What are the benefits of MSME registration?
I am a new business and I am looking for MSME registration. Can you please explain the following? 1. Benefits of registration 2. Drawbacks 3. Process and fees for registration?
MSME registration (Udyam Registration) offers key benefits including priority sector lending, lower interest rates, collateral-free loans up to Rs 2 crore, protection against delayed payments, and various government scheme benefits, with no major drawbacks except mandatory annual updates and GST compliance requirements if registered. The registration process is free and can be completed online at the Udyam Registration Portal (udyamregistration.gov.in) using your Aadhaar number, PAN, and basic business details like business activity, investment in plant/machinery, and turnover.
While MSME registration offers several benefits, it's important to weigh the potential drawbacks and ensure it's the right fit for your specific business. This needs a detailed discussion which is not possible through text so contact us on our helpline number to talk to a qualified lawyer.
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