Registration of your business as an MSME: Process & Benefits

If your business is a micro, small or medium enterprise then getting it registered as an MSME can bring some benefits. These benefits can include government incentives for MSMEs in certain sectors, tax rebates in some areas etc.

Steps to Complete MSME Registration in India

Nowadays, you can register your MSME online more conveniently. The steps for online MSME registration are as follows:

• Open the official MSME registration website.
• Add your name and Aadhaar number in the required fields.
• Click on the validate option to generate an OTP and receive it on your registered mobile number.
• Get all your details verified, and go ahead to the application page.
• Enter the required details in the relevant fields, including the “National Industry Classification Code” and “Major Activity” fields.
• Recheck your entries carefully before hitting the “Submit” button.
• Get another OTP on your registered mobile number.
• Enter the OTP and hit the “Submit” button to complete the registration process.

Benefits of MSME Registration

The different benefits of MSME registration in India are as follows:

• Loans:

  A registered MSME can avail of business loans at low-interest rates.

• Tax Rebates:

  MSMEs can enjoy various tax rebates after completing their registration process.

• MAT:

  SMEs can carry forward their Minimum Alternate Tax Credit for up to 15 years.

• Tenders:

  Registered MSMEs are prioritised when they apply for government tenders.

Documents Required for MSME Registration

A few documents necessary for MSME registration in India are as follows:

• Business Address Proof:

  If you have a workplace, you will have to provide documents like an allotment letter, property tax receipt, and rent receipt.

• Partnership Deed:

  If you own a partnership business, you will have to show the partnership deed. If your business is a company, you will have to provide a copy of the Articles of Association and Memorandum of Association.

• Licence and Machinery Bills:

  You will have to provide a copy of the industrial licence (where licence is needed) or receipts or bills of a machinery purchase.

• Purchase and Sale Bill:

  You will have to provide a copy of your purchase or sale bill as proof of your business transactions.

Ending Note

Complete your online MSME registration in India to enjoy different benefits like tax rebates. You can also apply for business loans and get quick access to funds to grow your registered MSME. So, go online and register your MSME now!