Govt. of India enacted the Micro small and medium enterprises act 2006,to promote the businesses for the manufacturing and service enterprises.To avail the benefits under the MSMED Act from Central or State Government and the Banking Sector, MSME Registration is required.To avail the benefits under the MSMED Act from Central or State Government and the Banking Sector, MSME Registration is required.They provide fuel to the engine of economy for growth and equitable development.
Different Types of MSME:
MSME can be classified under 3 types of enterprises:
Micro Enterprises: Smaller and investment under Micro manufacturing enterprises should be less than Rs. 25 lakhs in plant and machinery, whereas, the micro service enterprises should not exceed Rs. 10 lakhs.
Small Enterprises: In small manufacturing enterprises, the investment should be in between Rs. 25 lakh and Rs. 5 crores in plant and machinery, whereas the investment limit is Rs. 10 lakh to Rs. 2 crores.
Medium Enterprises: Investment should be in between Rs. 5 crore to Rs. 10 crores in plant and machinery, and should not exceed the limit of Rs. 2 crore and Rs. 5 crores.
Collateral Free loans from banks
Special consideration on international trade fairs
BarCode registration subsidy
Waiver in Security Deposit in Government
Concession in electricity bills
Reimbursement of ISO Certification
NSIC Performance and Credit ratings
1% exemption on the interest rate on OD
50% subsidy for patent registration
Reduction in interest rates from Banks
In accordance with the provision of Micro, Small & Medium Enterprises Development (MSMED) Act, 2006 the Micro, Small and Medium Enterprises (MSME) are classified in two Classes:
Manufacturing Enterprises- The enterprises engaged in the manufacture or production of goods pertaining to any industry specified in the first schedule to the Industries (Development and Regulation) Act, 1951).
Service Enterprises: The enterprises engaged in providing or rendering of services and are defined in terms of investment in equipment.
Provisional certificate is issued by the government after the commencement of the permanent business. Business units employing less than 50/100 workers can apply for MSME Registration voluntarily. If no law is violated for locations restrictions, plant and machinery value is within the set limits and have obtained all the important administrative clearances or NOC from the pollution control board, all are eligible factors for obtaining the MSMECertificate.
For MSME Registration you require following documents:
Business Address proof
Copies of sale and purchase bill
Partnership Deed/ MoA and AoA
Copy of license and bills of machinery
Copy of PAN Card and Directors
Electricity or Telephone bill
Submission of board resolution and Power of Attorney.
Accotax assists you for MSME Registration without any complications or hindrance that can delay your registration process.