First, we must understand what Udyam Registration involves in order to fully understand its advantages. The Ministry of Micro, Small & Medium Businesses has introduced a new and better system called Udyam Registration to aid in MSME growth and offer all MSMEs in India the essential support. The government has introduced this system where each MSME can register their business and apply to receive the various benefits offered occasionally by the Ministry of MSME in order to streamline the process of providing all the necessary support to MSMEs throughout India and to cut out the middlemen.
Now that you are aware of what Udyam Registration Certificate is, let’s explore the advantages of obtaining your Udyam Registration.
For your enterprise or business, Udyam Registration can be utilised as an identity document. It can be used to create a bank account and to register for a number of different government programmes, among others.
Lifetime & Electronic Validity
Since Udyam Registration is totally conducted online, the Udyam Registration Certificate is also an electronic record that doesn’t need to be kept on hand or shown anywhere. Also, unless you willingly seek cancellation, this document does not expire, thus there is never a need to renew it.
Government online market (GeM)
MSMEs can register on the GeM through Udyam Registration, where they can list themselves as a supplier for all government requirements and tenders.
To help MSMEs recover their bad debts from defaulters, the Ministry of MSME launched the MSME Samadhaan portal. You will be able to access this portal thanks to your Udyam Registration.
For MSMEs to benefit from this tight network of MSMEs across India, the ministry established the TReDS platform. This platform made it possible to trade receivable invoices with other suppliers, allowing for quick adjustments in the event of a cash constraint without disrupting business.
Several MSME Ministry Schemes
The Ministry of MSME periodically introduces a variety of programmes to support the expansion of the MSME industry in India. The sole method that provides direct access to these schemes is Udyam Registration. The Credit Guarantee Program, Protection Against Delayed Payments, Additional Advantage in Government Tenders, Public Procurement Policy, and other similar programmes are a few examples of these schemes.
Qualifying for Priority Sector Lending
After receiving Udyam Registration, the MSME instantly qualifies for loans from banks that have signed MoUs with the Ministry of MSME in the priority sector. The RBI set these recommendations, and in accordance with the RBI, the following kinds of lending to the private sector are currently available:
– Micro, Small, and Medium-Sized Business
– Credit for Exports
– Infrastructure, Social
– Alternative Energy
It is evident that the MSME sector is included in the list of loan priorities for that industry. Also, it should be highlighted that MSMEs are the only entities qualified for lending in the priority sector if they are involved in the manufacturing or production of commodities.
In addition to the benefits mentioned above, the Ministry of MSME is dedicated to the steady expansion of the MSME sector in India; as a result, a great number of additional benefits are provided to MSMEs through their Udyam Registration.
We now reach the most crucial point: How can you register for Udyam?
It is a really easy process. Simply go to udyam registration website, fill out the form, and then submit it. Take the following actions, then leave the rest to us. Our executives will get in touch with you and assist you in registering.
In conclusion, Udyam Registration is a simple and beneficial process for Indian MSMEs. It offers various advantages, including access to government schemes, financial support, and a range of other benefits. MSMEs that register under the Udyam scheme can enjoy benefits such as easier access to loans, lower interest rates, and various tax exemptions, making it easier for them to operate and grow their businesses. The registration process itself is straightforward and can be completed online in a few easy steps.
To register for Udyam, MSMEs must provide basic information about their business, including their Aadhar number, PAN number, and other details such as the name and type of the business. The process can be completed entirely online through the official Udyam Registration portal, making it convenient and hassle-free for MSMEs.
In summary, Udyam Registration is an excellent initiative by the government of India to support and promote the growth of MSMEs in the country. By registering under the scheme, MSMEs can access a wide range of benefits and support measures that can help them overcome operational challenges, reduce financial burdens, and grow their businesses. MSMEs should take advantage of this opportunity and register for Udyam to enjoy these benefits and contribute to the development of the Indian economy.