MSME stands for Micro, Small, and Medium Enterprises.
The Ministry of Micro, Small and Medium Enterprises, a branch of the Government of India, is the apex executive body for the formulation and administration of rules, regulations and laws relating to micro, small and medium enterprises in India.
MSME Registration can be obtained in the manufacturing sector and the service sector. There are various benefits from Central and State government as well as from Banks can be avail by registering MSME.
Benefits of MSME Registration
- Collateral Free loans from banks
- 50% subsidy on Patent registration
- 1% exemption on the interest rate on overdraft
- Reimbursement of ISO Certification charges
- Excise Exemption Scheme
- Exemption under Direct Tax Laws
Documents Required for MSME Registration
- Business Address Proof
- Copies of Sale Bill
- Copies of Purchase Bill
- Partnership Deed/ MoA and AoA
- Copy of Licenses
- Copy of Bills of Machinery Purchased
WE PROVIDE EASY MSME REGISTRATION SERVICES
MSME Registration : Procedure, Documents Required
Definitions of Micro, Small & Medium Enterprises In accordance with the provision of Micro, Small & Medium Enterprises Development (MSMED) Act, 2006 the Micro, Small and Medium Enterprises (MSME) are classified as below:
- Micro Enterprise: Manufacturing and services enterprises with investments up to Rs 1 crore and turnover up to Rs 5 crore will be classified as micro-enterprises.
- Small Enterprise: For small enterprises, the investment criteria and the turnover criteria has been revised upwards to Rs 10 crore and Rs 50 crore respectively
- Medium Enterprise: Enterprises with investment up to Rs 20 crore and turnover up to Rs 100 crore will be termed as medium enterprises
Benefits of MSME Registration:
- The bank loans become cheaper as the interest rate is very low around ~ 1 to 1.5%. Much lower than interest on regular loans.
- Various tax rebates offered to MSME.
- Credit for minimum alternate tax (MAT) to be carried forward for up to 15 years instead of 10 years
- There are many government tenders which are only open to the MSME Industries.
- They get easy access to credit.
- Once registered the cost getting a patent done, or the cost of setting up the industry reduces as many rebates and concessions are available.
- Business registered under MSME are given higher preference for government license and certification.
- There is a One Time Settlement Fee for non-paid amounts of MSME.
Documents Required for MSME Registration:
- Business Address Proof
- Copies of Sale Bill and Purchase Bill
- Partnership Deed/ MoA and AoA
- Copy of Licenses and Bills of Machinery Purchased
MSME schemes launched by the Government are:
- Udyog Aadhaar memorandum
- Zero Defect Zero Effect
- Quality Management Standards & Quality technology Tools
- Grievance Monitoring System
- Credit Linked Capital Subsidy Scheme
- Women Entrepreneurship