If you own a small, micro and medium enterprise and have not yet registered your msme registration online you should do so through udyam registration formerly known as udyog aadhar to reap a slew of benefit. The registration procedure prior to udyam were quite difficult. The process format was extensive and time consuming necessitating the submission of a substantial amount of paperwork. The process have grown simplified since the introduction of udyam registration which benefit indian micro, small, and medium enterprise.
What does it mean to register for udyam?
Udyam registration commonly known as micro, small and medium enterprise registration, is a government registration that gives micro, small and medium enterprise a unique number and a recognition certificate. The main goal of udyam registration is to deliver maximum benefit to micro, small and medium firm in india through the government of india, who are registered through micro, small and medium enterprise using their particular aadhar card number.
Candidate who are eligible to register for udyam.
Organization that are eligible for udyam registration must be involved in the manufacturing and production as well as processing and preservation and provision of good and service. Micro, small and medium enterprise can be classed as follow according to on the eligibility criteria.
Micro enterprise are those with a total investment in plant and machinery of less than one crore rupee and a turnover of less than five crore rupee.
Small enterprise are those with a total investment in plant and machinery of less than ten crore rupees and a turnover of less than fifty crore rupees.
Medium sized enterprise are those with a capital investment of less than fifty crore rupee and a turnover of less than two hundred and fifty crore rupee.
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The benefits of registering for udyam.
After registering their company with udyam registration entrepreneur will reap a slew of benefit. The following are some of the benefit that business owner might obtain after registering.
Direct tax law regulate exemption.
Patent registration subsidy.
Eligibility for the subsidy for industrial promotion.
No collateral loan are available from bank.
Late payment as well as material and service delivery are all protected.
Reservation policy in the industrial and production sector have a specific benefit.
Registration and license as well as permission are easy to obtain.
Credit linked capital subsidy scheme eligibility is established.
International trade exhibition are given special priority.
Waiver of the government security deposit.
Purchase of commercial real estate are exempt from stamp duty and registration fee.
Fee for international standard organization certification are reimbursed.
Subsidy for national saving income certificate performance and credit rating fee.
Barcode registration subsidy.
Obtaining government tender with the help of a third party.
Bank loan that are less expensive.
Rebate on tax.
License and approval as well as registration are simple to obtain.
Subsidy on tariff and tax as well as capital are available.
Document required for udyam registration.
The micro, small and medium enterprise registration procedure is entirely online and because it is based on self declaration it does not require any paper to complete. However there are a few prerequisite that must be met before you can register.
In the case of a proprietorship firm the proprietor aadhar card is necessary.
In the case of a company a limited liability partnership a cooperative society a society and a trust permanent account number and goods service tax related information is necessary.
If an organization has already been registered as an micro, small and medium enterprise under udyam and has a deficiency of information from earlier year when it did not have a permanent account number the information must be self declared.
Registration process for udyam.
The udyam registration procedure is simple and filling out the form is very simple. The new system is an improvised version of the previous one and it seek significantly less data than the previous one. One of the most important thing to remember is that micro, small and medium enterprise registration is free and may only be done through the government of india website.
The following is a step by step method to registering with micro, small and medium enterprise and receiving your udyam registration certificate.
Select for new entrepreneur who have not yet registered as micro, small and medium enterprise on the udyam registration portal official website.
Fill in your personal information in this section.
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Your name and aadhar card number which is 12 digits long.
Select validate and generate one time password from the drop down menu.
After getting your one time password on your registered mobile number enter it.
Verification with the permanent account number.
Choose the type of business you want to start.
Fill up your permanent account number.
Validate by clicking the button.
Fill in your correspondence information. Including your company complete organization address.
Fill in the details of your bank account.
Describe your business in depth.
You must state the primary activity such as service and manufacturing.
The total number of employee.
Obtain a national industry certificate and submit it.
Accept the declaration process and choose the district industry center.
The district industry center must be chosen as the final step.
Select submit and get final one time password from the drop down menu.
To finish the registration procedure enter the one time password that was sent to your phone number and click final submit.
Enrolling your company with udyam registration comes with a slew of incentive and scheme that your company may take advantage of. There are very few reason for micro, small and medium enterprise not to register especially with the registration procedure being as simple as it is. The deadline for current enterprise to register on the udyam portal is 31st of december, 2021 so log in and get your firm registered.