MSME Registration in Karol Bagh
adminVisor
August 25, 2022
MSME Registration in Karol Bagh, Delhi
Do you know that the MSME sector contributes about 45% of the total industrial employment in India? Micro, Small, and Medium Enterprises is the expanded form for MSME. They directly influence the economy of a country as their growth would result in the overall development of the nation. There are a lot of benefits covered when a company registers itself under the MSME act like tax, loans, and credit facilities. Thus, although the government doesn’t impose any mandatory rules for registration, doing so would be helpful. Were you ever confronted with doubt that what is the difference between Udyog Aadhar, MSME, and SSI? Well, they are all same.
Types Of MSME
Medium Enterprises: Investment would be between Rs. 5-10 crores for manufacturing industries that involve plant and machinery while it would be Rs. 2-5 crores for service enterprises. Small Enterprises: Here, the range narrows down to Rs.25 lakh – Rs. 5 crores for plant and machinery while service enterprises hang between Rs. 10 lakhs and Rs. 2 crores. Micro Enterprises: These are the smallest among the three under this category and has an upper cap at Rs.25 lakhs for manufacturing industries while it is Rs.10 lakhs for service enterprises.
Process for registering MSME
Although there are apparently no fees involved in the process, the process can become tedious as one proceeds.
- The owner needs to fill a form that can be done either online or offline.
- Submit the required documents.
- Obtain Self-certified certificates.
Benefits of MSME Registration
- Cheaper bank loans as the interest rate are somewhere around 1 to 1.5% which is much lower.
- Opportunity for One Time Settlement fee.
- Subsidies and discounts on government fees for patents and trademarks.
- Higher preference for government licenses and certifications.
- Electricity bills concession
- Loan credits are easy and can avail up to 1 Crore.
- Specific government tenders that are explicitly available to MSMEs.
Documents Required for MSME Registration
- PAN Card
- Aadhar Card
- Organization type e.g. LLP, OPC
- Bank Details
- Commenced Date
- Total Investment in the Business
- Mail Id
- Phone Number