Though there are a plethora of benefits for registering your business under the MSMED Act, 2006, the biggest one is the recovery of money via the mediation process enumerated under the mentioned Act. Non-payment by the customers/clients is the biggest pain point of MSMEs and affects the liquidity in business drastically. If your organisation has MSME registration, you can resort to the MSME facilitation council which helps you recover your money via the process of mediation. This process reduces the cost and time otherwise required to recover money to a one-fourth.
Other benefits of MSME registration includes:
- It enables you to bid for government tenders;
- In case of bank loan, you become eligible for 15 per cent import subsidy for fully automated machinery;
- It comes really handy in the process of getting other licenses, approvals and registrations;
- Compensation for the expenditure on International Organization for Standardization certification;
- Assists in getting loans at lower interest rates, tariff subsidies, tax and capital subsidies;
- Exemptions under direct taxes.
Who is Eligible to Register for MSME
After the introduction of the Atma Nirbhar Bharat Campaign, the government has made the eligibility criteria for MSMEs fairly easy. They have eradicated the bifurcation between service and manufacturing enterprises and also increased the ambit of MSME registration so that more businesses can reap its benefits. Here are the latest criteria:
|Business Size||Investment||Annual Turnover|
|Micro||Below INR 1 crore||Below INR 5 crore|
|Small||Below INR 10 crore||Below INR 50 crore|
|Medium||Below INR 50 crore||Below INR 250 crore|
- Proprietor/Partners’/ Directors’ Aadhar
- Name and the type of business enterprise
- Permanent Account Number (PAN) of the enterprise
- Business’ registered address proof.
- Investment in plant & machinery
- Details of business turnover
- National Industry Classification Code (NIC Code).
- Bank Details of the enterprise
- Copy of Memorandum of Association (MoA) and Article of Association (AoA)
Applicants can get the MSME registration certificate of lifetime validity within two to five working days, irrespective of the fact that whether your business is in the manufacturing sector or service sectors.
Our partners have 5+ years of experience in dealing with issues pertaining to intellectual property and we have worked with top-notch clients such as Maple, North Constructions, Chocodolce, M Realty, Paperboat Apps, VSV wins groups, Numiv Research and many more and we provide our customers with tailor-made, comprehensive and cohesive solutions.
Further, we also provide accounting/ taxation/ financial/ legal services, offering amazing value for money if we form long term relations on retainership, which saves you on the business bandwidth of outsourcing to multiple service providers and salvages the cost of changing service providers when the business grows.
Over all very professional service with dedicated team.
– Himanshu Tiwari, CEO, Rahigo Trades
We offer MSME registration, along with a range of other services to take full accountability as the virtual CFO to your business.
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