Get your business recognised as MSME
What is Micro, small & medium enterprises?
Previously known SSI registered entities are now known and registered as MSME, i.e.; Micro, Small and Medium Enterprises. MSME stands for Micro, Small, and Medium enterprises, categorized based on the annual revenue in business. These entities possess an MSME registration certificate, registered with the MSME Department of the Central Government under the MSME Development Act, 2006. The Act was enacted for the promotion and growth of the businesses operating at a small or medium scale.
Where all major activities were eligible for registration under MSME earlier, trading and other few activities are now specifically excluded from eligibility. Although the registration is voluntary, businesses prefer to obtain MSME registration online due to numerous benefits declared by the government.
Benefits of SSI/MSME Registration
Subsidised rates of loan
Loan support to Micro, Small and Medium industry is promoted by the government through -distinctly prescribed norms. The registered entity would be able to get their loans passed at a lower rate of interest and with much ease because of the subsidized rates offered to MSME registrants.
Protection against Delayed payment of Buyers
MSME registered businesses enjoy protection against delayed payment of buyers. When the buyers have accepted the goods or services, they are liable to pay on time.
Avail 50% rebate on TM application
Government fees on Trademark Application for entities such as Company, Partnership Firm and LLP are higher compared to individual and proprietorship firms. These entities may claim 50% rebate on the Government fees by submission of MSME registration certificate. Similarly, there is a rebate prescribed in Patent registration also.
Credit Guarantee Scheme
This is also known as Credit Guarantee Fund Scheme for Micro and Small Enterprises (CGTMSE). It is more supportive to small scale industries that provide the credit and income input from various sources to support industries which are under struggle.
Documents required for MSME Registration
A Copy of the proprietor’s Aadhar card or of the director(s) or partner(s) in other cases like Udhyog Aadhar Registration
A Copy of PAN card of the business entity; and of director or partner, if applicable