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What is Udyam Registration in India?
Udyam Registration, also known as MSME Registration in India, is a government-issued registration with a certificate of recognition and a unique number. This unique number is for the purpose of certifying small and medium-sized companies or organisations.
The main goal of this service was to give a mechanism for the government to deliver the most benefits to medium and small-scale firms or industries in India that are registered via MSME using their Aadhar Card Number.
How does Udyam Registration Help my Business?
- Claim a stamp duty and registration fee exemption, lowering your buying costs.
- Get a one-percentage-point interest rate reduction on your overdraft.
- Receive a 50% discount on patent and trademark costs.
- Direct tax exemptions are available to registered MSMEs.
- Electricity bill reductions
- Make a claim for the costs of acquiring ISO certification.
- Get government tenders quickly and easily, and take advantage of tax breaks.
- Licenses, registrations, and permissions are simple to get.
- the rate of interest Bank Loan Subsidies
- Exemption from direct taxation
Udyam/MSME Registration Process
- On the front page, click the option “For New Entrepreneurs who are not yet Registered as MSME or those with EM-II” to register for new entrepreneurs. Click the option “For those already having registration as or “For those already having registration as UAM through Assisted filing” for those who already have UAM registration and want to move to Udyam or Re-Register UAM.
- When you click “For New Entrepreneurs who are not yet registered as MSME or those with UAM-II,” the registration page appears. To register, input the entrepreneur’s Aadhaar number and name in the fields given on the website, then click the “Validate & Generate OTP” button.
- Applicant must supply PAN card data after hitting this button, and registration is complete after PAN card verification and filling out udyam registration details. If an entrepreneur does not have a PAN card, he or she can fill out the udyam registration form, and the process will be completed.
- When you click “For those already registered as EM-II or UAM.” or “For those previously registered as UAM through Assisted filing,” the registration page appears. A user must input their Udyog Aadhaar number and choose the OTP option while registering.
- The alternatives are to get OTP through mobile or email, as specified in the UAM. After you’ve selected your OTP options, click the “Validate & Generate OTP” button. After inputting the OTP, fill in the registration data, and your udyam registration will be complete.
Udyam Registration Certificate
Suppose you operate a small firm or an operation that hasn’t grown into a major corporation. In that case, the MSME Udyam Registration Certificate is one of the essential certificates you may get. Micro, small, and medium businesses (MSMEs) are an indispensable element of our economy. They are a necessary element of the corporate world and the country’s many industrial sectors.
There are several perks and advantages to registering your company or business as an MSME and receiving the Udyam Registration Certificate. The best part is that most enterprises, including industrial and service industries, may profit from this registration. Better taxation, better business structure, and better credit facilities are all advantages of registering as an MSME (Udyam).
Who is Eligible for MSME Certificate?
To qualify as a Micro, Small, or Medium Enterprise, your company must invest a minor then the minimal amount and have an annual turnover below the minimum criteria.
To be more specific, these are the numbers you’ll need to generate if you want your company to be classified as an MSME:
Microbusinesses: To be eligible for MSME registration, your company must have a capital investment of less than Rs. 1 crore and an annual revenue of less than Rs. 5 crores.
Small companies: To be considered a small business for the purpose of registering as an MSME, your company must have an investment of less than Rs. 10 crores and an annual turnover of less than Rs. 50 crores.
Medium businesses: The largest and most extensive enterprise on this list, medium firms must have an investment of less than Rs. 50 crore and annual revenue of up to or less than Rs. 250 crore to qualify for MSME registration.
If your company meets any of the criteria mentioned above, you may apply for an MSME registration right immediately.