MSME stands for micro, small and medium enterprises and any enterprise that falls under any of these three categories. MSME enterprises are the backbone of the Indian economy and are an engine of economic growth, promoting equitable development for all. Micro, Small, and Medium-sized enterprises in both the manufacturing and service sector can obtain MSME Registration under the MSMED Act through Mibook.
The MSME/SSI Registration in India is only needed to avail benefits and subsidies provided by the government to small-scale industries and service providers from time to time. It is voluntary. However, as it is a fairly easy registration (provided you have a manufacturing plant or a commercial space where you render services), many businesses opt for this over other registrations. With decisive guidance by Mibook, one can get SSI registration in India and avail of all the benefits provided under this scheme. We also provide private limited company registration in bangalore as well as accounting and bookkeeping services.
One per cent rate exemption on Overdraft
Collateral free loans from banks with a two per cent concession on interest rate
Reimbursement of ISO certificate expenses
Preference in procuring Government Tenders
Ease of availing various other business registrations
15% Credit Linked Capital Subsidy Scheme on fully automatic machinery
Eligible for Industrial Promotion Subsidy
Exempted in stamp duty payment
Electricity duty exemption for 15 years
50% subsidy for patent registration
Eligible for capital subsidy
A Copy of the proprietor’s Aadhar card or director(s) or partner(s) in other cases like
Udhyog Aadhar Registration
A copy of the PAN card of the business entity and the director or partner, if applicable
2. Discussion and consultation for the requirement
3. Collecting the required documents
1. Preparation and submission
2. Preparation and verification of Application
3. Registering the application with the Ministry of MSME
4. Certificate of registration under MSME
The MSMED Act was enacted by the Government of India in the year 2006 with the vision to aid the Micro, Small, and Medium Enterprises with some financial benefits as they are the backbone of the Indian economy. SSI registration in Bangalore has terms and conditions depending on the type of enterprise, which is Micro, Small, and Medium.
A Microenterprise is an enterprise where investment in plant and machinery does not exceed Rs. 25 lakhs, for microservice less than Rs. 10 lakhs
A small enterprise is an enterprise where investment in plant and machinery does not exceed Rs. 25 lakhs, for microservice less than Rs. 10 lakhs.
A medium enterprise is an enterprise where the investment in plant and machinery is more than Rs.5 crores but does not exceed Rs.10 crores, for medium service between Rs 2 crores to Rs. 5 crores.
As per the MSMED Act, it is not mandatory to do SSI registration in Bangalore but doing so unlocks lots of perks for your business.
The manufacturing and service sector’s Micro, Small and Medium enterprises have an opportunity to acquire SSI registration in Bangalore. It comes with the benefits of lower rates of interest, excise exemption schemes, tax subsidies, power tariff subsidies, capital investment subsidies, and other support. Mibook caters to all your needs for SSI Registration in Bangalore.
Bank loans are a crucial part of any business growth but it involves too much effort to avail loans from banks. But due to SSI registration in Bangalore, for Micro, Small, and Medium Enterprises it has become more convenient to avail the bank loan as banks prefer MSMEs over normal enterprises to lend loans. Also, the SSI-registered Enterprises in Bangalore are recognized by all financial institutions and banks, significant schemes are also drafted for these enterprises. As mentioned above, the bank interest rates are also lower and the proprietors of such enterprises get preferential treatment in case of delay in repayment of the loan.
The SSI certificate comes with 5 years of validity. The certificate is quoted as Provisional Registration Certificate (PRC). Even if an enterprise registered is not operational still one must re-apply it. Once the business is started one can apply for a Permanent PR certificate.
The Registration is voluntary and not mandatory.
DIC is the primary registering centre
The SSI registration certificate is valid for 5 years and a permanent certificate is given in perpetuity.
2 types of SSI registration are done in all states. First, a provisional registration certificate is issued. And after the beginning of production, a permanent SSI registration certificate is issued.
1. This certificate can be acquired with the help of Mibook before the business is operative just after SSI registration in Bangalore, the certificate allows units to obtain term loans and working capital from financial institutions/banks under priority sector lending.
2. Helps in obtaining several mandatory NOCs and clearances from regulatory bodies such as Pollution Control Board, Labour Regulations, etc.
3. Also enables SSI Enterprises to obtain facilities for accommodation, land, other approvals, etc.
This certificate also can be availed through Mibook which allows the SSI registered enterprises in Bangalore to gain below inducements / privileges:
1. Availability of raw materials depends on the existing policy.
2. Permanent registration of tiny units should be renewed after 5 years.
3. Income-Tax exemption and Sales Tax exemption as per State Govt. Policy.
4. Price and purchase preference for goods produced.
5. Incentives and concessions in power tariffs etc.