MSME Registration in Karnataka

The small -scale industries are the torch bearers of the progress of any nation. It gives more hopes to the budding entrepreneurs to strive to establish the reputation and wealth of the country. It is vital to receive MSME Certification in order for the company to flourish and avail various schemes allotted by the government. MSME is an abbreviation of Micro, Small and Medium enterprises otherwise known as Small Scale Industries (SSI). It was regulated after October2, 2006. Though not mandatory an MSME registration in Karnataka has numerous legal benefits so, it is advisable to procure one.

Do you know the aspects of MSME Registration Eligibility?

The two classifications under which MSME registration process in Karnataka will take place, are Manufacturing and Service sectors. The investment criteria for Micro, Small and Medium sectors of the manufacturing wing are 25 lakh, 5 Crore and 10 crores respectively. Similarly, for Service sector, they are 10 lakh, 2 crore and 5 crores for micro, small and medium sectors respectively. Under the Aatmanirbhar Bharat Abhiyan Scheme (ABA), the government has now revised the minimum criteria without classifying them into Manufacturing or service sectors. A micro enterprise should have an investment of 1 crore and turnover of 5 crore. A small enterprise, on the other hand should have raised 10 crore and 50 crores as investment and turnover respectively. An investment of 50 crore and turnover 250 crore is required for a medium scale enterprise.

The process in a nutshell

All the steps in an MSME registration are done through a portal powered by the government of India – udyamregistration.govt.in. it is a purely online process. Udyam Registration process for a company in Karnataka will be done slightly different for new entrepreneurs and already registered ones. In the former case, Aadhar and PAN numbers are received from the user and sent for a verification process and finally a reference number is sent in a message. The latter case is that of executives already having the Udyog Aadhar Number (UAM). The number is sent for verification after which issuance of MSME certification is sent online.

What are the Privileges of Udyam Registration for a Company

• With an MSME certificate you will be at the forefront for government tenders.
• You will be exempted from direct taxes
• A concession on electricity bill will be granted
• ISO Certification charges will be reimbursed
• Bank loans with cheaper interest will be provided
• Subsidy is offered on bar code registration, credit ratings and NSIC performance
• Micro enterprises shall enjoy the benefits of approvals and registration accesses easily
• Easy access to International Trade fairs
• Plethora of schemes exclusively designed by the government for MSME business people

Reasons why your choice of SV Consultant is perfect

• An expert executive assigned solely to assist you in the process
• Flexible yet quick timeframe
• Regular updates on the process
• A cost that is considerate of your needs and budget

Grab exciting discounts and access to approvals and registrations on time with SV Consultant. All you have to do is reach us and wait for a call back.