MSME/SSI REGISTRATION

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MSME registration is really important for developing the transparency and accountability of Business.

@ Rs. 499

Ideal for entrepreneur who have alone started a venture

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WHAT IS MSME

MSME stands for Micro, Small and Medium Enterprises. MSME represents a collection of all small to medium sized enterprises in an economy. In a developing economies like India, MSME play a vital role in growth of the economy.MSMEs are categories in two broad classifications namely, Manufacturing Enterprise and Service Enterprise. Manufacturing enterprises are engaged in manufacturing of goods while service enterprises are engaged in provision of Services.

CATEGORIZATION OF MSME ON THE BASIS OF ENTERPRISES

MICRO

*Manufacturing Sector-Up to Rs. 25,00,000

* Service Sector-Up to Rs. 10,00,000

SMALL

*Manufacturing Sector-25,00,000-5 Crore

*Service Sector-10,000,00-2 Crore

MEDIUM

*Manufacturing Sector-5 Crore-10 Crore

*Service Sector-2 Crore-5 Crore

DOCUMENT REQUIRED FOR MSME REGISTRATION

5 SIMPLE STEPS FOR MSME REGISTRATION

BENEFITS OF MSME

All banks and other financial institutions recognize MSMEs and have created special schemes for them. MSME’s get the privilege of lower interest rate on business loans.

Recently, the government has announced that all MSMEs having MSME Registration and GST registration will be granted easy up to ₹ 1 crores within 59 minutes. This scheme has been discussed below in detail.

There is a certain quota reserved for MSME Registered Entity in government tender allotment.

Enterprises that have MSME Registration Certificate can avail 50% subsidy for patent registration by making application to respective ministry.

Enterprises that have MSME Registration can avail benefit of 1% exemption on interest rate on OD as mentioned in the scheme (this is bank dependent).

Enterprises that have MSME Registration are eligible for Industrial Promotion Subsidy as may be prescribed by the government in this behalf.

The Ministry of Micro, Small and Medium Enterprises gives protection to MSME Registered Business against delay in payments from Buyers and right of interest on delayed payment through conciliation and arbitration and settlement of dispute be done in minimum time. If any micro or small enterprise that has MSME registration, supplies any goods or services, then the buyer is required to make payment on or before the date agreed upon between the buyer and the micro or small enterprise. In case there is no payment date on the agreement, then the buyer is required to make payment within fifteen days of acceptance of goods or services. Further, in any case, a payment due to a micro or small enterprise cannot exceed forty-five days from the day of acceptance or the day of deemed acceptance. In case of failure by the buyer to make payment on time, the buyer is required to pay compound interest with monthly interest rests to the supplier on that amount from the agreed date of payment or fifteen days of acceptance of goods or service. The penal interest chargeable for delayed payment to a MSME enterprise is three times of the bank rate notified by the Reserve Bank of India.

Enterprises that have MSME Registration Certificate can avail Concession on electricity bill by making application to electricity department along with MSME Registration Certificate.

Enterprises that have MSME Registration Certificate can claim reimbursement of ISO Certification expenses by making application to respective authority.

Government has given relaxation in government fees of the trademark to MSME registered entities. The fee shall be ₹4500/- for small enterprises despite trademark fee for enterprises other than MSME’s

MSME LOAN WITHIN 59 MINUTES!

With the view of providing easy access to credit and financial assistance to MSMEs, the government has initiated the MSME Support and Outreach Programme (SOP). Under this scheme, the Indian Government will provide in-principal approval to all MSMEs having MSME registration and GST Registration, for easy loans up to ₹ 1 crores within 59 minutes.

Those having a GST registration will be granted a 2% subsidy in the interest rates. This will surely boost tax compliance among the MSMEs and will enhance their ease of doing business.

Further, those exporters having a unique Import Export Code along with GST registration will be given an additional rebate in the interest rate from 3% to 5% on loans availed in pre-shipment and post-shipment period.