On June 1st, 2020, the Indian government unveiled a new proposal aimed at altering the economic situation. This plan was designed specifically for India’s small and medium-sized businesses. They must register online as Udyog Aadhar Registration, which was previously known as Udyog Aadhar Registration. Once the registration is complete, medium and small businesses will obtain an electronic certificate.
Udyam Registration Procedure (New Applicants):
Getting enrolled with Udyam is a quick and convenient process. To complete the registration, simply follow the steps below.
- To begin, decide whether you are a new entrepreneur who has not yet registered as an MSME or has EM-II or an established entrepreneur who wants to move.
- Enter the entrepreneur’s Aadhaar number and name, then click the Validate and Generate OTP button.
- You will be redirected to the main page after the OTP has been verified.
- Select the sort of organization that your company belongs to.
- Step by step, fill in the required information.
- After you’ve completed the application, check the declaration box and click the submit and create the final OTP button.
- Once your OTP has been verified, you will be given an Udyam Registration Number, which will appear at the top of the screen.
Existing Udyog Holders’ Registration Method:
The bullets below will offer you an overview of how existing businesses can apply for the process.
Companies that are now registered under the Part II EM regulations will need to re-register. They can do it either on or after June 1st, 2020.
- Existing businesses will be reclassified if their registration was completed before June 30, 2020.
- It’s worth noting that anyone who registers before June 30, 2020, will have their registration active until March 31, 2021.
- Any business that is registered with the Ministry of Micro, Small, and Medium Enterprises is required to register with Udyam Registration.
Who is eligible to participate in the Udyam registration process?
The process for obtaining an Udyam registration has been divided into categories based on the type of business. For the service and manufacturing industries, consider the following:
- Microbusinesses must invest up to Rs 1 crore and have a turnover of no more than Rs 5 crores.
- Medium-sized businesses should make an investment of no more than Rs 50 crores. The turnover, on the other hand, should be less than Rs 250 crores.
- Small businesses should invest no more than Rs 10 crores and have a turnover of no more than Rs 50 crores.
What documents and information are needed to complete the registration process?
To complete the registration process, you must submit the following documents:
- The applicant must possess a valid PAN card, Aadhar card, and voter identification card.
- Proof of the company’s registered address is necessary.
- A valid email address and phone number
Are the PAN and GSTIN required for UDYAM registration?
The Ministry has granted a reprieve to organizations that do not have a PAN or GSTIN until December 31, 2021. They can register on a self-declaration basis until 31 March 2021, after which PAN and GSTIN will be required.
Suggested Read- print udyog aadhaar certificate
What are the advantages of registering with Udyam?
In this section, we’ll discuss the benefits of Udyam registration, so pay attention to the bullet points listed below.
The government provides a subsidy: Those industries, particularly medium and small-sized ones, that are registered under the developmental act of 2006 are eligible for a substantial government subsidy. It’s worth noting that the government offers a subsidy for registering the company’s patent name and marketing the business.
No collateral: The Indian government devised a program in which it decided to provide small-scale enterprises with loans in the form of credits without requiring collateral.
Refund for ISO registration: For ISO registration, both medium and small firms must spend a specified amount of money. The best thing is that the Indian government reimburses them for this money.
Discount on power bills: Small and medium-sized firms that register for the first time via the Udyam registration portal will receive a discount on their electricity bills.
Obtain government tenders: Small and medium firms that have received the Udyam certificate are eligible to participate in government tenders. At the same time, the government is likely to provide some relief.
Other applications and registrations can be obtained without difficulty: After obtaining an Udyam registration certificate, a company can simply obtain other official certifications, documents, and even apply for other registrations.
.Tax exemption: Companies that received the Udyam registration might expect a tax deduction once again.
Participate in overseas promotions: The Indian government encourages entrepreneurs to participate in international fairs by providing Udyam registration certificates. This exposure aids in the promotion of their goods.
