MSME stands for Micro, Small and Medium Enterprise. MSME or SSI enterprises are the foundation of any economy and are an engine of economic growth, advancing impartial improvement for all. MSME registration or SSI registration helps businesses avail multiple government subsidies and benefits MSMED act.
There are small and medium enterprises which fall under SSI/MSME category. MSME stands for Micro, Small and Medium enterprises. Being the backbone of an economy sector, MSME enterprises acts as an engine which helps in the growth of the economy and promoting equitable development. Therefore, to support and promote MSMEs, the Government of India through various subsidies, schemes and incentives promote MSMEs through the MSMED Act. To utilise all the benefits which are offered under MSME act, the enterprise should be registered as MSME with the concerned department.
Micro, Small and Medium sized enterprises in both the manufacturing and service sector can obtain MSME Registration or SSI registration under the MSMED Act. Although getting MSME registration is not mandatory but it is always suggested to small and medium enterprises to get it done it provides a variety of benefits. Benefits such as rate of interest charged would be very less, tax subsidies, capital investment subsidies and much other support from the government sector.
What is Included in Our Package?
1. Government Registration Fees
2. Application Preparation
3. Document submission to MSME registrar
4. Obtain MSME certificate
Different Types of MSME
There are 3 types of MSME or SSIs which can be classified as under:
1. Micro Enterprises: Micro-enterprises are the smallest entities, of course. The 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 investment.
2. Small Enterprises: In small manufacturing enterprises, the investment should be in between Rs. 25 lakh and Rs. 5 crores in plant and machinery, while in small service enterprises this investment limits between Rs. 10 lakh and Rs. 2 crores.
3. Medium Enterprises: And if we'll talk about the Medium manufacturing enterprises, then the investment should be in between Rs. 5 crore and Rs. 10 crores in plant and machinery, and for small service enterprises it should be in between Rs. 2 crore and Rs. 5 crores.
Procedure For MSME / SSI Registration
Step 1: Complete our MSME Form
You just need to fill our simple form which would ask about your basic information. It would be required while filing your application with the department.
Step 2: Preparation of Documents
According to the details provided to us, we will draft your documentation accordingly. It takes 1-2 working days.
Step 3: Filling MSME Application
Going further, we will file your application along with the required documents to MSME registrar. Before submission, our expert will verify your documents properly.
Step 4: Your work is now completed
Once the application is approved and your MSME certificate is issued, we shall send it to you via email and courier.
Benifits of MSME / SSI Registration
There are multiple benefits of MSME / SSI registration for small businesses:
1. Cheaper bank loans
2. Easy access to credit
3. Tax rebates
4. Cheaper infrastructure
5. Access to tenders