Who Can Apply For MSME Registration in India
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The MSME sector has emerged as a highly dynamic segment of the economy. The government has been enacting various schemes to support the growth of these enterprises and provide them with a host of benefits. However, to avail these benefits, you need to get your business registered as a Micro Small and Medium Enterprise under the MSME Act. At LegalFidelity, we help entrepreneurs get their business registered as a MSMEs and avail these benefits.
Any business entity can get itself registered as a MSMEs as long as it meets the set criterion. It can be a limited liability partnership (LLP), a private limited company, or even a public company. Similarly, it can also be a sole proprietorship or an Hindu Undivided Family. However, the business should have a valid Aadhar number to qualify for MSME registration Consultant in Chennai.
Once the application is complete, an executive from the Ministry of MSME will review it and then issue a virtual certificate of registration. However, the Ministry doesn't provide any hard copies for this certification.
The process of MSME registration in India is not mandatory, but if you want to take advantage of the government benefits, it is advisable that you get your business registered as an MSMEs as soon as possible. Some of the benefits include priority in procurement, lower rates of interest on bank loans, and assistance with getting patents. In addition, you can also benefit from a host of other schemes and subsidies provided by the government.
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