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MSME Registration

Small scale businesses play a vital role in improving the economy of any country. To encourage new and existing business, the government of India has launched many schemes to help small and medium scale businesses to sustain and grow. To avail all these beneficial schemes, you need to get your MSME registration done. MSME registration is also known as Udyog Aadhaar or SSI registration.

Benefits of MSME Registration

The following are the major benefits given to registered MSMEs under the Micro, Small & Medium Enterprises Development (MSMED) Act:The following are the major benefits given to registered MSMEs under the Micro, Small & Medium Enterprises Development (MSMED) Act:

  • You can get collateral-free loans from banks under the credit guarantee fund scheme for micro and small enterprises (CGS)
  • Some items have been earmarked to be manufactured only by small scale enterprises
  • Once you get the MSME certificate for your microenterprise, it gets much easier to get licenses, registrations, and approvals for the same. Being able to show your MSME certificate while making these applications will speed up the process
  • You get special consideration for participating in international trade fairs, exhibitions, and buyer-seller meets. You can also hold international seminars and conferences which are in the interest of MSME sector
  • When you have MSME registration, you get many things done at a subsidised price: barcode registration, NSIC performance and credit ratings, industrial promotion subsidy (IPS) subsidy, ISO certification, electricity bill, and patent registration
  • The interest rate charged by banks for MSME registered enterprises is lower than the normal interest rate
  • To promote technological growth among the micro industries CLCSS scheme was introduced that provides 15% capital subsidy up to 15 lakhs for the purchase of plant and machinery
  • While applying for a government tender, the ministry of micro, small and medium enterprises gives the following benefits to a microenterprise:
 
  • Security deposit is waived up to a certain monetary limit.
  • They are exempted from paying earnest money
  • Tender sets can be issued free of cost

  • There are many other benefits under the Act and benefits are introduced through annual budgets as well.

     
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