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Micro and Macro Companies – An Overview
Micro and Macro companies refer to the classification of businesses based on their size, turnover, and capital requirements. In India, businesses are classified under different categories like Micro, Small, and Medium Enterprises (MSMEs) as per the Ministry of MSME, and also as per other statutory norms.
Micro Companies: A micro company is a small-scale business with a limited turnover and capital. It is characterized by its small size and relatively simpler regulatory requirements. Micro companies are eligible for several government benefits and exemptions.
Macro Companies: These are larger businesses with a higher turnover and capital. They have more complex operational structures and generally deal with more substantial regulatory and tax compliance.
Documents Required for Company Registration
The following documents are generally required for registering both micro and macro companies:
PAN Card of the Business/Proprietor/Partners/Directors
Address Proof of the Registered Office
Identity and Address Proof of Directors
Articles of Association (AOA) and Memorandum of Association (MOA)
Bank Account Details
Company Registration Timeline
The process for registering micro and macro companies can take between 15 to 30 days, depending on the complexity of the business structure. The timeline includes the submission of documents, approval of the company name, and the final certificate of incorporation.
Frequently Asked Questions
- What is the Difference Between Micro and Macro Companies?
- Do Micro and Macro Companies Have Different Tax Filing Procedures?
- What are the Benefits of Registering a Micro or Macro Company?
