MSME Registration
MSME stands for Micro, Small and Medium Enterprises which are a boom in India. MSME industries are a backbone of the economy of developing countries like India as they promote employment and total exports.
What is MSME?
MSME Enterprises can be categorized on the basis of amount invested in business and annual turnover stated as under –
Micro enterprises are entities with the investment upto Rs.1 Crores in the Plant and machinery and Turnover upto Rs.5 Crores.
Small enterprises are entities with the investment upto Rs.10 Crores in the Plant and machinery and Turnover upto Rs.50 Crores.
Medium enterprises are entities with the investment upto Rs.20 Crores in the Plant and machinery and Turnover upto Rs.100 Crores.
MSME can be into a manufacturing line or the service line.
MSME Registration
MSME became operational on 2nd October, 2006 established to promote, facilitate and develop small business enterprises. Registration of MSME can be done under MSME act. Government under MSME act provides benefits in terms of taxation, credit facilities, loan facilities etc.
Benefits of MSME Registration
There are lot of benefits by the government such as-
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The bank loans become easier and cheaper as the interest rate is very low. The interest rate is around 1 to 1.5% which is much lower than interest on regular loans.
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Government also offers various tax rebates to MSME.
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Easy access to credit facilities is available under this act.
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The entities of MSME which are registered are given higher preference for the government license and certificate.
Required List of Documents include-
- Adhar number, Name of the industry, Address, Bank account details and other general information. You require copies of sales bill, purchase bill, copy of license, bills of machinery purchased, business address proof, MOA and AOA.
Connect Soul specialised in registering MSME enterprises. Book an appointment with us to get your MSME entity registered.