Small scale businesses play a vital role in improving the economy of any country. To encourage new and existing business, the government of India has launched many schemes to help small and medium scale businesses to sustain and grow. To avail all these beneficial schemes, you need to get your MSME registration done. MSME registration is also known as Udyog Aadhaar or SSI registration.
The following are the major benefits given to registered MSMEs under the Micro, Small & Medium Enterprises Development (MSMED) Act:
There are many other benefits under the Act and benefits are introduced through annual budgets as well.
Provisional MSME Registration
This is given for entities which are yet to begin functioning. With provisional registration the MSME can:
A PRC (provisional registration certificate) is allotted to new enterprises without any field enquiry and is valid for 5 years.
Permanent MSME Registration
It is given to industrial units that are already functioning. All the benefits available to MSMEs can be availed by them.
The following conditions have to be met for getting a permanent registration:
The entities that fall under the following three categories can apply for MSME registration.
Where the investment in plant and machinery is not more than ₹1 crore and the annual turnover is not more than ₹5 crores.
Where the investment in plant and machinery is not more than ₹10 crores and the annual turnover is not more than ₹50 crores.
Where the investment in plant and machinery is not more than ₹50 crores and the annual turnover is not more than ₹250 crores.
Here is why you should choose Vakilsearch for your MSME registration:
Micro, Small & Medium Enterprises
Small Scale Industry
Micro, Small & Medium Enterprises Development (MSMED) Act