MSME stands for Micro, Small and Medium Enterprises. MSME registration is required for each and every micro, small and medium enterprises to get benefits of various incentives provided under the Micro, Small and Medium Enterprises Development Act (MSMED Act).
In this blog, we will briefly discuss about MSME registration. Here we will cover:
- What is MSME registration?
- Who can apply for MSME registration?
- Is it mandatory to obtain MSME registration?
- Benefits of MSME registration
- MSME registration Process
- Documents required for MSME registration
Let’s start the journey!
Who can apply for MSME registration?
Any type of business entity can apply for MSME registration. List of the business entities who are entitled to apply for MSME registration is given below:
- Partnership firm
- One person company
- Limited liability partnership
- Private Limited Company
- Producer Company
- Any association of Persons
Is it mandatory to obtain MSME registration?
MSME registration is not mandatory until yet but it is advisable to obtain MSME registration because it provides a lot of benefits in terms of taxation, setting up the business, credit facilities, loans etc.
Benefits of MSME registration
There are numerous benefits of MSME registration and some are discussed below:
- Easy to get a bank loan – Once you obtain the MSME registration, then you can easily get a bank
- Subsidy on Patent registration – Through MSME registration, a business entity and enterpriser can avail 50% subsidy on patent registration.
- Industrial promotion subsidy – Enterprise having MSME registration is eligible for Industrial promotion subsidy.
- Concession in electricity bills – Those who have MSME registration are entitled to get concessional benefit in respect of electricity bills.
- Protection against delay payments – By obtaining the MSME registration, any enterprise can get protection against delay payments.
- Government Tenders – A MSME registered enterprise can be easily selected for a Government tender.
MSME registration Process
MSME registration can be done through online as well as through offline. The process of MSME registration is given below:
1) Visit the website – To obtain MSME registration, first of all, visit the website as prescribed by the government
2) Filling up Registration Form- After successful login, you have to select the register option and then need to fill up MSME registration form along with various documents like:
- Aadhar card number
- Validation of Aadhar
- Gender ID of the entrepreneur
- Name of the enterprise
- Type of your organization
- Location of your plant
- Residential address
- Your previous registration details, if any
- Bank details
3) Submission of Form – After fill up the registration form you need to submit same.
4) Issuance of MSME Registration – Upon successful submission of the Registration Form and after proper verification of the Registration Form, the concerned authority will issue MSME registration certificate.
Documents required for MSME registration
List of the documents required for MSME Registration is listed below:
- PAN of the enterprise
- Bank details
- Aadhar card
- Proof of ownership of premises
- Copy of licenses and Bills of Machinery purchased
- 6)Copies of Sale/Purchase bills
- Partnership deed
MSME acts as an engine which helps in the growth of the economy and promoting equitable developments. Enterslice provides world’s best service in a matter of MSME registration. If you are planning to apply for MSME registration, then kindly contact the expert team of Enterslice to get best and affordable service.