What is MSME: MSME stands for Micro, Small and Medium Enterprises. In a developing country like India, MSME industries are the backbone of the economy. These industries are also known as small-scale industries or SSI’s.
Importance of MSME: MSMEs not only play crucial role in providing large employment opportunities at comparatively lower capital cost than large industries but also help in industrialization of rural & backward areas, thereby, reducing regional imbalances, assuring more equitable distribution of national income and wealth.
Advantages of MSME:
Bank Loans (Collateral Free)
Subsidy on Patent Registration
Overdraft Interest Rate Exemption
Protection against Payments (Delayed Payments)
Industrial Promotion Subsidy Eligibility
Fewer Electricity Bills
ISO Certification Charges Reimbursement
Important points to be noted during MSME Registration
Aadhar number should be linked with a mobile number.
Address as per Shop Act Registration should match MSME Registration and owners details should also match.
if registered under GST, details under GST should match wirh MSME Registration.
A Correct Industrial code should be selected while applying for MSME Registration.
Investment in Plant & Machinery or Turnover should be selected correctly while applying for MSME Registration.
MSME is a one time Registration, there is no renewal required under MSME Act.
No return filing required under MSME, however MSME Registration should be updated according to changes in business.
Documents required for MSME Registration
PAN Card of Individual
Aadhar Card of Individual
Passport Size Photo of Individual
Address Proof – Electricity bill / water bill / telephone bill
Shop Act Registration Certification if registered under respective State Law
In case of Partnership Firm, Partnership Deed, Partnership address proof and all Partners PAN Card, Aadhar Card and Photo
In case of Company, MOA & AOA, address proof of the Company and all Directors PAN Card, Aadhar Card and Photo