A Brief Introduction to MSMEs and its Registration in India

MSMEs and its Registration in India

Over the past few decades, India has become a hub of budding startups and small businesses.  With the emergence of the Micro, Small and Medium Enterprises by the people has made the Indian business sector more organized and advanced. The government of India has launched the MSME Act, 2006 with the aim to promote business development. The MSME sector contributes to 45% of the total employment in industries and hence, when these small industries flourish, the economy of the country as a whole flourishes.

The company can be of two categories, which include manufacturing and servicing. The guidelines for the registration for both the forms of companies are provided in the MSME Act. The registration for them is not yet mandatory but there are numerous advantages attached to the MSME registration in terms of taxation, setting up business, loans, credit facilities, and more.

MSME registration have been reclassified in terms of Investment and Annual Turnover which are below-

Investment        Turnover                Classification

Up to 1 core        Under 5 core           Micro

Up to 10 core      Up to 50 core          Small
Up to 20 core      Under 100 core       Medium

Registration process for MSME registration:

The first step for registration of the small and medium scale industry owner is to fill a single form which can be filled online and offline--

• For the registration of more than one industry, the applicant can also do individual registration.
• They have to fill a single form which is available at the website which is listed below.
• The document requisites for the registration are Aadhar number, Industry name, Address, bank account details, etc.
• They have to be self-certified certificates.
• There is no registration fee for MSME.
• Once the detail are filled and uploaded, the registration number will be provided.

The MSME registration is very beneficial for the companies. The small companies are able to avail cheaper bank interest rates, they have more tax benefits, easy access to credits and there is also facility of One Time Settlement Fee for non-paid amounts of MSME. There are numerous legal firms which offer the MSME registration for the companies at reasonable prices. They offer very genuine and reliable services with customization.

To get more information about MSMEs registration services in India, contact to internationally famous law firm Global Jurix at following details:

Global Jurix

S-191 C, 3rd floor, Manak Complex

School Block, Shakarpur

New Delhi - 110092, India,

Website:www(dot)globaljurix(dot)com,

Call at +91-9810-062-387

Mail at: corporate(at)globaljurix(dot)com