In today’s world, the Udyam Registration process has turned out to be a pivotal step for all the SMEs out there. The reason is we are living in the dynamic landscape of business where it is crucial to stay abreast of regulatory requirements.
So, it doesn’t matter if you’re an established business owner or a budding entrepreneur, there is a need to understand the registration process. To help you out with this, we’ve come up with a guide to make the process easier for you.
Why Udyam Registration is Required?
Previously, Udyam Registration was known as MSME registration, which holds significant importance for businesses. It comes with a range of benefits from access to government schemes to priority sector lending for promoting SMEs.
Even your business credibility can be enhanced with a Udyam registration certificate. Several private and government tenders require bidders to have this certification. Thus, it’s a vital aspect to participate in the procurement process.
Is Udyam Registration Mandatory?
According to the recent changes, all businesses don’t need to go through the Udyam registration process. But if you’re an SME, then it’s highly recommended to register voluntarily for taping into the benefits.
With this, your business can gain recognition, which makes it easier to access government schemes and credit facilities. Also, it will simplify the process of participating in exhibitions and trade fairs. This will result in the sustainability and overall growth of your enterprise.
New Udyam Registration Process: Step-by-Step Guide
Step 1: Visit the Udyam Registration Portal
Firstly, open your web browser and go to the official portal of Udyam registration. Make sure you’re on a legitimate website to avoid any kind of fraudulent activities.
Step 2: Provide Aadhar Number
Enter your Aadhar number to start the registration process. Generally, the Aadhar card serves as a primary identification document that links personal details to your business registration.
Step 3: Fill in Business Details
Now, use your accurate business details to complete the required fields. There is a need to be consistent with other official documents to avoid discrepancies.
Step 4: Validate Aadhar Details
The registration portal will validate your entered details automatically with the Aadhar database. However, your information should match the Aadhar card to prevent validation issues.
Step 5: Enter PAN and GST Details
If applicable, then must provide your PAN and GST details. Such kind of details will aid you in verifying the tax and financial-related information of your business.
Step 6: Classify Your Business
As per the criteria set by the government, select the appropriate classification and category of your business. It’s a crucial step that will determine whether your enterprise falls under a medium, small, or micro category.
Step 7: Fill in Investment and Turnover Details
It’s time to enter your investment and turnover details related to business. With this information, you can determine your eligibility for government benefits and schemes.
Step 8: Upload Documents
Below we’ve mentioned the necessary documents that are required to prepare and upload. However, the requirement of documents might vary according to the nature and type of your business.
Step 9: Verification and Submission
Don’t forget to review all your provided information and make necessary corrections. When you’re sure about the accuracy of the details, then you can submit your application for Udyam registration.
Step 10: Generate Udyam Registration Certificate
When you submit your application successfully, the Udyam registration certificate will be generated by the system. You can download and save your certificate for your future use and reference.
What are the Documents Required for Udyam Registration?
For a smooth Udyam registration process, you’ll be required to gather the following documents:
- PAN card of the business
- The Aadhar card of the business owner
- Business address proof
- MOA (Memorandum of Association) and AOA (Articles of Association)
- Partnership deed (for partnership firms)
- Details of plant and machinery (if applicable)
Conclusion
Now, you’re armed with the right knowledge, which is enough to navigate your Udyam Registration journey. Get ready to unlock your doors to a range of benefits propelling your business towards success.