The main aim to initiate the MSME registration online is to rationalize the procedure format. The owners of the MSME businesses had to go through many complicated processes making the procedural format difficult, time-consuming and stressful. It demanded paperwork handling in large numbers causing the business owners to take a back seat for the registration.
After the introduction of UdyogAadhar, it has made the registration process simple to the MSME sector. So, if you are the proud owner of an MSME, make sure you register it through UAM – UdyogAadhar Memorandum so that you can enjoy unlimited benefits.
Before the initiation of UAM, EM-I/II was followed. This system allowed the entrepreneurs to go for a system that was heterogeneous. Few of them depended on the national portal and few had their portal for the registration of MSME. There were also a few people who depended on the paperwork manually. But after the UAM, everything changed and now the entrepreneurs are enjoying the benefits presented by the government.
It is mostly asked by newcomers as to what exactly is UdyogAadhar?
UdyogAadhar is the registration initiated by the government in which a recognized certificate is provided along with a unique number to certify MSMEs.
The main aim of the UAM is to provide necessary aid to the MSME sectors. The MSME sector has grown recently and has provided the country with immense benefits and development. It is successfully solving the employment problems which had prevailed in the country for a long time. The economy of the country is benefitted by the MSMEs and hence the government is trying its best to provide requirements to the sector.
The owner of the business will be provided with a 12 digit number which would be the UdyogAadhar card number. It is the certification of recognition that would be provided after the registration process.
Who Should Get UdyogAadhar
There is no particular company or organization to obtain the UdyogAadhar. Everyone is entitled to obtain the certificate whether it is a the one-person company, proprietorship, partnership firm, Hindu Undivided Family – HUF, private limited company, limited company, Production Company, co-operative societies, LLP or any other organization.
But there are also certain limitations and rules to be recognized as the MSME sector. You can check where your organization belongs to the MSMED act.
Benefits of UdyogAadhar Registration
There are many benefits that one can avail through the scheme introduced by the government. The best part about getting it registered is that the process of registration has been made very simple and requires very little paperwork.
The following are a few of the benefits after being registered in the UdyogAadhar. They are as follows.
· Excise exemption
· The laws of direct tax are exempted
· The fee is reduced for filing trademarks and patents
· The schemes are guaranteed credit
· Once you are done with the registration process, your business is eligible to be benefitted by the schemes introduced by the government which includes low-interest rates and the loans will be given without the need for a guarantee as the certification itself is a big proof and easy availability of loans in all the banks.
· The the government will aid you in finance when you participate in the foreign expos business
· You can also enjoy many types of subsidies which in the end the revenue of the company will be increased.
· Your electricity bills will be given compensation
· You will also, be provided with an exemption when you apply for the government tenders.
To register for the UdyogAadhar, follow the process below.
1. The official website must be visited
2. Then enter your personal information that would include the 12 digit Aadhar number.
3. The details about the entity or the enterprise must be filled.
4. Then fill in the corresponding details
5. The carryforward information must be filled in.
6. Bank details must also be filed in
7. Classify your enterprise
8. Fill-in the total investment of your enterprise, that would include the number of employed workers and the total money invested in your company.
9. The the final step would include selecting the center for the district industry. Then accept the declaration form and submit it for the finishing process. You will then be given your acknowledgment number.