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An Udyam Registration Certificate is an e-certificate issued on the completion of your MSME registration process. Read on to know why Udyam Registration matters and how can you apply for it.
In a move to digitize India and streamline processes better, the Udyam Registration Portal is a new and improved tech-first system launched by the Ministry of Micro, Small & Medium Enterprises to boost and facilitate MSME growth in India and provide all the necessary support to MSMEs across the board.
An Udyam Registration, also known as an MSME Registration, comprises of a government sign-off provided along with a Recognition Certificate and a Unique Number. This is instrumental if you wish to certify that your small or medium business or enterprises is legal and operational.
For micro or smaller business enterprises, the Udyam Registration takes place under the Ministry of MSME, GOI.
While the usage of the terms MSME Registration/Udyog Aadhaar belong to the old system of registration, where a UAM Number was generated for confirmation. With effect from 1st July 2020, the MSME Registration/Udyog Aadhaar has been migrated to the new system called Udyam Registration. It is mandatory to migrate to Udyam Registration even if you have already obtained MSME Registration.
In normal circumstances, it takes around 1 to 2 weeks to generate the Udyam Certificate after generating your Udyam Registration Number.
Here are the important steps to note while applying for an Udyam Registration:
- You are expected to apply via a 100% online process through the Udyam Registration Portal
- Once the registration has been done, a permanent identification number and e-certificate will be issued
- These are respectively identified as ‘Udyam Registration Number’ and ‘Udyam Registration Certificate’.
There is a defined set of criteria that you are expected to meet to be classified as a medium, small or micro-enterprise for obtaining the MSME registration.
Key Benefits of sorting out your Udhyam Registration process:
In order to streamline the process of providing all the required support to MSMEs throughout India within one detailed portal, and to eliminate the middlemen, the government launched this system. Here, every MSME can register their enterprise and easily apply to avail its various benefits granted from time to time by the Ministry of MSME.
- Get a discount while availing a loan from IDFC FIRST Bank!
- Enjoy a subsidy on Patent Registrations and Industrial Promotions
- You can avail an Overdraft Facility along with Interest Rate Exemption
- Your ISO Certification charges can now be reimbursed!
- Concessions on electricity
- Stay ahead of the times while seeking Government Tenders as this registration gives you the upper-hand
- Avail easy access to government licenses, regulatory approvals and legal registrations
- Enjoy special exemptions under Direct Tax Laws
- Get special invites to government Trade Portals and participate in International Fairs that are a sure shot way to build and grow your business
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.
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