Small businesses play an important role in India’s economy. Whether it is a neighborhood retail shop or a small manufacturing unit, they not only generate new jobs but also strengthen India’s economy from the roots and help in moving it forward. But it often happens that they are deprived of the schemes given by the government. But here, Udyam Certificate Download PDF can help them. If you are running a small business and if you fall into the category of MSME, then you must have heard about the Udyam registration.
Do you know why filling out the Udyam registration form is so important for you?
Let us understand this in simple words in this article.
What is the Udyam Registration Form
Before proceeding with this article, let’s understand the Udyam Registration Form. The Udyam Registration Portal is an online portal that was started by the Ministry of Micro, Small, and Medium Enterprises. This portal allows registration of those businesses that come under the category of MSME. When MSME owners open the Udyam Registration portal, the Udyam Registration form appears on the screen. By filling in some basic information in the form and submitting it, they get a unique Udyam Registration Number and Udyam Registration Certificate.
Why is Udyam Registration crucial for small businesses?
1. Gets official recognition as an MSME
If you register your business on the Udyam Registration Portal, then your business gets official recognition as an MSME by the Government of India. Legal recognition helps to increase the credibility of your business in the eyes of banks, government bodies, and potential partners.
It is easier to build trust with customers and vendors when your business is registered.
2. Access to government schemes and subsidies
Once MSMEs are registered, they become eligible for several government schemes such as
- Credit Guarantee Fund Scheme
- Interest subsidy on loans
- Technology upgrade programs
- Skill development initiatives
These schemes are designed to reduce the financial burden of small businesses and help them grow their business faster.
3. Easy access to loans and finance
Banks and NBFCs give priority to Udyam-registered businesses in giving loans, as their business is verified and recognized by the government. With Udyam Registration
- You can apply for a loan without pledging anything.
- You can get a loan at a low interest rate.
- Loan processing is also faster.
This helps solve the cash flow problem of small businesses.
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4. Preference in government tenders
The Government of India gives special preference to Udyam-registered businesses in public procurement and tenders. Some tenders are reserved only for MSMEs, and in some, they get relaxation from depositing earnest money and other conditions.
5. Protection against delayed payment
The biggest issue for small businesses is that they always get delayed payments, and they often have to face this problem. But the good thing is that businesses that have a Udyam registration certificate get protection under the MSME Development Act. If a buyer is delaying payment for more than 45 days, then small traders can complain inside the MSME Samadhan portal. After this, the buyer will have to pay interest on the payment along with the payment. Due to this, the problem of working capital is eliminated, and the financial stability of the businessman is maintained.
6. Helps in business expansion and branding
The Udyam registration certificate increases the credibility of your business. It shows that your business is structured, verified, and eligible for incentives. It helps
- Attract investors and partners.
- Increases customer trust
- Builds brand image both online and offline
7. Ease of doing business
The Udyam registration form can make your business journey easier in India. Register once
- You will not have to renew the certificate again and again.
- If you want to update anything in your business registration in the future, then you can do it online by visiting the Udyam Registration Portal.
- You will get a unique Udyam Registration Number and Udyam Certificate, which will work as an identity card for your business.
This seamless process has been created so that you can focus only on growing your business.
Who can fill out the Udyam registration form?
Any business that falls under the criteria of MSME can apply.
You can apply for this registration.
If you are
- A Proprietorship
- Partnership Firm
- Private Limited Company
- LLP
- Self-Employed Individual
- Involved in Manufacturing and Service
Keep in mind that your business should fall into the classification of MSME, which is based on the investment/machinery and annual turnover.
Documents required
This process is completely paperless. Only Aadhaar is mandatory in it. Details of PAN and GST will be verified with the government database. You do not need to upload any physical document.
How can the Udyam Registration Form be filled?
Filling out the Udyam registration form is a very simple process. You can easily fill out the Udyam registration form by following the method given below.
Step 1: First of all, go to the Udyam Registration online Portal.
Step 2: As soon as the portal opens, the Udyam Registration Form will be visible. Fill in all the information asked in the form correctly.
Step 3: After filling the form, first cross-check it, and then enter that verification code in the box given below.
Step 4: Submit Application
It will take some time for your form to be verified. When the verification is done, you will receive an email on your given email ID, along with that, you will receive the Udyam Registration Certificate.
So if you are small business owner and your business comes under MSME classification, don’t delay register now.
