MSME License Registration

Unlocking Growth Opportunities with MSME License.

At Legal AT, we understand the significance of the Micro, Small, and Medium Enterprises (MSMEs) sector in fostering economic growth and generating employment opportunities in India. Obtaining an MSME license is crucial for businesses to avail themselves of various benefits and incentives provided by the government.

Our comprehensive MSME license services cater to both online and offline businesses, ensuring a seamless process from application to approval.

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What is an MSME Registration?

The MSME registration is a government initiative aimed at promoting the growth and development of small-scale industries in India.

It provides recognition to businesses as MSMEs, entitling them to numerous benefits such as subsidies, priority sector lending, tax exemptions, and access to various schemes and incentives.

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Process of Obtaining an MSME License

  • Eligibility Verification: Determine eligibility based on investment in plant and machinery or equipment, and turnover of the enterprise.
  • Registration/Application: Submit the necessary documents and details through our streamlined online/offline application process.
  • Document Verification: Our experts verify the submitted documents and assist in rectifying any discrepancies.
  • Approval and Certification: Upon successful verification, receive the MSME registration certificate from the concerned authority.

Benefits of MSME Registration

Obtaining an MSME (Micro, Small, and Medium Enterprises) registration for your business in India offers several advantages that can significantly contribute to the growth and sustainability of your enterprise.

Here are some key benefits:

  • Access to Credit: MSME registration makes it easier to obtain loans and credit from banks and financial institutions at lower interest rates due to the priority sector lending guidelines of the RBI. Additionally, registered MSMEs can avail of collateral-free loans under various government schemes.
  • Subsidies and Incentives: Registered MSMEs are eligible for various subsidies and incentives provided by the government, including capital investment subsidies, technology upgradation schemes, and marketing development assistance.
  • Tax Benefits: MSMEs enjoy several tax benefits and exemptions, such as direct tax exemptions and credit for minimum alternate tax (MAT), which can be carried forward for up to 15 years.
  • Protection against Delayed Payments: MSMEs have legal protection against delayed payments from buyers. According to the MSME Development Act, buyers must make payments within 45 days, failing which the buyer is liable to pay compound interest.
  • ISO Certification Reimbursement: MSMEs can get financial assistance for obtaining ISO certification, which can enhance their credibility and marketability.
  • Credit Guarantee Scheme: The Credit Guarantee Fund Scheme for Micro and Small Enterprises (CGTMSE) provides a credit guarantee to financial institutions offering collateral-free loans to MSMEs, thereby enhancing the creditworthiness of your business.
  • Interest Rate Subsidies: MSMEs are often eligible for subsidies on interest rates for loans taken for technology upgradation, modernization, and other business development activities.
  • Priority Sector Lending: Banks and financial institutions give priority to lending to the MSME sector, ensuring better access to credit and financial services.
  • Skill Development and Training Programs: The government offers various skill development and training programs to enhance the capabilities of MSME employees, leading to improved productivity and business growth.

Documents Required For MSME Registration

  • Aadhar number
  • PAN number
  • Address of the business
  • Bank account number
  • The basic business activity description
  • NIC 2 digit code
  • Investment details (Plant/equipment details)
  • Turnover details (as per new MSME definition)
  • Partnership deed
  • Sales and purchase bill copies
  • Copies of licenses and bills of purchased machinery

Criteria for MSME Registration

  1. Micro Enterprises: Investment in plant and machinery or equipment should not exceed INR 1 Crore and turnover should be less than INR 5 Crores.
  2. Small Enterprises: Investment in plant and machinery or equipment should be between INR 1 Crore to INR 10 Crores, and turnover should be less than INR 50 Crores.
  3. Medium Enterprises: Investment in plant and machinery or equipment should be between INR 10 Crores to INR 50 Crores, and turnover should be less than INR 250 Crores.

FAQ

Any individual, partnership firm, Hindu Undivided Family (HUF), company, Limited Liability Partnership (LLP), or any other entity engaged in manufacturing or providing services can apply for an MSME license.

While MSME registration is not mandatory, it is highly recommended as it provides various benefits and incentives that can boost the growth of the business.

Yes, both new and existing businesses can apply for MSME registration.

The processing time for MSME registration varies depending on the completeness of the application and the efficiency of the concerned authority. However, with our expert assistance, we ensure a swift and hassle-free process.

Register your MSME Registration

At Legal AT, we strive to simplify the complexities of MSME registration, empowering businesses to unlock their full potential.

Contact us today to embark on your journey towards growth and prosperity.

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