You are currently viewing An useful guide to Udyam Registration

An useful guide to Udyam Registration

Introduction:

Udyam Registration is required for small business in India.The backbone of any economy is its small and medium-sized enterprises (SMEs). In India, SMEs make a substantial contribution to employment, innovation, and economic development. Udyam Registration or MSME Registration is the new process for registering MSME (micro, small and medium enterprises) launched by the Ministry of Micro, Small & Medium Enterprises. In this article we shall understand the benefits, process of registration of Udyam, and eligibility criteria for Udyam registration in simplified manner.

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Section 1: What is Udyam Registration Certificate?

It is an e-certificate issued on the completion of your MSME online registration process. After completion of the process of Registration, a certificate will be issued online. This Registration Certificate will have a dynamic QR Code from which the details about the enterprise can be accessed.

Section 2: Main benefits of Udyam Registration

  1. Higher preference is provided to businesses registered under Udyam for government license and certification
  2. It will help you in getting government tender
  3. You can get business loans from banks and non-banking financial corporations (NBFCs) at lower interest rates
  4. Enhanced competitiveness in domestic and international markets
  5. Registered Udyam gets tariff subsidies and tax and capital subsidies
  6. You can avail of rebates and concessions for setting up your industry
  7. It will help to get the bank loans without Collateral/ Mortgage.
  8. You can avail Special  discount on Government fees for Trademark and Patent
  9. You may get Concessions in electricity bill
  10. You can avail an Overdraft Facility along with Interest Rate Concession/Exemption

Section 3: Documents required for Udyam Registration

The process is online the documents required for registration are

  1. Aadhaar Number
  2. PAN Number
  3. Bank Account details of Business

Section 4: Simplified Online Process

In order to avail of the benefits of this Registration, you will need to complete the Udyam registration of your business. After completing the registration process, you will get a Registration Certificate.

Following is the step by step process of Udyam Registration

Step 1 –  Visit the official Udyam Registration portal (https://udyamregistration.gov.in/).

Step 2 – Click on the ‘New Registration’ tab on the Home Page. You will get an registration form.

Step 3 – Then Enter your Aadhar number and PAN  number, and then validate them by entering the OTP received on your mobile number.

Step 4 – Select the type of business or organization. Enter the business PAN number attached to your business accounts.

Step 5 – Fill in all other relevant details in the form. Check every piece of information before submitting the registration form.

Step 6 – Submit and validate your registration form by entering your mobile number and the OTP received on it.

Step 7 – After successful registration, you will receive a message on your mobile number and e-mail ID,  with your Udyam registration number.

Step 8 – You can now download and print your Udyam Registration Certificate.

Section 5: Who are eligible to get Registration

MSME’s that qualify for this Registration include:

  1. Micro Enterprises: Investment in plant and machinery or equipment should not exceed INR 1 crore
  2. Small Enterprises: Investment limit ranges from INR 1 crore to INR 10 crore.

Medium Enterprises: Investment limit ranges from INR 10 crore to INR 50 crore.

Conclusion:

Udyam Registration represents a significant leap forward in the support and recognition provided to India’s MSME sector. Registering your business as Udyam has many benefits which we have discussed above. However, it’s necessary to fulfill the eligibility criteria and possess the required documents to complete your Udyam registration.

Disclaimer: The content and views stated in this article is solely for informational purposes.

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