MSME Registration
MEME stands for Micro, Small and Medium Enterprises. An enterprise shall be classified as a micro, small or medium enterprise on the basis of the following criteria, namely:
- a micro enterprise, where the investment in plant and machinery or equipment does not exceed one crore rupees and turnover does not exceed five crore rupees;
- a small enterprise, where the investment in plant and machinery or equipment does not exceed ten crore rupees and turnover does not exceed fifty crore rupees; and
- a medium enterprise, where the investment in plant and machinery or equipment does not exceed fifty crore rupees and turnover does not exceed two hundred and fifty crore rupees.
Few mentioned benefits of MEME Registration
- You can get collateral-free loans from banks
- Some items have been earmarked to be manufactured only by small scale enterprises
- interest rate charged by banks for MSME registered enterprises is lower than the normal interest rate
