The Indian government introduced the Udyam Registration portal in 2020. Startup India Udyam Registration is an initiative launched by the government of India to support and nurture startups by providing them with various benefits and simplifications. This programme offers a single-window registration process through the Startup India portal, replacing earlier simple procedures. It aims to encourage innovation and faster business and create a robust ecosystem for startups in India. And also offering the tax exemptions, easier compliance, and funding support, the initiative plays a crucial role in driving economic growth and generating employment.
What is Udyam registration?
Udyam registration is a government-issued certificate granted to eligible businesses as Micro, Small, or Medium Enterprises (MSMEs) under the MSME Development Act, 2006. In July 2020 it was introduced as a replacement for the Udyog Aadhaar. The process of Udyam registration is made easy online with a paperless process. After successfully completing your registration process, you get 16 digits of the Udyam registration number FSSAI. The Udyam Registration ID is very important to log in to your Udyam portal. Udyam registration helps to grow your business. And accessing the various government benefits.
Who can apply to register for the Udyam certificate?
Udyam registration is a government platform for registering micro, small, and medium enterprises in India.
Types of businesses eligible for Udyam registration:
- Proprietorships.
- Partnership firm.
- Hindu undivided family (HUF).
- One-person companies (OPC).
- Private limited companies.
- Public limited companies.
- Limited liability partnership.
- Cooperative society.
- Any other legal entity.
Eligibility of business entities:
- Manufacturing enterprises.
- Service enterprises.
- Trading is not eligible for Udyam registration.
Required documents for Udyam registration startups:
- No need for physical documents, but keep the following documents with you:
- Aadhar number of proprietor, partner, or director.
- PAN card.
- Address of the business.
- Bank details
Process to register the Udyam certificate for startup:
Step 1: Visit the official website Udyam registration portal
Step-2: Select the new registration of the Udyam option.
Step 3: Enter all the details in the application form, like:
- Name of the applicant.
- Mobile number.
- Email ID.
- PIN code, state district.
- Gender.
- Social category.
- Business name.
- Date of commencement of business
- Address of the business.
- Type of organisation.
- Main business activity of enterprises.
- Investment plan and machinery.
- Annual turnover.
- Aadhaar and PAN and GST details and bank details.
- Additional details of the business.
Step 4: Enter the verification code.
Step 5: Submit the application form.
Points to remember:
- Even if you have multiple businesses, only you can register the Udyam certificate one time.
- To update Udyam certificates on time and place any changes in your business.
- The most required documents for Udyam registration are GST and PAN.
Benefits of Udyam registration for startups:
Alignment with legal standards:
Startup India recognition ensures compliance with the standards set by the DPIIT. To register the Udyam Certificate Participating in this initiative highlights a startup’s commitment to legal frameworks, enhancing trustworthiness and lowering the chances of facing regulatory or compliance issues.
Eligibility for government incentives and programmes:
A key benefit of Udyam registration eligibility is that it provides for a range of government-backed programmes and incentives designed specifically for emerging businesses. and also tax exemptions and funding support to mentorship and incubation opportunities for recognised startups.
Developing a strong reputation:
Through the Udyam registration, accessing the various government MSME schemes, it can be the backbone of development and also help to grow your business. And also Udyam registration provides a strong reputation for your business because when your startup is registered with the Udyam certificate, it can be legal.
Easing Access to Credit and Financial Support:
To register the Udyam certificate, you can get access to credit and financial support to develop your business. If you want to get a from banks or NBFC through the Udyam certificate to get easy. So, Udyam registration also helps to give financial support for your startups.
Promoting business development and growth:
The Udyam registration initiative provides startups with a solid foundation for long-term growth and expansion. The benefits gained from government recognition, combined with access to various support programmes, allow startups to broaden operations, to expand into new markets and to diversify their product or service offerings.
Financial aid and subsidised funding:
Along with various schemes, startups registered under Udyam registration can access financial support and subsidies provided by government agencies and lending institutions. From concessional to grants, these financial resources play a major role in supporting financial aid and subsidies funding.
Priority in public procurement:
The Udyam registration for startups to gain recognition also paves the way for greater opportunities in public procurement. Startups registered in the Udyam under the initiative often receive preferential treatment in government subsidies, giving them a distinct advantage in winning key projects and forming strategic collaborations with public sector entities.
You Can Apply for Udyam Annexure Download Through Udyam Portal
Conclusion:
It is a very simple and easy online process. The Udyam registration is a required document for all startup entrepreneurs in India. The Udyam registration helps startups to access MSME government benefits. And the Udyam certificate is used to increase the business’s credibility, and it helps to grow the business. And access to finance protection and market opportunities. So, don’t miss out – register now and move your business forward.
