WHY UDYAM REGISTRATION IS NEEDED?

Do you want to start a new business? Or you already have a business but didn’t get any benefits from government schemes that are available for MSMEs. If yes, then you should register your business under udyam, so that you can avail all the benefits which are provided by the government of India to small and medium-sized enterprises(MSME). The best part about registering for Udyam is that the process is quite simple and easy. You also do not have to submit any physical documents. The whole process of udyam registration online is digital.

Udyam registration is a new process of registration for MSME, which was announced by the government of India on June 26th. Previously, this process was known as Udyog aadhar registration or MSME registration. The government has initiated it to make it much easier for entrepreneurs who wish to start their own businesses. The major goal is to increase the capabilities of new entrepreneurs in order to launch “Atma Nirbhar Bharat.” The new online Udyam registration is available effective July 1, 2020.

Udyog Aadhaar Registration is another name for Udyam Registration. According to the Ministry of MSME, Udayam Registration can be submitted online using self-declaration without the need for an Aadhaar certificate. The IT and GST systems are entirely integrated with the Udyam registration system.

Udyam registries may be solicited by companies manufacturing, producing, processing, or preserving commodities and service providers.

 Like for eg-Traders who buy, sell, import, or export qualified items.

Benefits of Udyam Registration Application:

The following advantages are available to MSMEs after getting Udyam Registration:

  • MSME registration helps small firms in obtaining government contracts.
  • Small and medium-sized businesses might benefit from lower interest rates on bank loans. They can earn up to 1.5 percent reduced interest on ordinary loans with Udyam Registration.
  • It makes it simple for businesses of all sizes to obtain licenses, approvals, and registrations.
  • MSMEs that have registered with the Udyam Registration scheme are given priority access to government benefits.
  • It makes it simple to obtain credit with cheaper interest rates.
  • Small and medium-sized businesses can also benefit from tariffs, taxes, and capital subsidies.
  • Through rebates and discounts, considerably reduces the expenses of obtaining a patent or establishing a business.
  • ISO Certification Reimbursement
  • Udyam Registration is an entirely digital and paperless process.There is no need to attach any files and also Registration will not be required to be renewed.
  • The Udyam Registration may also assist MSMEs in taking advantage of Ministry of MSMEs schemes such as the Credit Guarantee Scheme, Public Procurement Policy, a competitive advantage in government tenders, and protection against late payments, among other things.
  • It will be the permanent registration and fundamental identifying number for a business.
  • CLCSS is available to MSME registered entities (credit linked capital subsidy scheme).
  • Patent registration qualifies for a subsidy.
  • Eligibility for the IPS (Industrial Promotion Subsidy).
  • International Trade Fairs receive special attention.
  • Registration Subsidy for Bar Codes.
  • In government tenders and departments, a waiver of the security deposit is available.
  • The cost of electricity will be decreased.

Documents you need while registration:

  • Aadhar number of the applicant. 
  • Name, gender, PAN number, email address, and mobile number of the applicant
  • The organization’s PAN, location, and address
  • The number of employees you expect to hire, as well as the date you intend to begin your business.
  • Account number of IFSC and IFSC
  • The corporation’s principal activity.
  •  PAN Card and GSTIN are necessary for company registration.

REGISTRATION PROCESS:

Simply follow the steps below to get started:

  1. To register, go to the Udyam Registration Portal.
  2. Fill in all of the relevant fields on the application form.
  3. Fill up your Registration Application and pay for it online, our portal is safe and secure for any kind of transaction.
  4. After successful submission of your application along with payment, One of our executives will process your Registration application.
  5. You will receive an Udyam certificate at your registered email address within 1-2 business hours.
  6. once you get your business registered, you will be issued a permanent identifying number known as the “Udyam Registration Number” 

Note: No business may register for more than one UDYAM registration however, one UDYAM registration may include a variety of activities such as production or service.

The Udyam registration certificate includes a 12-digit Unique Identification Number, often known as Aadhaar for business. This certificate is issued by The Ministry of Micro, Small, and Medium Enterprises in an effort to benefit small and medium-sized enterprises.

Suggested Read- Udyam Registration

REGISTRATION FOR EXISTING ENTERPRISES:

Following are the Registration procedure for an existing enterprise:

  • On or after July 1, 2020, all existing companies registered under Udyog aadhar and msme registration must re-register on the Udyam Registration portal.
  • All businesses that were registered before June 30, 2020, will be reclassified according to the notification
  • Existing enterprises that were established before June 30, 2020, will only be valid until March 31, 2021.
  • Any business that is registered with some other ministry agency under the Ministry of Micro, Small, and Medium Enterprises must register with Udyam Registration.