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FILING OF ENTREPRENEURS MEMORANDUM | Company Vakil

FILING OF ENTREPRENEURS MEMORANDUM

 

OVERVIEW

The Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 mentions filing of the Entrepreneurs Memorandum under Section 8 of the Act.

However, the Central Government is empowered to make rules for the procedure of the filing of the Entrepreneurs Memorandum and other co-related activities.

The Entrepreneurs Memorandum must be filed in the District Industries Centre in whose jurisdiction the Micro, Small and Medium Enterprises (MSME) exists in.

 

METHOD TO FILE THE ENTREPRENEURS MEMORANDUM

The application form for filing the Entrepreneurs Memorandum Online is accessible on the website of the respective State Government under whose jurisdiction the Micro, Small and Medium Enterprises (MSME) falls in.

The application form for filing the Entrepreneurs Memorandum offline is accessible at the office of the District Industries Centres of the respective State Government under whose jurisdiction the Micro, Small and Medium Enterprises (MSME) falls in.

Every entrepreneur who desires to initiate a Micro, Small and Medium Enterprises (MSME) compulsorily needs to file the Entrepreneurs Memorandum with the District Industries Centres of the respective State Government under whose jurisdiction the Micro, Small and Medium Enterprises (MSME) falls in.

Upon submission of application form for filing the Entrepreneurs Memorandum, the District Industries Centre within a specified time period shall issue the Entrepreneurs Memorandum number for the respective form and classify it into the respective category to which it belongs.

The District Industries Centre shall verify the form and all its particulars before allotting the Entrepreneurs Memorandum number.

Failure to adhere to the requirements of the District Industries Centre in filing the Entrepreneurs Memorandum application form and failure to submit an undertaking along with the form signed by the Entrepreneur of the Micro, Small and Medium Enterprises (MSME) shall render to form invalid and denied for acceptance by the District Industries Centre.

The District Industries Centre shall also keep a record of all the application forms for filing the Entrepreneurs Memorandum submitted to them in hard copies and electronic form as well. They shall also be liable to submit their details to the Small Industries Service Institutes if required by them.

Depending upon the type of Micro, Small and Medium Enterprises (MSME) be it dealing with the Manufacturing sector or service sector the Entrepreneurs Memorandum shall be filed in the District Industries Centre.

Upon commencing business activity by the entrepreneurs in the Micro, Small and Medium Enterprises (MSME), Part II of the Entrepreneurs Memorandum application form must be submitted in the District Industries Centre.

In the circumstance wherein the Part II of the Entrepreneurs Memorandum application form is not submitted within two years of the commencing of business activity of the Micro, Small and Medium Enterprises (MSME) then the Part I of the Entrepreneurs Memorandum application form shall also become unenforceable.

In circumstance where in the Micro, Small and Medium Enterprises (MSME) has altered their assets allocation in plant and machinery of equipment, such alteration must be mandatorily intimated to the District Industries Centre within one month of such change.

In circumstance where in the Micro, Small and Medium Enterprises (MSME) has altered their output goods or services, such alteration must be mandatorily intimated to the District Industries Centre within one month of such change.

 

STANDARDS OF ASSESSMENT

The following are the standards of assessment of the Micro, Small and Medium Enterprises (MSME);

a) The Micro, Small and Medium Enterprises (MSME) is adhering to the rules and regulation imposed by the local authorities in whose jurisdiction it falls.

b) The Micro, Small and Medium Enterprises (MSME) has procured all necessary clearances i.e. No Objection Certificates and other clearances from departments such as Pollution Control Board, Health Department, Town and Country Planning board etc.

c) The Micro, Small and Medium Enterprises (MSME) are not a part or a subsidiary of another major organization and are independent in its control and affairs.

d) The Micro, Small and Medium Enterprises (MSME) are within its prescribed asset allocation barriers.

 

SUMMARY

The Entrepreneurs Memorandum must be filed in the District Industries Centre in whose jurisdiction the MSME exists in as per Section 8 of the act.

 

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