MSME registration may be a mandatory task for any business to start out and operate in India. The registration is freed from cost and is categorized under two main categories, like manufacturing enterprises and repair enterprises.
What are the benefits of MSME registration?
Registration of your MSME isn’t mandatory. If you select to register, then your business can enjoy an excise exemption scheme from direct taxes, avail special schemes from banks custom made for MSMEs and lots of more.
Also, registered businesses with an MSME certificate will enjoy various government departments, including electricity.
- MSME certificate helps in getting government tenders
- Under loan , 15% import subsidy on fully automatic machinery
- Becomes easy to urge licenses, approvals and registrations, regardless of field of business
- Compensation of ISO certificate expenditure
- Helps in getting low interest rates
- Registered MSMEs gets tariff subsidies and tax and capital subsidies
- Gets exemption under tax Laws
What are schemes launched by the Government for MSME ?
Udyog Aadhaar memorandum scheme – Under this scheme, MSMEs can quickly get available loans for MSMEs, credit, and government subsidies
Women entrepreneurship – This scheme was launched to spice up and encourage women who wanted to make something or start their own business. up here the govt provides financial help, counselling and training to women to assist them better manage their business
Zero defect zero effect – Here, the govt ensures goods that are produced by MSMEs adhere to a particular standard and aren’t returned to India. Also referred to as the ZED, the scheme helps MSMEs enjoy rebates and concessions for his or her exported goods
Quality management standards and quality technology tools – This scheme intends to attract the consciousness of quality within the products manufactured by MSMEs. It encourages healthy competitiveness among different establishments to make sure better production of products
Grievance monitoring system – This scheme was launched to watch and cater to complaints and suggestions by business and MSME owners
Credit linked capital subsidy scheme – Registered MSMEs can avail funds to exchange their old machinery and upgrade their business with new technology. to profit from this scheme MSMEs can directly approach banks
Documents required for MSME Registration.
- Aadhaar card
- Rent agreement
- Property paper
- Cancelled Cheque
- Company Registration i.e., Sale or Purchase Bill and PAN card
- Business Address Proof
For self-owned premise: Lease deed, land tax receipt, possession letter, allotment letter, etc.
For rented premise: NOC from the owner , rent receipts, utility bills or document evidencing the landlord’s ownership, etc.
- Copies of Sale and buy Bills
- Partnership Deed
- Memorandum of Association (MoA)
- Articles of Association (AoA)
- Copies of Licenses and Bills of Machinery Purchased