The growth of the Indian economy depends highly on the micro, small, and medium-sized businesses in India. According to the All India Management Association (AIMA), MSMEs’ contribution to India’s GDP will increase to 40% by FY-2025. As a result of the value of these micro, small, and medium-sized businesses, the Indian government created the Udyam Registration Facility to support the expansion of MSMEs in India.
Udyam Registration is an identification system designed specifically for MSMEs. This facility was established by the Ministry of Micro, Small, and Medium Enterprises in 2015. Similar to the Adhar card, It is a certificate with a 12-digit registration number. Small enterprises will be able to maximize the benefits of being small and medium-sized firms in India by using an Udyam Registration Card. The Udyog Aadhar Registration has been moved to the Udyam Registration in 2022.
The entrepreneur, director, or proprietor of the organization will provide his/her 12-digit Aadhar Number. Udyam Registration is must whether the business or entity is a sole proprietorship, an LLP, a private limited company, or anything else. It must be in possession of the recognition certificate issued through MSME registration.
The Udyam Aadhaar Memorandum is the registration document that validates the presence of the Udyam Aadhar Certificate owner. It contains all the relevant data for the owner of the specific Udyam Aadhar Certificate, including the Aadhar card information and bank account information of the company owner. The Udyam Aadhar Memorandum registration does not require any fees from the enterprises. The Udyam Aadhar Memorandum is referred to as a self-declaration form. As a result, supporting the form with extra documentation is not necessary. The federal or state authorities may, however, demand some documents as proof in extreme circumstances.
There are numerous advantages of obtaining an Udyam Registration for your company. A list of advantages of the numerous programs provided by the Ministry of MSME for the Protection, Growth, and Development of Small Enterprises is provided below. The benefits of Udyam Registration are listed below:
It is important to keep in mind while registering your business that you must have your aadhar information. If you don’t have your aadhar then visit an aadhar enrollment centre and submit your application.
The steps below must be followed in order to print or download the Udyam Aadhar Certificate or the MSME Certificate:
The Udyog Aadhar Certificate was started to promote the expansion of all small-scale industries (SSIs) or micro, small, and medium-sized businesses (MSMEs). All small businesses qualify for benefits after completing the necessary registration, including subsidies, tax exemptions, loans at lower interest rates, the whole or partial discharge of various utility bills, and many more advantageous programs.
Suggested Read – MSMe / Udyam Aadhar renewal / Migration
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