What Is MSME Registration? How Can You Take Full Advantage Of It?

Micro, Small, and Medium Enterprises (MSME) is the backbone of the Indian economy. MSME contributes greatly for socio and economic development.

MSME registration is important to avail of all the benefits that the ministry of Micro, Small, and Medium Enterprises has announced under the MSMED act.

MSME is classified under two categories i.e.

Manufacturing Group

Service Group

For MSME registration, you can simply visit their website https://msme.gov.in/online-application and fill the application form along with all required documents. Although, you can get in touch with the experts of Consult Avenue for MSME registration in India.

There is a registration procedure that every enterprise owner has to adhere to.

Step 1: The applicants are required to complete their MSME registration form and then submit all the documents as asked.

Step 2: Documents have to be prepared for MSME registration. This procedure takes 1 to 2 working days.

Step 3: Then you have to post the documents to the registrar. All the documents will be verified by the experts it will take another 2 working days.

Step 4: Once all the documents are approved and verified by the ministry, then your company will be registered and the important documents will be sent at your address.

It is important to know the eligibility criteria before you proceed into the entire registration process. Eligibility criteria for MSME registration.

-         As MSME is classified under two categories, one is manufacturing and the other is the Service sector. Therefore, for both the sectors there is a specific eligibility criterion that needs to be fulfilled.

-         For the manufacturing sector, their investment plan in plant and machinery should be less than 10 crores.

-         For the service sector, their investment plan in plant and machinery should be less than 5 crores.

Advantages of MSME Registration

Exemption on Income Tax

Great Credit and Low Interest Rates

Priority Lending

Infrastructure Development Capital

Credit Linked Guarantee Scheme

ISO Certification Reimbursement

Protection against delayed payments

Technological up-gradation

Patent Registration Subsidy

Interest on overdraft exemption

Reservation Policy

For company registration in Delhi, the experienced team of Consult Avenue is there to help!