Udyam Registration

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Udyam

Udyam Registration

The Indian ministry of Micro, Small, and Medium Enterprise replaced the name of MSME Registration as Udyam Registration. A passport for every small business to claim government announced benefits for businesses.

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What is Udyam Registration?

Udyam registration is a certification for micro, small, and medium enterprises operating in India. Udyam certificate is issued by the Ministry of MSME Government of India. it facilitates the development & promotion of enterprises through various benefits & schemes.

When to register under Udyam?

If someone wants to avail benefits from the Central or State Government and the Banking Sector then Udyam Registration is required

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HOW UDYAM REGISTRATION HELPS MY BUSINESS?

One will get to enjoy several advantages after registering his/her business and by obtaining Udyam Registration. Check out the top benefits:

Udyam registration helps in acquiring government tenders
Due to the Udyam, the bank loans become more affordable as the interest rate is very low (Upto 1.5% lower than interest on regular loans).
There are various tax allowances available for Udyam.
Becomes simple to get licenses, approvals, and registrations, irrespective of the field of business.
Higher preference is provided to businesses registered under Udyam for government license and certification.
They get secure access to credit in lower interest rates
Registered Udyams makes tariff subsidies and tax and capital subsidies
Registration helps in the decrease of the cost of getting a patent done or the cost of setting up the industry. With the help of many allowances and concessions available.

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Who Monitors Udyam Registration?

It is governed by the MSMED Act 2006 in India under the Ministry of Micro, Small, and Medium Enterprises

Micro MSME Enterprises:- It is an enterprise whose investment is < INR 1 crore and annual turnover is < INR 5 crores.
Small MSME Enterprises:- It is an enterprise whose investment is < INR 10 crore and annual turnover is < INR 50 crores.
Medium MSME Enterprises:- It is an enterprise whose investment < INR 20 crore and annual turnover is < INR 200 crores.