MSME stands for Micro, Small and Medium Enterprises. If the Company is in the manufacturing line or the service line, registrations for both these areas can be obtained through the MSME act. This registration is not yet made mandatory by the Government but it is beneficial to get one’s business registered under this because it provides a lot of benefits in terms of taxation, setting up the business, credit facilities, loans etc.
The government identifies training sectors for MSMEs and grants capital grants for improvising infrastructure and supporting business development.
The Government of India organizes several exchange programs. There are 3 Marketing Promotion Schemes for MSMEs in India like, International Co-operation, Marketing Assistance Scheme, Procurement and Marketing Support Scheme. For a micro, small or medium enterprise gives access to all of these platforms for international cooperation on trade-related aspects with different countries and fosters new business connections.
In MSME Registration, all banks are specifically instructed to offer Lowest interest rate on loan and one may be able to avail this benefit from several banking institutions for their financing needs.
To be classified as a MSME, Enterprises in the Manufacturing sector need to have less than Rs.10 crores of investment in plant & machinery; service Enterprises must have an investment of less than Rs.5 crores of investment in plant & machinery.
According to the law, the below conditions have to be met.
Business Address Proof.:
The registered office of a company does not have to be a commercial space. Even a rented home can be the registered office, so long as a NOC is obtained from the landlord.
Licenses and Bills of Machinery Purchased.:
Copy of Licenses and Bills of Machinery Purchased is required.
Partnership deed/MoA and AoA:
If the business is a partnership firm, it has to submit its partnership deed. If the partnership firm is registered, it has to submit registration certificate also.
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