Udyam registration is a portal through which organizations can self-register as MSMEs without hassle. It is a flagship-level scheme of the Indian government that will ensure businesses can easily get the certification of MSME and thus can access various schemes launched by the government. Further in this article, we will explain all the nitty and gritty of the Udhyam registration process.
Why Udyam Registration Program Launched
Earlier, the process of registering an MSME business was very complicated, though with the advent of digitization with this scheme, the whole process is made simpler. Organizations can self-register for the MSME certificate, which will open the floodgates for funding that will help them improve their cash flow. With this surge in business growth, you need to deploy scalable solutions like CredFlow that will help you automate critical tasks in your business, like automating payment reminders, sharing ledgers, etc.
Process of Udyam Registration
Registering your business via the Udhyam scheme is an easy process. You can find in-depth information on the registration process in this article. Therefore, to give a quick reference, your business needs to fall into the particular category of MSME to be eligible for registering for these categories of business.
- If your business has a turnover of up to five crores with an investment of one crore in business in the form of machinery or equipment is a small business.
- However, if the turnover exceeds and beyond one crore but less than 50 crores and the investment in plant machinery is up to ten crore, it will come under a medium business.
- A business will come under the category of medium enterprise when the investment is up to fifty crores with a net turnover of 250 crores.
If you meet these conditions, your business will come under the umbrella of an MSME. Thus, you can go to the website of Udhyam registration and register your business with minimal documentation (if you have an Aadhar card).
Benefits of the Udyam Scheme for an MSME
There are many benefits for the MSMEs if they get registered. Firstly, as mentioned above, there are many schemes that a business can avail of by getting their business registered. Moreover, it will simplify acquiring licenses, permits, and registrations in various sectors.
Furthermore, organizations can get up to 50 percent off on patent and trademark registration fees. Also, you will get tax exemptions for your business, resulting in tremendous capital savings. With that said, you even get reimbursement for the ISO certification fee. The best part is that you will have protection against delayed payments for the services or goods you provide.
Indian government understands the weight that the MSMEs of India are pulling. Along with that, MSMEs are one of the biggest generators of jobs in the Indian subcontinent. So, overall, these schemes help businesses to have the smoothest experience.