“Discover the advantages of Udyam registration and learn how to download your registration certificate with ease. This step-by-step guide provides a comprehensive overview of the process, so you can unleash the full potential of your business and take advantage of government schemes and initiatives. Get started today and reap the benefits of Udyam registration.”
Micro, small and medium-sized enterprises (MSMEs) are major contributors to India’s gross domestic product (GDP). In fact, over 110 million people are employed in MSMEs. However, these companies face different challenges and problems when developing or expanding their business.
In order to identify and support such MSMEs, on May 13, 2020, the Government of India took the initiative to announce a new classification index for MSMEs in India. According to this classification report, all MSMEs in India will be known as “Udyam” and must go through a registration process known as “Udyam Registration”.The cabinet approved this classification and the Udyam registration process became mandatory for all MSMEs from July 1, 2020.
Why was Udyam Registration introduced?
The Ministry of Micro, Small and Medium Enterprises has introduced the Udyam Registration to classify MSMEs in India and give them the benefits they deserve. The government has structured the Udyam registry so that registered organizations are automatically reflected in other government databases including PAN, GST and IT.
Benefits of Registering with Udyam Registration
As an owner of MSME, registering your company in the Udyam classification has many benefits.These include:
- It will help you get a government tender.
- You can get commercial loans from banks and non-bank financial corporations (NBFCs) at lower interest rates.
- You can enjoy various tax benefits exclusive to Udyam.
- Obtaining regulatory approvals, licenses and registrations for your business becomes easy.
- You receive tariff and property tax benefits.
- You can take advantage of facilitations and allowances to start your branch.
How to complete Udyam Registration?
In order to enjoy the above benefits, you need to register your company with Udyam. After completing the registration process, you will receive a Udyam Registration Certificate. Below is a step-by-step guide on how to register with Udyam:
Step 1: You need to visit Udyam official registration website by clicking here.
Step 2 – Click on the “New Registration” tab on the home page.You will get the Udyam registration form.
Step 3 – Enter your Aadhar card number and PAN card number and confirm them by entering the OTP you received on your mobile number.
Step 4 – Select the type of company or organization. Enter the company PAN number associated with company accounts.
Step 5 – Fill in all other relevant details on the form.Please check all information carefully before submitting the registration form.
Step 6 – Submit and confirm the Udyam registration form by entering your mobile phone number and the one-time code you received on it.
Step 7 – After your successful registration, you will receive a thank you message on your mobile number and email id along with your Udyam registration number.
Step 8 – You can then Download Udyam Certitifcate and then Print Udyam Certificate.
Eligibility Criteria to Apply for Udyam Registration
Any business organization that meets the criteria for maximum revenue and investment (equipment and machinery) for MSMEs in India can receive the certificate. Udyam registration certificate. The table below outlines the eligibility criteria for a business to qualify as an MSME in India:
Type of Business | Investment Criteria | Annual Revenue Criteria
Micro | Not Exceeded More than 1 Crore | Not more than 50 crore
Small | Not more than 10 crore | Not more than 50 crore
Medium | Not more than 50 crore | Not more than 250 crore
Register your business as Udyam with very many benefits. However, it is necessary to meet the eligibility criteria and possess the required documents to complete your Udyam registration. After that, the Udyam registration process is simple, online and hassle-free.
If you are a small or micro business owner looking for additional financing, HDFC Bank offers a variety of customized solutions to help you.You can also apply for a working capital loan to get started. For more details, contact your account manager or visit your nearest branch to learn more.
In conclusion, Udyam registration can bring a range of benefits to your business, including access to government schemes and initiatives. With this step-by-step guide, downloading your Udyam registration certificate is a straightforward process that can be completed quickly and easily. By following the guidelines provided, you can unleash the full potential of your business and take advantage of the many advantages that Udyam registration has to offer. So don’t wait any longer, register your business today and start reaping the benefits!