SSI/MSME Registration stands for Small Scale Industries (SSI) or Micro, Small and Medium Enterprises (MSME) and the act governs all the SSI/MSME establishments registered under MSME Development Act, 2006. Once registered under the SSI/ MSME act, the establishments can enjoy a number of benefits including:
- Priority sector lending like Cheaper Banking Loans, E.g. lower WC interest rates
- Excise and Import-Export exemptions
- Capital Investment Subsidies
- Cheaper infrastructure, including electricity
- Quicker approvals from State and Central Government bodies – like Mudra Loan
- Helps in safeguarding & harassment of Big corporates & enterprises.
- Quick participation’s in International Expos & Trade fairs
- Hassle free approval for opening a Bank Current account through MSME Reg.
|Investment & Annual Turnover
|Less than Rs.1 crore & greater than Rs.5 crore
|Less than Rs.10 crore & greater than Rs. 50 crore
|Less than Rs. 50 crore & greater than Rs. 250 crore
MSME is the abbreviation of Micro, Small and Medium Enterprises. This is a government program whose main objective is to provide benefits to small and medium entrepreneurs to promote their business in today’s highly competitive world.
After choosing the category according to your business, any venture that falls under MSME category is eligible to register. And the document required here is your AADHAR card, PAN and GST details. The portal will gather all other details from the database of the Government.
Registering under MSME act is not a legal requirement but doing it provides some benefits like:
- Collateral free loans
- Subsidy to register patents
- Subsidy for industrial promotion
- Low interest on loans
- 100% exemption from tax for innovative start-ups
- Extension of interest on overdraft facility
To avail all these and many other benefits reach out to us ASA for expert’s assistance and detailed information about MSME registration. We will provide you with end-to-end consultation and hand on support in getting the registration done. We will also provide help in obtaining the necessary documents required like AADHAR and PAN card.
- Manufacturing Enterprises –
An industry who produce or manufacture goods is classified as manufacturing enterprises.
Traders or trading firms doesn’t fall under manufacturing enterprises.
- Service Enterprises
Companies who provide services to another industry is classified as service enterprises.
Government has updated the MSME Definition under Atma-Nirbhar Bharat Abhiyaan Economic Package and it is categorised as follows:-
|Updated MSME Definition
|Types of Enterprise
|Rs 1 Crore
|Rs 5 Crore
|Rs 10 Crore
|Rs 50 Crore
|Rs 50 Crore
|Rs 250 Crore
MSME/SSI registration is a voluntary registration that businesses seek to take advantage of subsidies and other benefits.
Recently Gov. announced 3 lakhs crores for MSMEs as collateral free automatic loan with guarantee.
Applicant Aadhar Card is the main document for registering as MSME Enterprises. Without Aadhar Card one cannot apply registration in MSME.
- Official Address Proof
- Name & Business Type of Organisation
- Bank & Investment Details