15 Benefits of MSME Udyam Registration

15 Benefits of MSME Udyam Registration

Udyam Registration is the new MSME procedure implemented by the government of India on July 1, 2020, to simplify the process of the old MSME Registration system. The word Udyam represents the Enterprises before known as Udyog Aadhaar Registration and the process of enrolment or registration will now be known as Udyam Registration.

According to the notification circulated by the Union Ministry of Micro Small Medium Enterprises (MSME) on 1st June 2020, MSMEs will now be called as “Udyam”. The procedure of new online Udyam Registration will now become more easy and simple. It creates lots of opportunities for micro, small, and medium enterprises and helps them to reach their goals. There are lots of benefits of MSME Udyam Registration which can be taken advantage of by entrepreneurs and startup businesses.

After the execution of MSME, new Udyam Registration exports of goods or services or both shall be exempted while calculating the turnover of any enterprise whether it is a micro, small, or medium enterprise. The Union govt. has integrated the GST and Income Tax with the new process of Udyam Registration. The enterprises filled under this system can easily be verified by the GSTIN and PAN number details.

The union ministry of MSME has now started the new online web portal service for Udyam registration. The registration process will be fully based on self-declaration and there is no requirement of any kind of documents or proof for registering under this system. Under this portal, an enterprise can be registered just based on the Aadhaar number. There is no need for any kind of paperwork under this process.

Classification of the Enterprises under Udyam Registrations

  • MICRO: Enterprises whose Annual turnover is less than 5 Crore and investment in plant and machinery should be less than Rs 1 Crore.

  • SMALL: Enterprises whose Annual turnover is less than 50 Crore and investment in plant and machinery should be less than Rs 10 Crore.

  • MEDIUM: Enterprises whose Annual turnover is less than 250 Crore and investment in plant and machinery should be less than Rs 50 Crore.

  • MSME Udyam Registration Benefits

    There are several benefits of Udyam registration, but we highlight some main points which you should remember before registering under Udyam Registration. These benefits are provided based on a scheme given by the ministry of MSME and these benefits can also be availed by the Udyam registration certificate holder.

    1. The new registration process is online, paperless and fully based on self-declaration.
    2. No need for any kind of document for registering under Udyam.
    3. A business can be registered just based on the Aadhaar card.
    4. Benefits while applying for Government tenders.
    5. Subsidies on Income tax and GST returns.
    6. Subsidy on the interest rate of bank loans.
    7. Subsidy on Patent and Barcode registration.
    8. Eligibility for Industrial Promotion Subsidy (IPS) subsidy.
    9. Concession on electricity bill payments.
    10. Bank loans are provided without any securities.
    11. Export are now free from the calculation of the turnover of enterprises.
    12. An entrepreneur can be protected against delayed payments for material or services supplied.
    13. It encourages ease of doing business and creates new opportunities for business.
    14. Entrepreneurs can now become a part of the International Trade Fair.
    15. Reimbursement on payments spent on ISO Certification.

    Who can Qualify for Udyam Registration Benefits?

    Any person who belongs to a Proprietorship, Hindu Undivided Family (HUF), One Person Company (OPC), Partnership Firm, Limited liability partnership (LLP), Private limited or limited company, Cooperative society, or any association of persons can easily qualify for Udyam Registration benefits.

    Process to Apply for Benefits of Udyam Registration

    You can just follow these simple procedure for availing Udyam Registration benefits:

  • Step 1: First visit the new online MSME Udyam Registration web portal.

  • Step 2: Now under this portal, you will be asked to fill out the Udyam Registration form.

  • Step 3: After the form submission you will ask for the payment of the Udyam registration application.

  • Step 4: One of the registration professional will proceed with your application

  • Step 5: After 1-2 hours you will get the Udyam Registration E-Certificate on your registered email address and you can also take a print out of this Udyam e-certificate.

  • Why choose our service?

    We help startups and entrepreneurs in getting registration and certification for all the Indian government processes. We are well trained with the MSME New Udyam Registration processing system for micro small & medium enterprises. Our customer is very satisfied with our work. Satisfied customers also come back for other registration and update processes. Other portals are very complicated and have long procedures for form submission, which is not at all customer friendly and suitable for first-time users.

    Our portal has a single-window system for problem-free Udyam Registration online. If you face any kind of problems regarding form submission then you can contact us at udyamregistration.co.
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    LAST UPDATED ON : 22/07/2024
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