The Indian Government has launched the Udyam Registration Portal, a new and improved registration process for Micro, Small, and Medium Enterprises (MSMEs). This portal replaces the earlier system of registration under the Udyog Aadhaar Memorandum (UAM). The new system is a one-time process and is entirely online, making it easier for businesses to register and obtain the benefits of being an MSME. In this blog, we will guide you through the process of Udyam registration.
Step-by-Step Guide:
Step 1: Go to the Udyam Registration Portal
Visit the Udyam Registration Portal at udyam registration form and click on the “For New Entrepreneurs who are not Registered yet as MSME” button.
Step 2: Enter Your Aadhaar Number
Enter your Aadhaar number and validate it with an OTP. If you are not a resident of India, you can provide your passport number instead.
Step 3: Fill in Your Personal Details
Enter your personal details, such as name, gender, social category, and disability status.
Step 4: Enter Your Business Details
Enter your business details, including the name of the enterprise, type of enterprise, location, PAN, and bank account details. You also need to specify the date of the commencement of business.
Step 5: Choose the Appropriate Industry
Choose the appropriate industry for your business from the National Industrial Classification (NIC) code list. The NIC code list helps the government classify businesses into different sectors based on their primary activity.
Step 6: Provide Additional Information
You need to provide additional information, such as the number of employees, investment in plant and machinery or equipment, and annual turnover of the business.
Step 7: Upload Documents
You need to upload the following documents: • A copy of the Aadhaar card or passport • PAN card • Business address proof • Bank account details • Partnership deed (in case of a partnership firm) • Memorandum of Association (in case of a company) • Articles of Association (in case of a company)
Step 8: Submit Your Application
Review all the details entered and documents uploaded before submitting the application. After submitting the application, you will receive an acknowledgement number.
Benefits of Udyam Registration:
Udyam registration provides several benefits to MSMEs, including:
- Access to government schemes and incentives: MSMEs registered under Udyam can avail of various schemes and incentives offered by the government, such as credit guarantee schemes, marketing assistance, and technology upgradation.
- Easy access to credit: Udyam registration is a prerequisite for availing of credit facilities from banks and financial institutions. Registered MSMEs can also get collateral-free loans under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) scheme.
- Tax benefits: MSMEs registered under Udyam are eligible for various tax benefits and exemptions, such as lower rates of interest on loans and lower taxes on profits.
- Protection of Intellectual Property: Registered MSMEs can avail of legal protection for their intellectual property through various schemes and incentives offered by the government.
- Access to market: The government has mandated that 25% of all government procurement should be from MSMEs, making it easier for registered MSMEs to access government tenders and contracts.
Conclusion:
The Udyam Registration Portal has made it easier for MSMEs to register and obtain the benefits of being an MSME. The entire process is online, which means you can register your business from the comfort of your home or office. The government has also simplified the registration process by eliminating the need for multiple registrations and replacing it with a one-time process. If you are an MSME, it is recommended that you register on the Udyam Registration Portal to avail of various benefits provided by the government.Udyam registration is a one-time process that provides several benefits to MSMEs, such as access to government schemes and incentives, easy access to credit, tax benefits, and legal protection for intellectual property. The registration process is entirely online, making it convenient for businesses to register from anywhere. We hope this guide helps you register your MSME on the Udyam Registration Portal and avail of the benefits offered by the government
