MSME Registration

Why Do We Need MSME Registration?

The government of India by various schemes, subsidies and incentives try to promote MSME through MSMED act. To get the benefits that come under this act from the central and the state government or the banking sector, MSME Registration is required to be done. The MSME Registration however has its own criteria for being eligible for its registration.

MSME Registration Eligibility?

You can apply for MSME registration if you fulfill one or multiples of the following criteria or are associated with the following, such as if:-

• You are a sole proprietor (exclusive owner of a business)
• You belong to or are part of Hindu Undivided Family.
• You work as or have a partnership firm with another party in an association.
• You are just a one person company
• You have a limited liability partnership
• You have a private limited company
• You have a production company that produces materials.
• You work in an association with other persons.
• You have co-operative societies

Or any other than the undertaking of the above list.

What are the Benefits of MSME Registration?

The micro and medium enterprises in the manufacturing sector and service sector can obtain MSME Registration. Though the MSME Registration is not exactly statutory yet it is quite beneficial for certain businesses as it provides with a range of several benefits like:-

• The lower rates of interest.
• Tax subsidies.
• Excise duty exemption schemes.
• The power subsidy tariffs
• Also capital investments subsidy etc and other supports.
• It will give collateral free loans from the banks.
• There are reservation policies for the manufacturing sector and production sector.
• You will easily get approval for the registration and license.
• You get special consideration for the international trade fairs
•  You become eligible for IPS subsidy
•  You can get reimbursement of ISO certification.

How to Get SSI Registration?

SSI registration can be obtained by following enterprises

• SSI Registration As per the Notification released on 07th February, 2018

• Before Notification SSI registration

The SSI registration can be done for acquiring all the benefits and available subsidies that are given to MSME. However SSI registration can be voluntary to obtain.

SSI Registration will contribute to the economic growth of the nation. Before going towards starting the operations you can go with provisional SSI registration certificate or PRC. With the help of SSI Registration certificate, one may be able to obtain term loans, capital for working and government regulatory bodies would give clearance as well. Hence there are numerous benefits which have been given by the Indian government for achieving the economic growth at a faster pace and with SSI registration one can get easy credit and subsidies along with tax rebates and exemptions.

The ssi registration process of registration can also be done in cases where the entity that’s registered is not following the prescribed guidelines of the government. The SSI registration can also get cancelled in such cases where it exceeds the limits that government had prescribed.

For MSME registration online, an online application is filed on the website of the government.