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Everything You Need to Know About MSME Registration for Your Business

Everything You Need to Know About MSME Registration for Your Business

If you are planning to start a business, you are welcoming a lot of opportunities. But there are few things you need to comply with that unlock your full potential of the business.
One of the things that are mandatory for the new business is MSME registration. From the basic level to the advanced one, we will give you every detail of that. Let’s dive right in.

  • Under the ministry of MSME, registered businesses get priority on applications of licenses and certificates issued by the government of India.

What is MSME?

MSME is a micro small and medium enterprise. MSME is a qualification of investment of the Enterprise in terms of its machinery or equipment. For manufacturing enterprises, investment criteria are if you have a capital of less than 10 lakh rupees, then you are a micro firm.

 And if you are having less than 2 crore capital in your business then will be considered a small manufacturing Enterprise. And if your business is having less than 5 crore capital and then your business will be considered as a medium manufacturing Enterprise.

The above limit is set category wise. You can also opt for the composition where investment and an annual turnover of your business will be considered to classify which type of business you have under MSME.
What are the benefits of getting MSME registration?

MSME offer many schemes and benefits to MSME business owners. Here are some benefits-
  • MSME have a lower rate of interest on bank loans
  • Registered MSME with an MSME certificate can avail text benefits an examination.
  • You can easily access credit for your businesses with a registered MSME.
  • MSME has given preference for the government tenders on the portal of Udyam registration.