MSME REGISTRATION

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Govt. of India enacted the Micro small and medium enterprises act 2006,to promote the businesses for the manufacturing and service enterprises.To avail the benefits under the MSMED Act from Central or State Government and the Banking Sector, MSME Registration is required.To avail the benefits under the MSMED Act from Central or State Government and the Banking Sector, MSME Registration is required.They provide fuel to the engine of economy for growth and equitable development.

Different Types of MSME:

MSME can be classified under 3 types of enterprises:

Micro Enterprises: Smaller and investment under Micro manufacturing enterprises should be less than Rs. 25 lakhs in plant and machinery, whereas, the micro service enterprises should not exceed Rs. 10 lakhs.

Small Enterprises: In small manufacturing enterprises, the investment should be in between Rs. 25 lakh and Rs. 5 crores in plant and machinery, whereas the investment limit is Rs. 10 lakh to Rs. 2 crores.

Medium Enterprises: Investment should be in between Rs. 5 crore to Rs. 10 crores in plant and machinery, and should not exceed the limit of Rs. 2 crore and Rs. 5 crores.


Benefits:

  • Collateral Free loans from banks
  • Special consideration on international trade fairs
  • BarCode registration subsidy
  • Waiver in Security Deposit in Government 
  • Concession in electricity bills
  • Reimbursement of ISO Certification
  • NSIC Performance and Credit ratings
  • 1% exemption on the interest rate on OD 
  • 50% subsidy for patent registration 
  • Reduction in interest rates from Banks

 

In accordance with the provision of Micro, Small & Medium Enterprises Development (MSMED) Act, 2006 the Micro, Small and Medium Enterprises (MSME) are classified in two Classes:

  • Manufacturing Enterprises- The enterprises engaged in the manufacture or production of goods pertaining to any industry specified in the first schedule to the Industries (Development and Regulation) Act, 1951). 
  • Service Enterprises: The enterprises engaged in providing or rendering of services and are defined in terms of investment in equipment.

 

Provisional certificate is issued by the government after the commencement of the permanent business. Business units employing less than 50/100 workers can apply for MSME Registration voluntarily. If no law is violated for locations restrictions, plant and machinery value is within the set limits and have obtained all the important administrative clearances or NOC from the pollution control board, all are eligible factors for obtaining the MSMECertificate.

For MSME Registration you require following documents:

  • Business Address proof
  • Copies of sale and purchase bill
  • Partnership Deed/ MoA and AoA
  • Copy of license and bills of machinery
  • Rental agreement
  • Copy of PAN Card and Directors
  • Electricity or Telephone bill
  • Submission of board resolution and Power of Attorney. 

Accotax assists you for MSME Registration without any complications or hindrance that can delay your registration process.