MSMEs (Micro, Small, and Medium Enterprises): What Are They?
MSME industries are the backbone of the economy in a growing country like India. It is aptly referred to as India’s “growth engine.” The MSME sector employs 45% of India’s industrial workforce, produces 50% of the country’s total exports, and employs 95% of the country’s total industrial units, manufacturing over 6000 different commodities (As per Ministry of Micro, Small & Medium Enterprises). When these industries expand, the country’s economy as a whole expands and thrives. Small-scale industries (SSIs) are another name for these businesses.
We will go over how to get your MSME Registration number/SSI registration in India in this article.
You might be wondering if MSME registration is required:
Although the MSME registration is not yet required by the government, it will enable you to take advantage of a number of government benefits, including low-interest loans, export incentives, excise exemption, statutory aid such as reservations, and interest on payments delayed due to unavoidable circumstances. MSMEs have benefited from a government scheme called Udyog Aadhar registration since 2015.
The MSME legislation allows you to register your business whether you’re in the manufacturing or service industries.
On October 2, 2006, the MSME became functioning. It was created to help micro, small, and medium-sized businesses become more competitive by promoting, facilitating, and developing their competitiveness.
The existing MSME classification system was based on criteria such as plant and machinery or equipment investment.
As a result of being unable to extend their firms further, these lower constraints are reducing the desire to grow.
There has been a long-standing need for the MSME categorization to be revised so that you can grow your operations while still receiving MSME benefits.
The government updated the MSME classification under the Atma Nirbhar Bharat Abhiyan (ABA) by incorporating composite criteria for both investment and yearly turnover.
Under the MSME definition, the distinction between manufacturing and services has been abolished. As a result of this removal, the sectors will be brought closer together. The following is the updated MSME categorization, which takes into account both investment and yearly turnover when determining an MSME.
How Do I Become An MSME?
MSME registration and verification can be applied for online.
To apply to become an MSME, click here and fill out the application form.
An MSME certificate with a lifetime validity can be obtained in 2-5 working days for businesses in both the manufacturing and service sectors. There are no restrictions on the name you select to register new or existing enterprises.
Procedures for MSME Registration:
To register a small or medium-sized business, you must complete out a single form, which you can accomplish online or offline.
Individual registration is available if you want to register for more than one industry.
Your Personal Aadhar number, Industry name, Address, Bank account details, and some extra information are required for registration.
You have the option of providing self-certified certifications.
This technique does not require any registration fees.
After the documents have been created and submitted to the MSME registrar, the specialists will review them. This operation takes two days to complete.
Your company will be registered and relevant documentation will be given to you once your MSME application is approved.
What can we do to help you with MSME/SSI registration?
As your MSME Registration Consultants in Bangalore, we will assist your company in obtaining MSME Registration so that you may take advantage of the benefits. We can help you register for MSME or SSI in your city.
Step 1: All you have to do is fill out our short form, which will ask you for some basic information. It will be needed when you submit your application to the department.
Step 2: We’ll draught your documentation based on the information you’ve given us. It will take about 1-2 business days.
Step 3: We’ll submit your application to the MSME registrar, along with the appropriate documentation. Our expert will double-check all of your documents before submitting them.
Step 4: Once your application has been granted, we will give you your MSME certificate by email and courier.
Suggested Read: Udyam Registration Portal.