MSME/ SSI Registration
MSME Registration or SSI Registration is compulsory for small business entities. It will help them provide subsidies, incentives, concessional rate loans, and extra government registration benefits. The ability criteria to get the MSME registration certificate to differ based on the investment in plant and machinery.
To avail our services, we charge 499/- as an advance or security payment.
MICRO, SMALL AND MEDIUM ENTERPRISES: MSME REGISTRATION
The MSME (Micro, Small, and Medium Enterprises) are considered primary for our Indian economy. This sector acts as a job producer for our youth and operates a vital role in the Industrialization of the Rural Backward areas. An MSME Registration is obtained as per the Micro, Small, And Medium Enterprises Development Act. Though, getting registration is not at all compulsory. Still, it shall consider that the businesses or entities with MSME Registration are eligible to avail of the Government’s benefits and schemes.
Examples of such advantages are exemption from the Direct Tax, Private-Sector lending, exemption from Excise Duties, power tariff subsidies, capital investment subsidies. Some of the pre-eminent and well-known MSMEs in India are DFM Foods, Molecular Connections, Chem Process System, SL Packaging, etc.
Further, MSMEs (Micro, Small, and Medium Enterprises) and SSIs (Small Scale Industries) are qualified to get registration under the MSMED Act. Moreover, according to the MSMED (Micro Small and Medium Enterprise Development) Act, 2006, the term MSME involves the following two listed:
- Service Enterprise: This Industry is mainly involved in giving services to different industries.
- Manufacturing Enterprise: This Enterprise is employed in manufacturing activities.
However, the same analysis has been excreted by the Ministry of Finance by the announcement made on May 13, 2020.
ELIGIBILITY CRITERIA FOR UDYOG AADHAAR MSME REGISTRATION
To become qualified for getting MSME Registration, the owner must invest less than Rs 20 Crores and must have a turnover below Rs 100 Crore (as per the amendment made on May 13 2020) in plant and machinery either for a Manufacturing or Service Sector.
If these industries exceed the investment limit at any point in time, they must surrender or cancel their MSME Registration given under the MSMED Act.
ADVANTAGES OF UDYOG AADHAAR MSME REGISTRATION
Although getting MSME Registration is not compulsory for the MSMEs dealing in the service and Manufacturing Sector. Still, one cannot avail of the advantages or the benefits given after receiving MSME Registration. The following listed are the advantages of Online MSME Registration:
- Any company that holds an MSME Registration can get loans from banks at a relatively cheaper rate, approximately 1- 1.5 percent. This is much lower than the standard bank rates.
- Several Tax Allowances and Exceptions are provided to MSMEs.
- MSMEs are allowed to carry forward the balance for MAT ( Minimum Alternate Minimum Tax) up to 15 years, which is ten years in the general case.
- There are different tenders available only for enterprises having registration in MSME Act.
- MSME receives accessible credit abilities from different Financial Entities.
- Enterprises having registration in MSME Act are given greater preference in connection to traditional enterprises.
- Companies or enterprises holding an MSME permit have better completion opportunities as they get direct entry in major national and international trade exhibitions and have better chances to present themselves to the world.
- MSMEs can get Collateral free loans as banks do not accept any insurance security for loans up to Rs 10 Lakhs.
- Enterprises having certification under MSME can get recompense of ISO Certification.
WHAT ARE THE REQUIRED DOCUMENTS TO BE SUBMITTED FOR MSME REGISTRATION IN THE APPLICATION FORM?
The following are the list of documents and information that you have to give as per the application form:
- Details of Aadhar Card
- Whether the concerned appellant is a physically disabled or not-Physical status
- Enterprise’s Name
- Owner’s name as per the Aadhar Card
- Enterprise Type- choose from the given list.
- Permanent Account Number (PAN) Card Details
- Plant’s Location
- Social category- whether the candidate belongs to the General, OBC, SC, or ST category-group
- Plant’s Address
- Incorporation Date of the Entity
- Previous Registration Details- if in case any
- Bank details
- The Activity of Enterprise
- NIC Code
- Employment Details- Total Number of Employees working in the organization
- Investment Details in Plant and Machinery
DOCUMENTS CHECKLIST FOR UDYOG AADHAAR MICRO, SMALL AND MEDIUM ENTERPRISES (MSME) REGISTRATION
The documents required for getting online MSME Registration are as follows:
- PAN Card Details of the proprietor/ all the directors/all the partners.
- Aadhar Card Details of the proprietor/all the directors/all the partners.
- Confirmation of ownership of the place being used as a Registered Office such as the Allocation Letter/Possession Letter/Property Tax Receipt/Lease Agreement.
- If the place is used is a rented premise, then the Rent Agreement with the NOC (No-Objection Certificate) from the landlord and the utility bill.
- Hard Copy of Purchase Bill of every raw material purchased.
- Copy of Sale Bill for each end product.
- A Copy of Partnership Deed in the case of a Partnership Firm.
- Hard Copy of MOA (Memorandum of Association) and AOA (Articles of Association) and COI (Certificate of Incorporation) in the case of Private Limited Company together with the Board’s Resolution passes allowing the director to sign the application.
- Hard Copy of the Industrial License as registered under the Industrial Development and Regulation Act, 1951.
- An affidavit on Rs.10/-Non-Judicial Stamp Paper rightfully attested by the Notary Officer declaring the Power Requirement and the Status of the Installed Machinery etc.
- All Bill of the Installed Machinery.
- Bills relating to Purchasing and Installation of plant and machinery.
- Hard copy Bank Account Statement.
PROCEDURE FOR MSME/SSI REGISTRATION
Note: After completing the process, you have to make the whole payment of the amount.