MSME stands for Micro Small and Medium Enterprises which plays an important role in the economy. Such enterprises provide support to the industries by raw material supply and supply of goods and finished products. In India, MSME’s are classified in terms of Investment made in a Plant, Machinery and other Equipment’s.
Not only the Government but banks are also providing loans to them at a very concessional rate of interest to set their first brick of the business. However, to get these benefits from the Central Government and State Government or the banking sector you would have to apply for MSME Registration. It’s mandatory to have an Aadhar Number for the Registration under the MSME act. There are basically three main types of MSME’s like;
- Micro Enterprises
- Small Enterprises, and
- Medium Enterprises
Eligibility for MSME Registration
- You are a Sole-Proprietor.
- You have a One-Person Company.
- You have a Limited Liability Partnership.
- You have a Private Limited Company.
- You have a Production Company that produces materials.
- You work in an Association with other persons.
- You work as or have a Partnership Firm with another party in an association.
Benefits of MSME Registration
There are multiple advantages of MSME registration for small business:
- Lower Rates of Interest.
- Tax Subsidy.
- Excise Duty Exemption Schemes
- Subsidy Tariffs
- Eligible for IPS Subsidy
- Reimbursement of ISO Certification
- Special consideration for the international trade fairs
Documents Required For Registration
These are the documents which are mandatory for the registration of MSME like;
- Business Address Proof.
- Copies of Sale and Purchase Bill.
- Partnership Deed / MOA and AOA.
- Copy of License and Bills of purchased items.
Procedure of MSME Registration
The process of registration of MSME like;
- The owner of the medium and small-scale industry has to fill a single form which he can do online as well as offline.
- If a person wants to do registration for more than one industry then he or she has to do the registration.
- He or she can apply for the registration online as well as offline.
- The document required for the registration is personal Aadhar number, Industry Name, Address, Bank Account Details, and some other common information.
- In this, the person can provide self-certified certificates.
- There are no registration fees required for this process.
- Once the detail-filled and upload you would be getting the registration number.
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