Ensure Compliance with MSME Verification from Figment Global Solutions
In today’s business environment, understanding and complying with MSME (Micro, Small, and Medium Enterprises) regulations is essential for maintaining strong business relationships and avoiding penalties. Figment Global Solutions offers a fast, easy, and reliable MSME Status Verification Service, helping you confirm the registration status of your vendors and business partners. Whether you’re a business owner, accountant, or corporate professional, ensuring your suppliers are MSME-registered is key to ensuring compliance with MSME Form 1 and CARO requirements.
What is MSME Status and Why It Matters?
The MSME Act of 2006 provides classification to small businesses based on their investment and turnover. Businesses classified as Micro, Small, or Medium Enterprises can avail themselves of various government schemes and benefits, including tax breaks, subsidies, and easier access to credit.
For businesses involved with MSMEs, ensuring that their vendors are correctly classified and registered under MSME can prevent significant legal and financial risks. By using Figment Global Solutions, you can verify the MSME status of your vendors and avoid penalties for non-compliance with MSME Form 1.
Why Verify MSME Status?
Compliance with MSME Form 1: Under Indian regulations, certain companies must file MSME Form 1 biannually, declaring outstanding payments due to MSMEs. Failure to comply with these rules can result in significant fines and penalties.
Avoid Penalties: Delayed payments to MSME vendors attract interest at three times the bank rate. Failure to comply with MSME Form 1 filings or delayed payments can also lead to legal penalties under the Companies Act of 2013.
Improve Vendor Relationships: By ensuring your vendors are MSME-registered, you foster stronger relationships with them. You can offer them timely payments, good credit terms, and show your commitment to ethical business practices.
Transparency: MSME status verification enhances the transparency of your business operations, ensuring you’re abiding by government guidelines and making informed business decisions.
How Figment Global Helps with MSME Status Verification
Figment Global Solutions provides a straightforward service to verify the MSME registration status of your vendors. Ensuring they are registered under the Udyam system. Our easy-to-use platform offers the following:
PAN Verification: Simply provide the PAN number of your vendor to verify. Whether they are registered under the MSME Act and retrieve the MSME registration number.
Udyam Verification: Access detailed reports with essential information such as the Udyam registration number, enterprise classification. And other critical details linked to MSME registration.
Bulk Verification: For businesses with a large vendor base, we support bulk PAN verification via CSV uploads for easier management.
Benefits of Using Figment Global’s MSME Verification Service:
Fast and accurate: Get instant results using PAN numbers, ensuring you make timely decisions.
Stay Compliant: Avoid late payment penalties and ensure you meet compliance standards for MSME
Form 1 and CARO filings.
Avoid Legal Issues: Verifying MSME status helps protect. Your company from hefty fines and penalties under Section 405 of the Companies Act.
Comprehensive Reports: Access all the necessary details about the vendor, including the Udyam Number, enterprise type, and registration status.
What Information Will You Receive?
When you verify the MSME status of your vendor using Figment’s service, you’ll receive the following detailed information:
Take Action Today
Ensure your business stays compliant with MSME regulations and foster stronger, more ethical vendor relationships. Use our MSME verification service to instantly check your vendors’ registration status and avoid costly penalties. Get started by submitting the PAN number today!