Who Can Apply For MSME Registration in India


Who Can Apply For MSME Registration in India

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The MSME (Micro, Small and Medium Enterprises) Ministry is a part of the Government of India and it offers many offers and subsidies to entrepreneurs who are engaged in entrepreneurship. The Ministry provides financial support to the enterprises with priority sector lending, power tariff subsidies and capital investment subsidies along with local schemes and benefits. It also helps the MSMEs by reducing competition in government tenders and protects them from delayed payments.

If you are an entrepreneur, you can register your business under the MSME category as per the Micro, Small and Medium Enterprises Development Act, 2006. The registration is not mandatory but it is beneficial for all entrepreneurs. After getting the certificate of MSMEregistration (Udyog Aadhaar), the business owners are eligible for various benefits from the government as well as banks.

Besides enabling easy access to loans, MSME registration also offers tax-exemptions and other incentives. The MSME registration process is simple and quick, and there are multiple online options to help entrepreneurs with it. The key documents to submit during the MSME registration process include PAN card, location of the enterprise, a bank account number with IFSC code, and basic details about your business.

Getting the MSME registration is beneficial as it opens doors to numerous benefits such as priority sector loans, lower interest rates (1-1.5%), and better access to credit, market assistance from the government and export promotion, technology and quality up-gradation support and 50% subsidy on patent registration. You can cancel your MSME registration anytime by sending a written request along with the reasons for the closure to the Udyog Aadhaar.

 However, you must keep in mind that the benefits may vary depending on the type of business you own and its size.

 

 

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