MSME stands for micro, small and medium enterprises and any enterprise that falls under any of these three categories. MSME enterprises are the backbone of any economy and are an engine of economic growth, promoting equitable development for all. Therefore, to support and promote MSMEs, the Government of India through various subsidies, schemes and incentives promote MSMEs through the MSMED Act. To avail of the benefits under the MSMED Act from the Central or State Government and the Banking Sector, MSME Registration is required.
Micro, Small and Medium-sized enterprises in both the manufacturing and service sector can obtain MSME Registration under the MSMED Act. Though the MSME registration is not statutory, it is beneficial for business as it provides a range of benefits such as eligibility for lower rates of interest, excise exemption scheme, tax subsidies, power tariff subsidies, capital investment subsidies, and other support. Corpium advisory can help your business obtain MSME Registration to avail of a host of benefits.
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Reasons to Register an MSME
- MSME Registration: MSME Registration is an optional Registration under the MSMED Act that provides Micro, Small and Medium-sized enterprises with a host of benefits and access to subsidies and schemes.
- Micro Enterprises: A Micro Enterprise in the manufacturing sector is an enterprise with less than or upto Rs. 1 crore investment in plant & machinery and turnover with less than or upto Rs. 5 crore.
- Small Enterprise: A Small Enterprise in the manufacturing and service sector is an enterprise with more than Rs. 1 crore but not exceeding Rs. 10 crores of investment in plant & machinery and turnover with more than Rs. 5 crore but not exceeding Rs. 50 crores.
- Medium Enterprise: A Medium Enterprise in the manufacturing sector is an enterprise with more than Rs. 10 crore but not exceeding Rs. 20 crores of investment in plant & machinery and turnover with more than Rs. 50 crore but not exceeding Rs. 100 crores.
The entity has to submit documents like business address proof, copies of purchase and sale bill, and licenses from regulatory bodies.
- Name of managing person and aadhar number of that person : (Aadhar must be linked with mobile number)
- Adhar linked mobile number
- Bank account detais – A/c number and IFSC code
- Business activities
- Number of person employed
- Total amount invested and turnover in 2017-18