Introduction
Micro, small and medium enterprises (MSMEs) are defined under the MSME Act, 2016 as a business entity engaged in any one of the following activities:
a) manufacturing;
b) processing;
c) assembling; or
d) trading and distribution. In addition to these activities, it may also include any other activity that is incidental to them. The definition includes commercial undertakings employing more than 20 workers and having an annual turnover of Rs 1 crore or more.
Who Can Register for MSME?
Contents
You must be a Micro, Small or Medium Enterprise (MSME) as per the definition prescribed by the Ministry of Micro, Small and Medium Enterprises (MSMEs). You must also be registered under the relevant State/UT Government or Central Government Act/Rules.
Procedure for Online Registration
Visit the official website of the MSME Ministry at www.msme.gov.in
Click on ‘Register’ link in front page and fill up your details correctly
Submit your application after filling all information correctly and wait for an email confirmation from us that you have successfully registered yourself as a MSME/PME Company in India by paying a registration fee through Bank Transfer or Debit Card/Credit Card etc..
Documents Required For MSME Registration
The MSME registration is a one-time process. You need to provide the following documents:
Annexure-1 (for those who have been manufacturing goods for at least three years)
Annexure-2 (for those who have been manufacturing goods for less than three years)
Form MSME-1 (for registering as an MSME)
Form MSME-2 (to be submitted along with form 1 or 2)
Formal/Informal challenge notice/verification request letter from bank or financial institution on behalf of applicant with details about his/her business activities including turnover, profit made during last year and tax paid if any;
Bank account statements showing recent transactions in the applicant’s name during previous two years, including bank charges levied against him etc.;
Benefits of MSME Registration
MSME registration is a prerequisite for availing the benefits of various schemes and programmes of the government. You can apply for loans and other incentives.
Who Is Eligible For MSME Registration?
* MSMEs are an important part of our economy, so they should be encouraged to start up their own businesses. To do this, it’s important that you know what restrictions there are on who can register as an MSME in your state or territory.
You can register for micro, small and medium enterprises (MSMEs) if you are a micro, small or medium enterprise as per the definition prescribed by the Ministry of Micro, Small and Medium Enterprises (MSMEs).
You can register for micro, small and medium enterprises (MSMEs) if you are a micro, small or medium enterprise as per the definition prescribed by the Ministry of Micro, Small and Medium Enterprises (MSMEs).
You can register for MSMEs in India if:
Your annual turnover does not exceed Rs.10 crore;
You have at least one employee; and
You are engaged in any business activity except for manufacture of defence articles or ammunition.
Conclusion
If you are planning to set up a business, it is imperative that you register your MSMEs. This will allow you to get rid of the tax and other paperwork involved in setting up a business. It will also help you take advantage of various government schemes and incentives that are offered for these enterprises.