A handy guide on MSME registration and required documents
A comprehensive guide for all the documents required for MSME registration in India.
Micro, small, and medium enterprises (MSMEs) play a significant role in the Indian economy. The Government of India has introduced a range of schemes to promote MSMEs and help them grow their business. One of the most important steps for businesses looking to leverage these schemes and incentives is to register for the MSME certificate. However, understanding the MSME registration required documents is crucial to ensure a smooth and successful registration process.
In this article, we will guide you through the essential documents needed for MSME registration and simplifying what you need for your business.
Documents required for MSME registration in India
Before starting the registration process, please ensure that these documents are available to minimise delays.
- Aadhaar card: The Aadhaar card is mandatory for the primary business owner as it is used for verification.
- PAN card: The PAN card is required for identification and to verify the tax details of the business owner.
- Bank account statement: A bank account statement of the business for the past six months is required to validate the address of the business.
- GSTIN: Include your GSTIN in case your business is registered under GST.
- Partnership deed: For a partnership firm, you need a photocopy of the Memorandum of association (MOA) and articles of association (AOA).
- Business address proof: For business premises with self-owned property, the required documents include a possession letter, allotment letter, or property tax receipt.
- In the case of rented premises, you need to have a rent receipt, utility bills, and an No Objection Certificate (NOC) from the owner.
- Sale bill and purchase bill: As to provide proof of your business transactions, sale bills and purchase bills are required.
- A sale bill is generated for each product supplied, while the purchase bill is acquired upon purchase of raw material.
- Licences and machinery bills: The industrial licence obtained from the Government of India and any bills or receipts against machinery purchases are to be submitted.
Benefits of MSME registration
As you proceed with the MSME registration process, here are the benefits that you enjoy.
- You can claim MSME sector tax rebates.
- It allows you to carry forward the minimum alternate tax (MAT) credit for up to 15 years.
- You can avail of loans at a reduced interest rate.
- Your firm can obtain credit easily.
- Your enterprise gains a preference for government certification.
- You can get access to exclusive government tenders.
Business loans for MSMEs
Bajaj Finance offers quick and convenient business loans for MSMEs, making it easier for them to achieve their business objectives. MSMEs can easily access funds of up to Rs. 80 lakh at competitive interest rates. Some of the benefits of Bajaj Finserv business loans include:
- Flexible repayment tenures: Borrowers can choose repayment tenures that are convenient for them, ranging from 12 months to 96 months.
- High loan amounts: Bajaj Finance offers business loans of up to Rs. 80 lakh, allowing enterprises to access the financing they need to achieve their business objectives.
- Fast approval and disbursal: Bajaj Finserv Business Loans offer quick approval and disbursal, ensuring that businesses can access the necessary funds in a timely manner.
Obtaining the MSME certificate provides enterprises with official recognition, making them more creditworthy and improving their chances of qualifying for business loans. By taking advantage of these offerings, MSMEs can achieve their business objectives and contribute to the growth of the Indian economy.
