Micro, small and medium enterprise registration is an online process that simplify the process of obtaining expert help. The following are the nine main micro, small and medium enterprise advantage and perk of obtaining micro, small and medium enterprise registration and udyam registration for your company.
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In our last article we discussed the procedure and other details of obtaining micro, small and medium enterprise registration as well as why we need micro, small and medium enterprise for our economy and growth sake. This article lists the top nine benefit of micro, small and medium enterprise registration that can be gained with the award of micro, small and medium enterprise registration. These advantage include both monetary and non monetary advantage in the area of commerce and entrepreneurship.
Let us look at the nine most significant benefit of micro, small and medium enterprise registration. Micro, small and medium enterprise registration has many advantage that can help you establish as well as improve and build effective business models for your company.
Our first micro, small and medium enterprise benefit is priority credit. Whether you run a cutting edge technology firm and a masala packing firm that employs rural women your company will need credit and loans for long and short term financing. Bank are required by reserve bank of india directives to pay specific amounts of money to micro, small and medium enterprise firm on a regular basis. You can apply for this finance more quickly and with fewer issues if you have an micro, small and medium enterprise certificate.
Better loan availability and access as well as lower interest rates.
If collateral security is not supplied many business owner may find it difficult to acquire a loan to establish their company. However with micro, small and medium enterprise registration all bank are required to give loans at lower interest rates than usual and one may be able to take advantage of this benefit from a variety of financial institutions for their financing needs.
Exemption from paying federal income taxes.
If this certificate is not received, there are several micro, small and medium enterprise registration benefit that can save thousand of dollar in tax burden. Enterprise can benefit from a presumed taxation basis which relieve them of the stress of maintaining accurate book of account and conducting audits.
Program of credit linked guarantee.
The ministry of micro, small and medium enterprise and the small industries development bank of india established the credit guarantee fund trust for micro and small firms to implement the credit guarantee fund scheme for micro and small enterprise. Individual micro, small and medium enterprise can borrow up to 50 lakh under this scheme without putting up any security.
Market support and export promotion funded by the government.
A multitude of international exchange programmes and craft fairs as well as exhibitions and trade related events are hosted by the indian government. You have access to all of these channel for international trade cooperation and the establishment of new business contact if you are classed as a micro, small and medium business. The government uses subsidy and tax exemption and technical help to encourage micro, small and medium enterprise to export goods and services.
Capital for infrastructure development and other grants.
The government also recognises training areas for micro, small and medium enterprise and gives capital grants for infrastructure improvement and entrepreneurial development because micro, small and medium enterprise are a sector that creates jobs and encourages entrepreneurial endeavours.
Reimbursement for international standard organization certification.
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To encourage the standard and certification attained by micro, small and medium enterprise in order to improve their performance across sectors all registered micro and small industry can receive a cost waiver for obtaining international standard organization 9000, international standard organization 14001 and hazard analysis critical control point certification.
Purchase tailored specifically for you as well as protection against the competition.
As part of the micro, small and medium enterprise market development assistance scheme the central government maintains a price and purchase preference policy. There are over 358 items on the list that the central government can only purchase from small, medium and micro firm.
Technology and quality improvement assistance for micro, small and medium enterprise.
To improve cost effectiveness and promote clean energy use in manufacturing, the government reimburses project costs toward these goals for micro, small and medium enterprise sector unit as well as expenditure for the implementation of clean technology the preparation of audit reports and subsidy for licencing product according to national and international standards.
Micro, small and medium enterprise online application.
On the other side the micro, small and medium enterprise registration procedure offers a number of monetary and non monetary incentive and perks. The benefit of micro, small and medium enterprise registration are tied to a company entrepreneurial and trade development. If you want to benefit from micro, small and medium enterprise registration for your micro, small and medium business you should do so right now.