MSME Registration - Overview
MSME is Short form of Mirco, small and Medium Enterprises. The ministry of Micro, Small and medium enterprises is the premium governing body that regulates Rules, guidelines and laws pertaining to small scale industries in India.
MSME Registration is vital as it allows business entities and enterprises to make use of the benefits from the schemes launched by government. MSME is a government-backed initiative that seeks to boost the growth of small scale industries operating in the organized and unorganized sectors. Manufacturing Enterprises and service enterprises are two different types of MSMEs
Advantages of MSMEs
MSME registration holders can avail cheaper loans with an interest rate as low as 1.5%.
MSMEs are eligible to get credit for MAT which shall be carried forward upto 15 years instead of 10 years
MSME are allowed to get easy access to loans
Many Concessions and reimbursements are available for setting up Business units for the MSME registered industries.
MSMEs will get higher preference in the government certification and license process
One Time Settlement Fee for MSMEs confronting payment issues with vendors.
Documents Required For Registration
- PAN Card of shareholders and Directors A valid passport is a must for foreign nationals. .
- Identity Proof of Shareholders and Directors, Aadhar card.
- Address of Shareholders and Directors,
- Passport size photograph
- Business Address
- NIC Code
- Bank Details
Process To Register
- Submission of application form online or offline.
- Uploading the supporting documents
- Verification process usually takes up to 2 working days.
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