The growth of the nation is determined by the success of its SMEs. In India, MSMEs contribute approximately 29% to the country's GDP. Therefore, these SMEs have a huge impact on the economy of India. To boost SSI and SMEs of India, the Government of India has introduced an online registration known as Udyam Registration. This registration helps any business, company, or enterprise that intends to establish micro, small, or medium enterprises.

Below are the details of the entire process involved.

About Udyam

The process of classification and registration of enterprises is done by an enterprise known as Udyam. Successfully registered businesses, companies, and enterprises under the MSME are referred to as Udyam.

What is Udyam Registration?

After getting the recommendations of the Advisory Committee, the Central Government has notified certain criteria for classifying the enterprises as micro, small and medium enterprises.

The Central Government has specified the form and procedure for filing the Udyam Registration.

Registration Process

1. The Registration Form is available on the Udyam Registration portal.

2. Fill in all the details correctly on Udyam registration. Double-check the details entered.

3. Proceed with the payment for the Udyam registration application.

4. Processing of your Udyam registration application will be done by one of the registration executives.

5. After 1-2 hours of the registration, Udyam Registration Certificate will be sent to your registered email.

Documents Needed

1. Aadhaar number is required for Udyam Registration.

2. Requirement of mandatory Aadhaar of proprietor, partner, promoter, director, or Karta.

3. In the case of a Company, a Limited Liability Partnership, a Cooperative Society, a Society, or a Trust for registration, the organization or its authorized signatory shall provide its GSTIN and PAN along with its Aadhaar number.

4. If an enterprise did not fill in any information due to the absence of PAN, the duly registered enterprise as an Udyam should be filled up on a self-declaration basis.

Benefits of Udyam Registration

Udyam registration online offers businesses and entrepreneurs incredible advantages under the current MSME scheme of the Indian Government. One of the key benefits of registration is that you can easily get your business included in the state and the central government business schemes.

Check out the top benefits:

1. The business owner will get protection against payment delays.

2. Udyam Registration allows you to avail of collateral-free loans from the bank.

3. The business owner, after the registration, can enjoy the Octroi benefits.

4. Another benefit is stamp duty and registration charges.

5. Reduced rate of interest from banks.

6. After Udyam registration, the business owner will enjoy concession on electricity bills.

7. Exemption of 1 percent interest rate on Overdraft.

8. The business owner can avail subsidy from NSIC and credit ratings & Eligible for IPS subsidy.

9. Compensation on the payment made for obtaining the ISO certificate.

10. For exclusive manufacturing by MSME and SSI, there is a reservation of products.

11. Avail Excise Exemption Scheme.

12. Exemption under direct tax laws.

13. Enjoy easy bank mortgages.

14. After the registration, the business owner can become a part of international business fairs.

15. States and Union territories have their package of facilities and incentives for small scale.

With the help of successfully registered businesses in the Micro, Small, and Medium Enterprise sectors, the industry will become organized and systematized with maximum benefits for the business and nation.