Udyam Registration
Get Udyam Registration Services for your Business
Udyam registration is an initiative by the Government of India aimed at creating a more favorable environment for MSMEs (Micro, Small, and Medium Enterprises). When a business is registered under Udyam Registration, it allows businesses to reap advantages of government schemes.
At My Biz Development, our expert Udyam registration and consultation services are designed to simplify this process and help you unlock the full potential of your business.
What is Udyam Registration?
The government launched the Udyam Portal on 1 July 2020 to encourage Micro, Small, and Medium Enterprise (MSME) registrations in India. Though not mandatory, MSME registration enables businesses to avail themselves of benefits offered by the government to small and medium enterprises in India. When a business gets registered under Udyam, it obtains a unique identification number and an MSME recognition certificate, which certifies that the business is eligible for government benefits provided to MSMEs in India. As per the current laws, the Udyam registration of an entity is valid till its existence, as it is a permanent registration.
Who is eligible for Udyam registration in India?
Anyone intending to establish a micro, small, or medium enterprise can apply for Udyam registration, including
- Proprietorships
- Hindu Undivided Family (HUF)
- Partnership Firms
- One-Person Companies (OPCs)
- Private Limited Companies
- Limited Companies
- Producer Companies
- Limited Liability Partnerships (LLPs)
- Any association of persons
- Cooperative societies
However, to be eligible for Udyam registration, MSMEs must meet the following criteria:
Microenterprises: It refers to enterprises having investment in machinery, plant, or equipment below Rs. 1 crore and having a turnover below Rs. 5 crore.
Small enterprises: It refers to enterprises having investment in machinery, plant, or equipment that is below Rs.10 crore and having turnover below Rs.50 crore.
Medium enterprises: Enterprises whose investment in machinery, plant, or equipment is below Rs.50 crore and whose turnover is below Rs.250 crore.
What are the benefits of Udyam registration in India?
Udyam Registration is the new process introduced by the Government of India under the Ministry of MSME to recognize micro, small, and medium-sized enterprises (MSMEs). The registration process is now simplified and online, providing businesses with an official certification that they fall under the MSME category. This certification opens the door to various benefits such as:
Access to Government Schemes & Subsidies: Udyam registration allows businesses to avail themselves of government schemes, funding opportunities, and various incentives aimed at helping MSMEs grow.
Tax Benefits: Udyam-registered businesses can enjoy various tax exemptions, rebates, and concessions, and also several schemes to defer tax liabilities.
Business Credibility: Udyam registration enhances your business credibility, making it easier to attract investors, partners, and customers.
Loan facility: MSMEs registered under Udyam are eligible to get collateral-free loans from public sector banks and financial institutions at lower interest rates.
Patent registration: Registered MSMEs are eligible to get a subsidy of up to 50% on patent registration costs.
What are the documents required for Udyam registration?
The Udyam Registration process is straightforward but requires the following basic details:
Aadhaar Number: For individual entrepreneurs and businesses.
Business Details: Such as business type, legal structure, and bank account information.
Investment Details: Information on investments in plant, machinery, or equipment.
Turnover: The annual turnover of the business.
Documents: You may be required to submit additional documents such as a PAN card, GST registration (if applicable), and bank details.
Get Started with Udyam Registration Today
At My Biz Development, we simplify the Udyam registration process to open doors to funding, schemes, and opportunities that will help your business grow and thrive.
Reach out to us today for expert Udyam registration and consultation services. Let us help you navigate the process smoothly and unlock the potential of your business.