Get Udyam Registration Online: Quick and Reliable Service
Learn how to register your business with Udyam registration online, simply and easily. This guide gives you step-by-step instructions and tips to make the process go smoothly.
The government launched the Udyam portal on 1st July 2020 to boost the registration of Micro, Small government Enterprises (MSME). MSMEs should register for MSME, also known as Udyam Registration Online, through the official Udyam portal. Udyam registration is required for MSMEs to receive the benefits that the government offers to the MSME sector.
What is Udyam Registration?
Udyam Registration is an electronic certificate that the government provides to MSMEs in India. The Udyam record has replaced the Udyog Aadhaar Memorandum (UAM) record. Although registration for Udyam is optional, it is beneficial for MSMEs to apply for this registration as it should enjoy the benefits of the MSME category. These benefits help MSMEs to grow and promote their business across India.
The Government provides MSMEs with a unique identification number and certificate of MSME accreditation when they register for Udyam. Udyam’s certificate of registration confirms that the company is eligible for government benefits for MSMEs. The validity of the Udyam registration is for as long as the company exists. The government is making it easier for MSMEs to do business by granting permanent residency, ie. Sign up for Udyam.
Eligible to apply for Udyam
Businesses with a lower threshold including commercial, manufacturing, and service businesses are eligible to apply for Udyam: Turnover under Rs 5 million.
Small Business: Business with investment in machinery, plant, or equipment under Rs.10 crore and has a turnover of less than Rs 50 crore.
Medium Enterprises: Enterprises with capital investment in machinery, plant, or equipment of less than Rs 50 billion and turnover of less than Rs 250 billion.
Benefits of Udyam Registration
Udyam Registration is a prerequisite for using government programs or MSMEs Department programs, such as Credit Linked Funding Program, Guarantee Program credit, public procurement, etc. Portal
- Udyam is integrated with an income tax portal, GST identification system, and government e-marketplace.
- MSMEs registered with Udyam are eligible for priority sector bank loans.
- MSMEs are allowed to defer the Alternative Minimum Tax Credit (MAT) for 15 years instead of 10 years.
- Registering for Udyam makes it possible to get a cheaper bank loan because of its low-interest rate, i.D. about 1 to 1.5%.
Read More Benefits of Udyam Registration
How do I apply for Udyam Registration online?
To register for Udyam, MSMEs must register on the Udyam portal. The registration process is completely online. Here are the steps to apply for Udyam online:
Step 1: Visit the Udyam registration portal.
Step 2: On the home page, click on the option “For new entrepreneurs who are not registered as MSMEs or EM-II holders”.
Step 3: Enter “Aadhaar Number” and “Contractor Name” and click the “Verify and Generate OTP” button.
Step 4: OTP will be sent to the mobile number of the contractor associated with the Aadhaar card. Enter the OTP and click the “Verify” button.
Step 5: Once Aadhaar is authenticated, the PAN verification page will appear. Enter the ‘Organization type’, and ‘PAN’ numbers and click the ‘Verify’ button. Choose if you filed your ITR from the previous year and have a GSTIN.
Step 6: The Udyam application form will open. Enter details like contractor name, mobile number, company name, factory/unit location, company address, company status, bank details, unit operations, NIC code, and the number of people employed.
Step 7: Enter equipment investment details, and revenue details, select statement and then click “Send and get final OTP”.
Step 8: Enter OTP and submit the form. You will receive Udyam’s electronic registration certificate in your email.
Udyam registration fee
Udyam registration consultation fee is the minimum fee. Udyam Registration is a paperless, self-reporting, and minimal-cost registration for MSME entrepreneurs. All businesses must apply for Udyam to avail the benefits of MSME programs and MSME loans. Udyam Registration Portal is the official government portal through which MSME entrepreneurs can apply for Udyam online at a low cost.
Conclusion
Udyam registration is an essential requirement for companies operating in India to enjoy the benefits offered by the government. With the introduction of online registration, the process has become easy and hassle-free. By following the step-by-step instructions provided in this guide, businesses can complete the registration process quickly and efficiently. So, if you are a business owner who wants to sign up for Udyam, please take advantage of this user-friendly online process.