Best SSI Registration Consultancy in Chennai
Registration for (SSI) Small Scale Industry Registration or Small Business Registration are identical to MSME Registrations in India. The SSI Registration service is offered via the Ministry of Micro, Small and Medium Enterprises through the Directorate of Industries of the State Government. The principal purpose behind SSI registrations is to keep records and keep track of SSI companies in India to aid in offering support and incentives.
Each State Governments has adopted uniform registration procedure as per MSME guidelines. However, certain states have made changes to the procedure for obtaining SSI Registration. So, the method for obtaining registration may differ between states.
Eligibility Criteria for SSI Registration
SSI registration is available through both manufacturing units and service-oriented enterprises. The requirements for eligibility differ between SSI units involved in manufacturing as well as SSI units that provide service in the following manner:
SSI registrations is available for manufacturing units when the capital investment in machinery and plant (excluding buildings and land) is within one or all of these levels:
- Micro Enterprises: Up of Rs.25 lakhs in machinery and plant
- Small-scale enterprises
- Investment up to Rs.5 crore in machinery and plant
- Medium Enterprises: Up to Rs.10 crores on machinery and plant
SSI registration is acquired in service rendering unit, if the capital investment in equipment (excluding buildings and land) is in any level:
- Micro Enterprises: Investment up to Rs.10 lakhs on equipment
- Small-scale Enterprises: Investment as high as Rs.2 crores on equipment
- Medium Enterprises: Investment up to Rs.5 crores on equipment
Benefits of Getting SSI Registration
SSI registration does not constitute a requirement for small-scale businesses in India. Businesses that do have SSI registration are able to avail benefits, incentives, or other support provided by either government officials, either the Central and State Government. Some of the incentives that are available to SSI companies include:
- Priority sector lending at Banks
- Reduced interest on bank loans rate
- Excise exemption scheme
- Exemption under direct tax laws
- Reservations, for example, are a form of support that is statutory.
- Interest on Delayed Payments Act
In addition to the mentioned benefits offered to government officials, the Central Government, States Governments and Union Territories have implemented their own set of incentives and facilities to SSI units. The typical SSI benefits include the creation of industrial estates as well as tax subsidy as well as power tariff subsidy and capital investment subsidy, as well as other aids. Both the Centre as well as State Government subsidies are available to small businesses. State Government subsidies aimed at small-sized businesses are only available for those companies that have SSI registration.
Documents Required for SSI Registration in Chennai
- Documentation of the business address
- Purchase bills for raw materials machines, raw material and so on.
- Partnership deed or AOA and MoA
- NOC issued by the pollution control commission
SSI registration is a process that allows you to access plans and financial options which can help boost your business to the next level. Without a feasible incentive, you can increase the efficiency of your small-scale manufacturing company or service through business loans. They provide the possibility of funding up to 20 lakhs in a no-collateral basis. You can apply for it using just two documents and it is approved after 24 hours. You can choose the loan option to deduct from your loan several times as the requirement arises.