MSMED – Micro, Small & Medium Enterprises Development
Discussion about registration requirement on call
Processing of Application
MSME Registration Certificate
MSME as define under the provision of MSMED (Micro, Small & Medium Enterprises Development) Act, 2006 is the registration required by Micro Small & Medium Enterprises having a Manufacturing or Service unit.
The MSME is basically categorized in term of investment in equipment in Service Sectors & in terms of investment in plant & machinery in Manufacturing Sectors.
Following are the categorization for MSME in Manufacturing Sectors in terms of investment in plant & machinery:
Micro Enterprise– having an investment of less INR 25 Lacs.
Small Enterprise- having an investment of more than INR 25 Lacs but less then INR 5 Crores.
Medium Enterprise- having an investment of more than INR 5 Crores but less than INR 10 Crores.
Following are the categorization for MSME in Service Sectors in terms of investment in equipment:
Micro Enterprise- having an investment of less than INR 10 Lacs.
Small Enterprise- having an investment of more than INR 10 Lacs but less than INR 2 Crores.
Medium Enterprise- having an investment of more than INR 2 Crores but less than INR 5 Crores.
Earlier, if one wants to register an MSME or SSI business, then has to go through many paperwork processes. Whereas, after the introduction of Udyog Aadhar by the Government for MSMEs, instead of 11 different forms one needs to fill only 2 forms which are:
Udyog Aadhaar registration is an online process which is free of cost. Registration done by the person under Udyog Aadhar is entitled to receive the benefits in several government schemes such as Grants, Subsidies, Easy loan approvals etc.
A Udyog Aadhaar Registration with the help of G K Legal Solutions can be can be done within 1-2 working days only, subject to client document submission & Government processing time.
Benefits of MSME registration / SSI registration:
The Government provides multiples tenders to MSMEs in order to boost the small & medium size businesses.
The rate at which a loan is offered to MSMEs is very lower as compared to the interest which is charged on the other type of Business Loans.
Small businesses registered under such scheme are eligible for the multiple Income Tax & Capital Gains Tax, Subsidies from the government.
Businesses registered under MSMEs are given more preferences & gets quick approvals from the State & Central government in terms of government License & Certifications.
Documents required for MSME or SSI registration:
iii) Bank Statements.