. The sector has been a significant source of employment generation and has played a crucial role in developing the country’s industrial base. The MSME sector in India comprises many units spread across the country’s length and breadth. The sector is highly diversified and comprises many products and services. The MSME sector has been defined as investment in plants and machinery. Micro, small, and medium-sized enterprises have revised their investment limits from Rs. 10 lakh to Rs. 20 lakh, Rs. 5 crores to Rs. 10 crores, and Rs. 50 crore to Rs. 100 crores. The MSME sector has been a significant contributor to the country’s exports. The industry accounts for around 45% of the country’s total exports.

Benefits of MSME Registration in Chennai

• There is no necessary minimum investment for MSME registration.
• MSME registration in chennai enables simple access to government initiatives and advantages.
• It enables businesses to obtain loans from banks at reduced interest rates
• It protects enterprises from unfair trade practices
• It enables businesses to obtain loans from banks at reduced interest rates
• Subsidies for plant and machinery

Documentation Required for MSME Registration in Chennai

• The company’s PAN
• GST registration certificate
• Aadhaar card photocopy
• Entrepreneur’s caste certificate Mobile no.
• The email address
• Bank’s starting date of business Account number and IFSC code (or passbook copy)
• Employees’ number (with male and female ratio)
• The nature of the business
• Finally, the most recent audited financial accounts.

Who is Applicable for MSME Registration in Chennai

Partnerships, sole proprietorships, Hindu undivided families, limited liability corporations, production firms, and one-person enterprises are all eligible for Udyam certification. Udyam registration has three categories: micro, small, and significant firms.

Micro Enterprises

The yearly sales can be at most 5 crores, and the investment in equipment and machinery can be at most 1 crore.

Small Enterprises

The annual turnover can be at most 50 crores, and the investment in plant and machinery can be at most 10 crores.

Medium Enterprises

The annual turnover can be at most 250 crores, and the investment in plant and machinery can be at most 50 crores.