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Who Can Apply For MSME Registration in India

Micro, Small and Medium Enterprises are the backbone of the Indian economy. They generate huge employment opportunities and are the engine of economic growth. To support them, the government has formulated the MSME Act to ensure that they get maximum benefits. The Act offers a number of benefits such as priority lending, cluster financing and more.

Any manufacturing or service-oriented business can apply for MSME registration Consultant in Chennai. To qualify as a MSME, your business must meet certain criteria. This includes investment limits and turnover. For example, a micro manufacturing enterprise must invest up to Rs 1 crore and have a turnover of less than Rs 5 crore. A small manufacturing enterprise must invest up to Rs 10 crore and have a turnover of less than 5 crore, while a medium manufacturing or service enterprise must invest up to Rs 50 crore and have a turnover of less than 25 crore.

Apart from this, an MSME must also meet other eligibility criteria such as legal incorporation. You must have a partnership deed, certificate of incorporation and other documents of legal incorporation. Moreover, you must also submit documents of industrial set-up such as electricity/water bills. Once registered, you will be allotted an Entrepreneur Memorandum (EM) number which must be printed on letter heads, invoices and supply order sheets.

If your business meets the eligibility criteria, then you can apply for MSME registration in just a few steps. The process is online and takes about two days to complete. Once your application is approved, you will receive a digital MSME certificate which can be used as proof of business ownership. You can use this to open a bank account, claim GST exemptions and avail loans.

 

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