All You Need To Know About Udyam Registration
In order to boost small and medium enterprises (MSMEs), the government has launched the Udyam registration portal which is a dedicated online portal for MSME entrepreneurs who can register their enterprises and can avail benefits by the government.
Here’s how the Udyam registration works and how MSMEs can avail various benefits just by registering.
Udyam registration is a e-certification which is based on an online system. The process was launched by the central government and was replaced by the old tedious process of Udyog Aadhar. MSMEs can register themselves with the government through Udyam and can get benefits provided by the government.
Here, under this registration, the MSMEs are provided with a unique identity number along with a recognition certificate. This certifies these enterprises as “MSMEs” and also offers plenty of benefits which fall under MSMEs businesses category in India.
Eligibility of Udyam Registration
The enterprise must be either Micro, Small or Medium entities.
The benefits depend upon the total turnover of MSMEs. For instance, the micro enterprises with turnover up to INR 5 crore are eligible for registration and its benefits. And, small enterprises with annual turnover from INR 5 crore to INR 75 crore and medium enterprises up to INR 250 crore annual turnover are eligible for benefits.
Benefits of Udyam Registration
Get access to collateral free loans from banks.
Easy access to multiple registrations and licenses.
Concession rate on various utility bills such as electricity bills.
Get more time for paying off delayed payments.
Subsidy and low interest rates offered on bank loans.
Subsidy offered on patents and barcodes.
Subsidy on credit rating.
Special exemptions under all kinds of direct taxes.
ISO Certification charges would be reimbursed.
Steps To Apply For Udyam Registration Online?
Visit the Udyam Registration official website.
Click “for new entrepreneurs who are not registered yet as MSME”.
Enter your Aadhaar number and then enter the OTP received on your registered mobile number.
Click on the “validate” tab to successfully validate the Aadhaar number.
Then, validate the PAN card. Enter the enterprise type and PAN number to validate your PAN card.
Fill the MSME registration form by providing all the necessary details such as date of commencement of organization, email address, contact details, bank details and the amount invested.
File the form and click on “agree on terms and policies” and then submit the form. Next, you will get the OTP, enter that OTP and submit the form.
Receive the e-registration certificate on your mail ID.
Udyam registration is a self-declaration, paperless and zero-cost platform for MSME entrepreneurs to register their enterprises. All the businesses must obtain this registration to avail various MSME benefits. This also helps the government to collect the data on the number of MSMEs in India. The authorities can also fetch the data based on the product category, such as garment, electronics, jewelry, automobile, and also the size of the enterprise along with the investment and turnover.