Benefits of Udyam Registration Online
- Access to credit: MSMEs registered under Udyam registration online can easily access credit from various financial institutions and banks. The government has introduced various schemes to provide collateral-free loans and lower interest rates to MSMEs.
- Government schemes and subsidies: MSMEs registered under Udyam registration online are eligible for various government schemes and subsidies, such as the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) and the Prime Minister’s Employment Generation Programme (PMEGP).
- Preference in government procurement: MSMEs registered under Udyam get preference in government procurement over other enterprises. This provides MSMEs with more opportunities to supply goods and services to government organizations.
- Intellectual Property Rights (IPR) support: MSMEs registered under Udyam can avail support for IPR registration, filing of patents, and trademarks.
- Easy registration process: Udyam registration can be completed online through the official Udyam registration portal. The process is simple and requires minimal documentation.
Documents required for Udyam Registration
The following documents are required for Udyam registration:
- Aadhaar Card: The Aadhaar card of the owner or the authorized signatory is required for Udyam registration.
- PAN Card: The PAN card of the MSME is required for Udyam registration online.
- GST Registration Certificate: The MSME’s GST registration certificate is required for Udyam registration.
- Bank Account Details: The MSME’s bank account details, including the account number and IFSC code, are required for Udyam registration.
- Business Address Proof: A proof of the MSME’s business address, such as a rental agreement or property tax receipt, is required for Udyam registration.
- Business Registration Proof: Proof of the MSME’s business registration, such as a partnership deed or company registration certificate, is required for Udyam registration.
Renewal of Udyam Registration
Udyam registration certificate is valid for a period of 10 years from the date of issue. MSMEs need to renew their Udyam registration online before the expiry of the certificate to continue availing the benefits provided by the government. The renewal process is similar to the registration process and can be completed online through the official Udyam registration portal.
Udyam registration is open to all enterprises falling under the micro, small, and medium category. The classification of MSMEs is based on their investment and annual turnover.
The eligibility criteria for Udyam registration is based on the investment and annual turnover of the enterprise. Here are the details:
- Micro-enterprises: An enterprise that has an investment of up to Rs. 1 crore and an annual turnover of up to Rs. 5 crore is classified as a micro-enterprise.
- Small enterprises: An enterprise that has an investment of up to Rs. 10 crore and an annual turnover of up to Rs. 50 crore is classified as a small enterprise.
- Medium enterprises: An enterprise that has an investment of up to Rs. 50 crore and an annual turnover of up to Rs. 250 crore is classified as a medium enterprise.
Udyam registration certificate
After successful registration underUdyam registration online, the enterprise will receive a registration certificate in the form of an e-certificate, which can be downloaded from the Udyam portal.
Benefits of Udyam registration
Udyam registration provides various benefits to MSMEs such as easy access to credit, priority sector lending, exemption from direct tax laws, and other support services provided by the government. It also helps in the ease of doing business and creating employment opportunities.
The Udyam registration certificate is valid for a period of 10 years, after which the enterprise can apply for renewal.The Udyam registration online certificate is valid for a period of 10 years from the date of issue. After the expiry of the registration, the enterprise can apply for renewal of the Udyam registration.
- Automatic conversion: In case of an upward revision of the investment or turnover limit of an MSME, the Udyam registration of the enterprise will be automatically converted to the appropriate category, without the enterprise having to make any fresh application.
- Renewal: The Udyam registration certificate is valid for 10 years from the date of issue. The enterprise must apply for renewal of the Udyam registration online before the expiry of the validity period. The renewal process is similar to the initial registration process and requires the enterprise to provide updated details about its investment and turnover.
- No need to renew old UAM registration: Existing MSMEs who have registered under the old UAM portal do not need to renew their registration. However, they can migrate to Udyam registration using their UAM number until 31st March 2022.
It is important to note that the enterprise must update its information on the Udyam registration portal in case of any change in the status or details of the enterprise. The enterprise must also update the portal in case of a change in investment or turnover, as this may result in the enterprise being reclassified as a different category.
No renewal for old UAM registration
Existing MSMEs who have registered under the old UAM portal do not need to renew their registration. However, they can migrate to Udyam registration using their UAM number until 31st March 2022.
Udyam registration online is a simple and streamlined process that can be completed online. The registration form requires only basic information about the enterprise, making it easy for MSMEs to register.
The Udyam registration online process involves online verification of the documents provided by the MSME. The authorities may conduct physical verification if necessary.
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Udyam registration online provides numerous benefits and incentives to MSMEs in India, including access to credit, government schemes and subsidies, preference in government procurement, IPR support, and an easy registration process. By taking advantage of these benefits, MSMEs can grow and contribute to the country’s economic development. The eligibility criteria for Udyam registration are straightforward, and the required documents can be easily obtained. Renewal of Udyam registration online is required every year, and women entrepreneurs can avail various benefits and incentives by registering their MSMEs under Udyam. Overall, Udyam registration is an excellent opportunity for MSMEs in India to grow and prosper.
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