Frequently Asked Questions
As a business owner, developing and running a business comes with a lot of challenges, Getting MSME would help you in a lot of ways. Given below are the frequently asked questions about MSME.
Who is eligible to apply for MSME registration?
One Person Company, Proprietorships, Hindu Undivided Family, Partnership Firm, Limited Liability Partnership, Private Limited Company, Limited Company, Producer Company, co-operative societies, any association of persons, or any other undertaking can obtain MSME registration in India.
Is MSME registration compulsory?
It is not compulsory. But getting MSME has its benefits.
How long it will take to get MSME certificate?
MSME certificate will be provided immediately after the process. Sometimes it might take 1 to 2 business days.
What are the benefits of MSME?
Here are some of the benefits:
- Support from your state government
- One-time settlement fee for the amount unpaid
- Reimbursement of ISO Certification
- For Government tenders prefer businesses with an MSME certificate.
- The Government provides credit guarantee schemes
- Concession in electricity bills
- Bar code registration subsidy
- Avail of special rebates and concessions on patents and industry set-ups
- Lowest interest rates on bank loans
- Special consideration of International Trade fairs
What are the required documents for MSME?
Documents required for MSME registration
- Bank account number
- The basic business activity
- Aadhar number
- PAN number
- Address of the business
- Partnership deed
- Sales and purchase bill copies
- NIC 2-digit code
- Investment details (Plant/equipment details)
- Turnover details (as per the new MSME definition)
- Copies of licenses and bills of purchased machinery
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