MSME stands for micro, small and medium enterprises and any enterprise that falls under any of these three categories can apply for registration. MSME registration that falls under the MSMED Act facilitates promotion and development of enterprises and improves its functioning. Any type of enterprise can apply for SME registration. These includes proprietorship enterprises, enterprises managed by Hindu undivided family, enterprises run by association of individuals, co-operative societies, partnership firms and enterprises managed by companies or undertakings etc.
MSME enterprises are the backbone of any economy and are an engine of economic growth, promoting equitable development for all. Therefore, to support and promote MSMEs, the Government of India through various subsidies, schemes and incentives promote MSMEs through the MSMED Act. To avail the benefits under the MSMED Act from Central or State Government and the Banking Sector, MSME Registration is required.
Micro, Small and Medium sized enterprises in both the manufacturing and service sector can obtain MSME Registration under the MSMED Act. Though the MSME registration is not statutory, it is beneficial for business at it provides a range of benefits such as eligibility for lower rates of interest, excise exemption scheme, tax subsidies, power tariff subsidies, capital investment subsidies and other support. Startup Movers can help your business obtain MSME Registration to avail a host of benefits.
Startup Movers can help your business obtian MSME Regisration in 15 to 20 days subject to Government processing time.