How Udyam Registration Portal is Simplifying Business Registration in India?
Udyam registration portal streamlines the business registration process in India by providing an easy and user-friendly platform. In this blog, we will discuss how the Udyam registration portal simplifies the business registration process.
As announced by the Department of Micro, Small and Medium Enterprises (MSME), Udyam registration is the new way to replace UDYOG AADHAAR from 1st July 2020.
What is Udyam Registration Portal and why you should do it there?
Udyam Registration Portal, commonly known as MSME Authorization, is a regulatory registration that provides an MSME with a unique identification number and a license to recognize and certify them as a micro/small/medium enterprise.The main objective of this launch is to bring many benefits to India’s MSMEs.
The main objective of this facility is to provide a mechanism for the government to bring the most benefit to small and medium enterprises and industries in India registered with MSMEs using their Aadhaar ID numbers.
The founder, director or operator of the entity must provide his Aadhar number. Whether the business or organization is a sole proprietorship, partnership, limited liability company, or otherwise, it’s a must. It must have a confirmation letter obtained through the MSME registration process.
Who can apply for Udyam?
Let’s set a record! Businesses eligible for Udyam registration are engaged in the production, processing, production or storage of goods or in the business of providing services.
In addition, you should note that a business must meet a list of conditions in order to be classified as small, medium or micro and to be registered as an MSME.
According to the current announcement, the following types of businesses are eligible to apply for Udyam: –
- Micro businesses – with an annual turnover of 5 crore and investments up to 1 crore.
- Small businesses – with annual revenue of 5 cores – 75 cores and investments up to 10 cores.
- Medium enterprises – with annual revenue of 25 cores – 250 cores and investments up to 50 cores.
To apply please check: Register Udyog Aadhar
Required documents for registration Udyam MSME
- Permanent account number
- GST certificate
- Aadhaar Entrepreneur Copy
- Social directory
- Phone number
- Email information
- Constitutional certificate date
- Bank A/c No and IFSC Number
- Number of jobs
- Latest reports of audited accounts
- Nature of operations
In the event of a difference or complaint, what is the procedure?
In the event of disagreement or dispute, the superintendent of the respective county industrial center will conduct an investigation to verify the facts of the Udyam registration filed by the company.
Then refer the matter to the member of the state board, general manager or industry director concerned, who, after giving notice to the company and allowing the company to present its case, may amend the details or request the Ministry to cancel the Udyam certification of Micro, Small and Medium Enterprises, Central Government.
Udyam Registration Portal Steps
The Udyam registration procedure is very simple, as is the process of filling out the form. Today’s system has been revived and it searches for much less data than the previous method. It is essential to know that licensing for MSMEs is free and that the portal does not charge an authorization fee for the production of certificates.
Things are much simpler and more efficient today. Below is the step-by-step process to apply for Udyam under MSME
Phase 1, visit the official website –
Udyam Registration Portal will be your first stop to get the online license for its business.Select the option “For startups not registered as MSME”.
Step 2, Fill in your personal information –
Your name and unique Aadhar number will be the first details you need to provide. It is recommended to select “Verify and generate PIN”. Your registered mobile number will receive a PIN. Please enter the PIN.
Aadhaar number of owners in case of Sole Proprietorship; managing partner if it is a general partner; a Karta in the case of a Hindu undivided family (HUF); A valid signed certificate in the case of a corporation or limited liability company or cooperative association or corporation or trust will be required to register Udyam for new businesses.
Step 3, PAN Approval –
Select your business type, then enter your PAN number and verify. PAN verification takes place.
Authorized signer of a corporation or LLP or cooperative association or corporation or GST and PAN registration and its identification number.
Step 4, Completing Correspondence Data –
After completing all of the above, the next piece of information you need to submit is the mailing address of the company or business or the entire entity .Your business area, zip code, location, email address and phone number are also included.
Step 5, Fill in bank account information –
You will need to enter your company’s active bank account number along with your bank’s IFSC code. If you don’t know the IFSC code of the branch in question, you can get it from the website.
Step 6, Business Information –
You must specify the main activity of your business in the category “services” or “industrial production”. For activities, you must indicate the total number of people employed and the National Industry Classification (NIC) code.
After filling all the details, the last step is to enter the actual amount you have invested in your machinery or plant (in lakh).
Step 7, Accept the statement and select the district industrial center –
You will select the district industrial center from the drop-down list provided in the final stage of this process. After that, you need to approve the declaration and click “Send and receive final code”.
Click the “Final Send” button after entering the PIN received on your phone than Get the Udyam registration number.
You will get a registration number after clicking “Send and receive final code”. You will receive an electronic registration document on your email id after the government confirms all your information.
Benefits of Udyam Registration
- Registration makes it easier to accept government contracts.
- Thanks to registration, borrowing becomes cheaper.
- There are several tax incentives available to Udyam:
- Obtaining permits and certificates is easy, depending on the sector.
- listed companies are prioritized for licensing and authentication.
- They offer low cost loans with low interest rates.
- There are many deductions and grants available to help you.
Conclusion
The Udyam Registration Portal has revolutionized the business registration process in India by providing an easy and streamlined platform. It eliminates the need for physical paperwork and makes it easy for businesses to register online. The Udyam registration portal also offers a number of benefits, including access to government programs and grants, priority sector loans, and various tax benefits. User-friendly interface and efficient processes make it easy for businesses to navigate through the registration process, thereby helping to grow the Indian economy.Overall, the Udyam registration portal is an essential tool for SMEs in India, which simplifies the registration process and opens up opportunities for growth and development.
