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Benefits of MSME Registration
Important Information Regarding MSME Registration
Financial Advantages
Registering as a MSME gives you a major advantage in terms of priority lending by banks. By virtue of the directions by the RBI, banks have funds that are particularly earmarked for MSMEs. You will also be able to avail loans at much lower interest rates which is a great benefit given the challenges a small business faces in the absence of a collateral security.
Bank Loans
The Credit Guarantee Fund Scheme for Micro and Small Enterprises (CGS) was launched by the GOI to make available collateral-free credit to the micro and small enterprise sector. Both the existing and the new enterprises are eligible to be covered under the scheme. The Ministry of MSME, GOIand SIDBI, established a Trust named CGTMSE to implement the Credit Guarantee Fund Scheme for Micro and Small Enterprises.
Protection for Payment
In case, if any MSME registered enterprise supplies any goods or services to a buyer then the buyer is required to make the payment on or before the agreed date of payment or within 15 days from the day they had accepted the goods and services from MSME. Delay in payment will attract interest penalty which is three times the rate notified by RBI.
Documents Required For MSME Registration
Owner Documents
Business Documents
- Business Address Proof
- Business Bank Account Details
- Certificate of Incorporation (For Companies/LLPs)
Other Related Documents
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