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    WHAT IS THE PURPOSE OF UDYAM REGISTRATION
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    WHAT IS THE PURPOSE OF UDYAM REGISTRATION?

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    4 minutes, 19 seconds Read

    Do you want to start your own business? Perhaps you already own a business but haven’t taken advantage of any of the government’s MSMEs initiatives. If you answered yes, you should register your company with udyam to take advantage of all of the government of India’s small and medium-sized business incentives (MSME). The best part about signing up for Udyam registration is how simple and quick the process is. You also do not need to present any physical documents. The entire registration process takes place on the internet.

     

    The Indian government launched Udyam registration as a new MSME registration option on June 26th. This procedure was previously referred to as Udyog aadhar registration or msme registration. The government developed it to make it simpler for entrepreneurs to start their own businesses. The major goal is to strengthen the capacities of young entrepreneurs in order to launch “Atma Nirbhar Bharat.” The new Udyam registration system will be available online starting July 1, 2020.

     

    Udyog Aadhaar Registration is another name for Udyam Registration. Udayam Registration may be done online using self-declaration and does not require an Aadhaar card, according to the Ministry of MSME. The Udyam registration system is completely linked with the IT and GST systems.

     

    Udyam registries can be contacted by companies that manufacture, produce, process, or preserve commodities, as well as service providers.

    For example, traders that buy, sell, import, or export eligible items.

    Benefits of Udyam Registration Application:

    After getting Udyam Registration, MSMEs can take use of the following advantages:

    • Small companies may be able to get government contracts as a result of MSME registration.

     

    • Reduced bank loan interest rates may benefit small and medium-sized businesses. If they register with Udyam, they can earn up to 1.5 percent lower interest on traditional loans.

     

    • It makes getting licenses, approvals, and registrations easier for businesses of all sizes.

     

    • Government incentives are given first priority to MSMEs who have joined up for the Udyam Registration scheme.

     

    • It makes it simpler to get credit with cheaper interest rates.

     

    • Small and medium-sized businesses may benefit from tariffs, taxes, and capital subsidies.

     

    • Rebates and incentives greatly lower the expenses of obtaining a patent or launching a firm.

     

    • ISO Certification Reimbursement

     

    • Udyam Registration is a completely paperless and digital process. There will be no need to submit any files, and your registration will not need to be renewed.

     

    • The Udyam Registration might also assist MSMEs in taking advantage of Ministry of MSMEs programs such as the Credit Guarantee Scheme, Public Procurement Policy, a competitive advantage in government bids, and protection against late payments, among others.

     

    • It will be a company’s permanent registration and primary identifying number.

     

    • MSME-registered firms are eligible to participate in the CLCSS (credit-linked capital subsidy scheme).

     

    • Patent registration is eligible for a subsidy.

     

    • You must be a U.S. citizen to be considered for the IPS (Industrial Promotion Subsidy).

     

    • Special attention is paid to international trade shows.

     

    • Subsidy for the registration of barcodes.

     

    • In government bids and departments, a remission of the security deposit is available.

     

    • The cost of electricity will be lowered.

     

    Documents you need while registration:

     

    • The applicant’s Aadhar number.

     

    • Name, gender, PAN number, email address, and cellphone number of the applicant

     

    • The organization’s PAN, location, and address

     

    • The number of employees you wish to hire, as well as your company’s start date.

     

    • Account number and code (IFSC)

     

    • The main line of business for the corporation.

     

    • A PAN card and a GSTIN are required for business registration.

    REGISTRATION PROCESS:

    Simply follow the guidelines below to get started:

     

    • Go to the Udyam Registration Portal to register.

     

    • On the application form, fill in all of the required fields.

     

    • Fill out your Registration Application and make your payment online; any transaction on our site is safe and secure.

     

    • When you have successfully submitted your Registration application together with payment, one of our executives will handle it.

     

    • Within 1-2 business hours, you will receive an Udyam certificate at your registered email address.

     

    • After your business is created, you will be granted a permanent identifying number known as the “Udyam Registration Number.”

     

    Note: Although no company can have more than one UDYAM registration, one UDYAM registration might cover a variety of activities, such as production or service.

     

    The Udyam registration certificate includes a 12-digit Unique Identification Number, often known as Aadhaar for businesses. This certificate is issued by the Ministry of Micro, Small, and Medium Enterprises to assist small and medium-sized companies.

     

    Suggested Read- udyam registration benefits

    AN EXISTING COMPANY REGISTRATION:

    The following is the procedure for registering an existing business:

     

    • On or after July 1, 2020, all present Udyog aadhar and msme registration businesses must re-register on the Udyam Registration portal.

     

    • All businesses that were registered before June 30, 2020, will be reclassified, according to the notification.

     

    • Existing businesses founded before June 30, 2020, will only be legal until December 31, 2021.

     

    • Any company that is already registered with another Ministry of Micro, Small, and Medium Enterprises agency is required to register with Udyam Registration portal as well.

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