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MSME REGISTRATION

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What is The Micro Small and Medium Enterprises (MSME)?

The Micro Small and Medium Enterprises (MSME) are classified as per the MSME Act-2006.
The Government of India has introduced MSMED Act (Micro, Small, and Medium Enterprises Development) to promote and encourage the small-scale industries, it maintain a list of all the industries registered as MSME or SSI. According to the annual report by the Government (2018-19), there are around 6,08,41,245 MSMEs in India.
MSME sector is considered as the backbone of Indian economy that has contributed substantially in the socio-economic development of the nation. It is not only generates employment opportunities but also works hand-in-hand towards the development of the nation’s backward and rural areas. The classification of MSME has been divided into two categories, one is for Manufacturing Enterprises and another one is for Services enterprises.

MSME organizations are classified under two categories:

  • Manufacturing Enterprises :
The enterprises engaged in the manufacture or production of goods pertaining to any industry specified in the first schedule to the industries (Development and regulation) Act, 1951) or employing plant and machinery in the process of value addition to the final product having a distinct name or character or use.

  • Service Enterprises :
The enterprises engaged in providing or rendering of services and are defined in terms of investment in equipment.

Who can apply?
Every Private Limited Company, Hindu Undivided Family, Producer Company, Limited Company, Proprietorships, , Partnership Firm, , Limited Liability Partnership, One Person Company and co-operative societies or any other undertaking can obtain MSME registration in India.

Benefits of MSME Registration: (Central Government)

  1. Collateral Free loans from banks or easy sanction of bank loans (Priority sector lending, Under bank loan, 15% import subsidy on fully automatic machinery.

  2. Eligible for Industrial Promotion subsidy

    • Provides credit limit or funding support from banks.

    • It would also allow businesses to apply for government micro business loans and other such related beneficial schemes at lower interest rates.

  3. It provides 50% subsidy on Patent registration and Trademark Registration

  4. Lower rates of interest

  5. 1% exemption on the interest rate on overdraft

  6. Protection against delayed payments

  7. Reimbursement of ISO Certification charges

  8. Exemption under Direct Tax Laws

  9. Exemption to pay interest on Delayed Payments Act (In some criteria)



Documents

  • Aadhar card or PAN card of the applicant.
  • Passport size photo of the applicant
  • Copy of Business proof.
  • Address proof of the Registered Office
  • Sales and Purchase bill
  • Cancelled cheque
  • Certificate of Incorporation
  • Passport size photo of Directors
  • Aadhar card or PAN card of Director
  • Address proof of the Registered Office
  • Sales and Purchase bill
  • Cancelled chaeque

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