|Based on Turnover||Based on Investment (plant & machinery)|
|Manufacturing Sector||Service Sector|
|Micro Enterprise||Less than Rs. 5 crore||Less than Rs. 25 lac||Less than Rs. 10 lac|
|Small Enterprise||Rs. 5 crore – Rs. 75 crore||Rs. 25 lac – Rs. 5 crore||Rs. 10 lac – Rs. 2 crore|
|Medium Enterprise||Rs. 75 crore – Rs. 250 crore||Rs. 5 crore – Rs. 10 crore||Rs. 2 crore – Rs. 5 crore|
The Indian government has always been very welcoming and supportive towards the growth of micro, small and medium sized enterprises as these are considered as the backbone of the Indian economy. In order to boost the growth of these enterprises, the government introduced MSMED Act in 2007 which encourages development through various incentives, schemes and subsidies. An enterprise needs to have an MSME registration in order to avail various benefits from governments and banks under MSMED act.
The amendment of MSMED Act where the enterprises are classified based on their annual turnover, has enhanced the ascertaining procedure for authorities while handing out the benefits and has increased the ease of doing business. Though MSME registration is not statutory, however it is recommended because of the perks.
Registration under MSME qualifies the enterprise to avail lower interest rates, excise exemption scheme, tax subsidies, power tariff subsidies, capital investment subsidies and other benefits. Jain Divya & Associates can guide and help you to register your business for MSME enabling your receive maximum benefits.
Documents Required for MSME Registration
- Aadhaar card of the applicant
- Address Proof of the Business
- Copies of Sale Bill and Purchase Bill
- Partnership Deed (in case of partnership firm)
- Firm registration certificate
- Memorandum of Association (MOA) and Articles of Association (AOA) (in case of company)
- Copy of resolution passed in general meeting
- Copy of board resolution authorizing a director to sign the MSME application
- Copy of Licenses and Bills of Machinery Purchased
MSME Registration Process
With the in-depth knowledge of financial workings of MSMEs and governmental requirements, Jain Divya & Associates can help you get MSME registration in 15-20 days, subject to government processing.
- With financial expertise, we help you prepare MSME application along with all the necessary documents.
- Once the application and documents are prepared and submitted for MSME registration, the MSME official may raise some queries and ask for additional documents. We help you respond in such case.
- As the verification is complete, MSME registration certificate or Udyog Aadhaar is generated.
Criteria for MSME Registration
With the right guidance and extensive knowledge about the MSMED act, your business can obtain a plethora of benefits, hence helping you climb the stairs of success. Get in touch with Jain Divya & Associates to discuss further detail about MSME registration.