What is MSME Registration | registration Services | India ?
MSME refers to the micro small and medium enterprises. Essentially these businesses and enterprises are the backbone of our economy. MSME enterprises are commonly involved in the manufacturing and servicing centers. All such small businesses can obtain the MSME registration under the MSME Act. The government of India provides many benefits to MSME registered enterprises under this act. So, it is mandatory to register for the MSME to avail various benefits offered by state and central governments.
Micro Small and Medium Enterprises are classified in two types :-
- Manufacturing Sector: These are primarily enterprises which are involved in the manufacturing and production of goods. This sector leads to the generation of employment and value addition in the economy. They are involved in the machinery and other such inventions.
- Service Sector: In this sector they are engaged in providing services and depends on the investments.
Who can apply for the MSME registration?
The following types of businesses can register as MSME-:
- Proprietor for Proprietorship
- Any member for HUF
- Any partner for Partnership / LLP
- Any director for Private Limited Company
- Co-operative Societies
- Producer Company
- And any other such entity
Advantages of MSME Registration
The MSME registered companies are provided with cheap loans at low interest rates.
MSME registered enterprises are provided with many tax rebates.
MSME registered companies are preferred for the government tenders.
MSME registered enterprises are given higher preference for government license and certification.
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Documents required for MSME Registration
- PAN Card
- ID Proof
- Address proof
- Bank Account statement
- Scanned passport size photo of the director
- Copy of the license and bills of the purchased machinery
Frequently Asked Questions
What is MSME Registration?
MSME refers to micro, small and medium enterprises. MSME enterprises are commonly involved in the manufacturing and servicing centers.
Why should I register for MSME?
There is no compulsion to get MSME registration but it is advised to do so because it provides various benefits to the enterprise that are registered under the MSME Act. After getting provisional MSME certificate you can begin with your production and can also apply for a permanent certificate which will give you more advantage and will save you from a lot of inconveniences later on. Always apply for provisional registration at the initial stage of the business.
Is MSME Registration Compulsory?
As mentioned above it is not mandatory to get MSME Registration but it is advised to get it as it provides various benefits to the enterprise. Many businesses opt for it over other registration as it quite a simple and easy process.
What are the Benefits of MSME registration?
MSME registration brings to you the following benefits-:
- Cheap loans
- Tax rebates
- Eligible for industrial production
- Exempted from registration fee
In which states you provide MSME Registration?
We provide MSME Registration in all 29 states of India.
How long MSME Provisional Registration certificate is valid?
The validation of MSME provisional Registration is for 5 years and if in case the unit is still not under operational then you can re-apply for it. As soon as you start with the operation you can easily apply for the permanent one.
How does MSME help me to get a loan from a bank?
MSME Is Recognized by all the banks and institutions. Banks prefer MSMEs instead of the normal enterprise to give loans. The possibility of getting a loan is much higher in the case of MSME. It can also get you concession in the interest rate.