Udyam Registration is here to replace UdyogAadhaar registration for all small and medium enterprisesin India. With keeping the objectives of single-page registration and simplify processes in mind, our government introduced this portal for MSME in India. Udyam registration has beenproviding e-certificates of recognition and twelve digit unique identification numbers to enterprisessince 2015. More than 48 lakh enterprises have registered under UdyogAadhaar as of 2018.Enterprises are eligible to register if they are Proprietorship, HUF, One Person Company, Partnership firm, LLP, Private limited company, Co-operative Societies, etc.
MSME Udyam Registration comes with a lot of benefits which can be advantageous for the growth of MSMEs. Let’s have a look at some of theUdyam Registration benefits.
- No collateral Loans: Under Credit Guarantee Trust Fund Scheme, Udyamcertificate allows loans without collateral which is acceptable by the Government of India, the Ministry of Micro, Small, and Medium Enterprise, and Small Industries Development Bank of India. This is one of the best Udyam benefits for small business owners as a collateral-free loan opens up a lot of avenues for them.
- Overdraft with interest rate exemption: Again under Credit Guarantee Trust Fund Scheme,MSMEs are eligible to get the benefit on the overdraft. Enterprises registered as MSME/SSI under the MSME Act can also get the benefit of 1% less interest on the overdraft facility.This facility differs from bank to bank.
- Reimbursement of ISO Certification charges: AnUdyam registered MSME is eligible to claim reimbursement of the money spent on ISO certification.
- Electricity concession: MSMEs which have registered on the Udyam portal can get a certain concession on electricity bills.
- Government tenders availability: MSME owners who take part in any Government tender auction can enjoy exemptions while applying.
- Direct tax exemption: A registered UdyamCompany can get complete relief from direct taxes or it can have tax onspecific items.
- Payment clearance: When a buyer deals with an Udyam registered company, he is obligated to make payment for the goods or services purchasedwithin 15 days. If he delays the payment for more than 45 days, the company is eligible to charge compound interest which is 3 times the rate notified by RBI.
- 50% discount on trademark and Patent fees: Udyam registered enterprises can get a substantial 50 per cent subsidy for patent registration. It certainly makes more sense to register before you trademark.
Indian Government has a vision of Atmanirbhar Bharat and the Udyam platform is a step towards it. Along with this, it has launched various schemes and services to give a boost to the MSME sector. It is the right time to jump into it and make the best of it. Contact National Tenders for registration services in UdyamRegistration portal now.