Udyam/MSME Registration
What is a UDYAM Registration?
Earlier it was known as Udyog Aadhar/MSME Registration. Anyone may obtain the Udyam Registration for the enterprise. Completely Online process where a certificate, namely, “Udyam Registration Certificate” is issued on completion of the registration process. The online system is fully integrated with Income Tax & GSTIN systems. Those who have EM-II or UAM registration or any other registration issued by any authority under the Ministry of MSME, will have to re-register themselves. Any number of activities including manufacturing or service or both may be added in One Registration.
Major Benefits of UDYAM Registration Certificate:-
- Collateral Free Loans at the Lower rate of Interest from Banks (i.e. No Security Required)
- Credit Guarantee Fund Scheme from SIDBI.
- Protection Against Delayed payments (After 45 days, Receive Payment with Compound Interest at 3 times the bank rate)
- Subsidy on Electricity Bills
- Samadhan Platform for Payment related Complaints (Recovery of Bad Debts)
- Govt Tender Preference to MSME Units (No/Less Security)
- Up to 50% fee waiver in Patent/Trademarks (IPR)
- Up to 100% Fee waiver in ISO Certification Charges
- Partly/Complete waiver of Stamp Duty and Registration Fees
- Special Consideration in International Trade Fair (Awareness Camps etc)
Note: Some Banks accept UDYAM Registration Certificate as the sole govt document for the Opening of the Current Account in the name of your Business/Profession. Even GST Registration is not required if your turnover is below threshold limits.