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Updated on : 22-Jan-2020 05:40 AM IST | 4 min read
MSME/SSI Registration in India
MSME means Micro, Small and Medium enterprise. MSME or SSI forms a solid foundation to run an economy. Both of these act as an inducement for the growth of economy. MSME or SSI registration helps businesses in getting various subsidies offered by the government. For example – Less charging of rate of interest, capital investment subsidies, tax subsidies etc.
Both the service related businesses as well as the manufacturing businesses can obtain MSME/SSI registration in India under the MSMED act. All the Micro, Small and Medium sized businesses are eligible to apply for MSME/SSI registration. It is not mandatory for them to apply for the registration but it is always suggested to small and medium businesses to get this done as it provides variety of benefits.
Benefits of MSME/SSI Registration
For most of the business tender applications, one of the desired eligibility criteria is MSME/SSI registration as many government tenders open only to MSME’s to promote small business participation.
Business registered as MSME/SSI will get multiple benefits from the government such as tax subsidies, Capital investment subsidies etc.
Interest rates offered to MSME registered businesses on loan is 1-1.5% cheaper than the normal interest rate.
In terms of govt. licenses and certifications, business registered under MSME/SSI has been given high preference and get fast approvals from state and govt. regulatory bodies.
As per mudra scheme by PM Modi, You can easily get loans without collaterals.
The MSME/SSI registered businesses receives various benefits such as cheaper electricity charges, VAT exemptions etc. Other business services like patents are also cheaper for MSME’s.
Information Needed For MSME/SSI Registration
Name of Entrepreneur/ applicant
Name of enterprise
Type of organization
Date of commencement of business
Bank account number
Bank IFSC code
Main business activity
NIC – The 2 digit code
Number of employees
Additional details about business
Total investment made in Plant & machinery
Scanned copy of Aadhar card
What Is Included In Our Package?
Classification of MSMEs
Micro enterprises are the smallest of all the businesses. The investment made in plant & machinery under micro enterprises should be less than Rs.25 Lakh whereas for micro service enterprises, it should not exceed Rs.10 Lakh.
The investment made in plant & machinery under small enterprises should be between Rs.25 Lakhs to Rs.5 crores whereas for small service enterprises, it should be between Rs.10 lakhs to Rs.2 crores.
For the medium enterprises, the investment made in plant & machinery should be between Rs.5 crores to Rs.10 crores whereas for medium service enterprises, it should be between Rs.2 crores to Rs.5 crores.
Procedure for MSME/SSI Registration
The step by step procedure for MSME/SSI registration are as follows -
- Complete the required information needed in MSME/SSI registration form. It includes your personal information as well as your business information.
- As per the details provided, we will start preparing your documents accordingly and it will take around 1-2 working days.
- In the third step, our experts will verify your documents properly and submit the same along with the application form to MSME registrar for approval and it will take around 2 working days.
- In the last and the fourth step, your application will be approved by the MSME registrar and the certificate will be issued to you. We will send you the certificate via e-mail & courier.
TWO WAYS TO REGISTER FOR MSME/SSI REGISTRATION
- Registration with Aadhaar.
- Registration without Aadhar
MSME Registration with Aadhaar
MSME Registration without Aadhar
How Finacbooks help in MSME Registration in India?
Finacbooks is a leading Indian portal providing accounting, finance & taxation services to small businesses. We are having more than 10 years of experience in helping individuals providing MSME/SSI registration at a least possible price. We will guide you through the entire process of MSME/SSI registration. To avail the best deals on MSME/SSI registration, kindly call us at 8800221252 or you can also e-mail us at email@example.com