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What is MSME/Udyam Registration?
Why should you obtain Udyam/MSME Registration for your business?
Easy Loan Facility
In the past small and medium-sized businesses have faced various hurdles while trying to get loans from banks. However, udyam registered businesses can get easy and collateral-free loans from banks and financial institutions. Additionally, loans are offered at a subsidized rate of interest to MSME registered businesses.
Rebate on TM and Patent application
Government fees on Trademark applications for entities such as Companies, Partnership firms, and LLPs are higher compared to individual and proprietorship firms. These entities may claim a 50% rebate on the Government fees by submitting an MSME registration certificate. Similarly, a rebate is prescribed in Patent registration also.
Hassle-free Registrations
Businesses with Udyam/MSME registration are granted hassle-free registrations/licenses with government tender work and financial agencies. Additionally, they are also eligible for subsidized rates for other government registrations. For example, ISO certification is granted free of cost to all Udyam registered businesses. They are also eligible for a subsidized rate for barcode registration, etc.
Concession rate on various utility bills
Businesses are granted concessions on utility bills such as electricity bills, water bills, gas bills, etc. This is particularly helpful for businesses involved in manufacturing. In certain situations, registered businesses are also eligible for rebates on their electricity bill.
Documents required for Udyam Registration online
PAN Card
A Copy of PAN card of the business entity; or of individual in case of proprietorship firm.
Aadhar Card
A Copy of the proprietor’s Aadhar card or of director(s) or partner(s) in other cases for Udyam Aadhar Registration.
Bank Account Details
The passbook or Cancelled cheque of the bank account is must.
GSTIN of business
GST Number Certificate issued by the GST Department to a business if applicable.
Proof of Type of Business
Certificate of Incorporation or Registration Certificate mentioning the type of business.
Major Business Activities Proof
Sales Invoices or proforma invoices to know the major activities done by the business.
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