A high number of MSMEs are already registered under the initiative launched by the Government of India. Termed as Udyog Aadhaar, MSME registration under this initiative offers multiple benefits.
Among them, a major advantage is the ease of financial assistance in the form of loans offered by different financial institutions. This scheme offers both easy approval and subsidies on the payable interest. Furthermore, discounts or reimbursement is also offered on expenses like ISO registration, patent enlistment, etc.
Another major advantage of registration is that of tax exemptions. It is advisable for business owners to also look for different options to reduce their tax payment. Furthermore, government tenders are reserved for MSME businesses to boost these ventures.
While these are some of the benefits offered under this initiative, the registration process for MSMEs is also quite simple.
Entrepreneurs should arrange documents like the Aadhaar card, proof of business registration, financial details, etc. Once arranged, the application procedure can be completed within a few minutes by visiting the official website.
After MSME registration, entrepreneurs can easily apply for a business loan with a reputed financial institution. As business owners, it is vital to understand the different types of loans before applying for them.