Do you wish to establish a company of your own? Maybe you already have a company but haven’t taken advantage of any of the government’s MSMEs programs. If you answered yes, you should register your business with udyam to take advantage of all of India’s small and medium-sized business advantages (MSME). The nicest thing about joining up for Udyam is how easy and fast it is. You also don’t need to bring any physical papers with you. The whole udyam registration process is online.
On June 26th, the Indian government introduced Udyam registration as a new MSME registration option. Previously, this method was known as Udyog aadhar registration or MSME registration. It was created by the government to make it easier for entrepreneurs to start their own enterprises. The main objective is to build the capacity of young entrepreneurs so that “Atma Nirbhar Bharat” may be launched. Beginning July 1, 2020, the new Udyam registration system will be available online.
Udyam Registration is also known as Udyog Aadhaar Registration. According to the Ministry of MSME, Udayam Registration may be done online using self-declaration and does not require an Aadhaar card. The IT and GST systems are totally integrated with the Udyam registration system.
Companies who manufacture, produce, process, or preserve goods, as well as service providers, can contact Udyam registries.
Traders that purchase, sell, import, or export qualifying products, for example.
Udyam Registration Application Benefits:
MSMEs can benefit from the following advantages after obtaining Udyam Registration:
- As a result of MSME registration, small businesses may be eligible to get government contracts.
- Small and medium-sized enterprises may profit from lower bank loan interest rates. They can get up to 1.5 percent reduced interest on traditional loans if they register with Udyam.
- It simplifies the process of obtaining licenses, approvals, and registrations for enterprises of all sizes.
- MSMEs that have signed up for the Udyam Registration scheme receive precedence from the government.
- It makes it easier to obtain credit at lower rates of interest.
- Tariffs, taxes, and capital subsidies may be beneficial to small and medium-sized enterprises.
- Rebates and incentives significantly reduce the costs of getting a patent or starting a business.
- ISO Certification Reimbursement
- Udyam Registration is a fully digital and paperless process. There will be no need to submit any files, and you will not need to renew your registration.
- The Udyam Registration might also help MSMEs access Ministry of MSMEs programs including the Credit Guarantee Scheme, Public Procurement Policy, a competitive edge in government bids, and protection against late payments, among others.
- It will be a company’s permanent registration number as well as its principal identifier.
- Firms that are MSME-registered are eligible to participate in the CLCSS (credit-linked capital subsidy scheme).
- A subsidy is available for patent registration.
- To be considered for the IPS, you must be a U.S. citizen (Industrial Promotion Subsidy).
- International trade exhibitions are given special attention.
- Registration of barcodes receives a subsidy.
- A remission of the security deposit is possible in government bids and departments.
- The cost of electricity will be decreased.
To register, you’ll need the following documents:
- The applicant’s Aadhar number.
- The applicant’s name, gender, PAN number, email address, and telephone number
- The PAN, location, and address of the organization
- The number of people you want to hire, as well as the start date of your business.
- Number and code of the account (IFSC)
- The corporation’s principal line of business.
- For business registration, you’ll need a PAN card and a GSTIN.
PROCESS OF REGISTRATION:
To get started, simply follow the steps below:
- Go to the Udyam Registration Portal to register.
- Fill in all of the essential fields on the application form.
- Fill out the Registration Application and pay online; all transactions on our site are safe and secure.
- One of our executives will handle your Registration application once you have successfully submitted it along with payment.
- You will receive an Udyam certificate at your registered email address within 1-2 business hours.
- Following the establishment of your company, you will be given a permanent identification number known as the “Udyam Registration Number.”
Although no firm can have more than one UDYAM registration, one UDYAM registration can encompass a wide range of operations, such as manufacturing or service.
A 12-digit Unique Identification Number, often known as Aadhaar for enterprises, is included on the Udyam registration certificate. The Ministry of Micro, Small, and Medium Enterprises issues this certificate to help small and medium-sized businesses.