• CRSPL

  • 03 Apr 2024

  • 112
  • 3 mins

Udyam Registration 2024: Process, Eligibility & Benefits of MSMEs

As we know there is an essential contribution in the nation GDP of MSME (Micro, Small, and Medium Enterprises). They provide a large number of employment to people. As per the source around 110 million are employed at MSMEs. Despite of performing a vital role for the nation still these enterprises face lots of challenges while growing and expanding their roots. In order to help these businesses the Government body eventually took action on May 12, 2020 when new metrics were announced for these businesses. All MSMEs would be recognised as "Udyam" and they have to register in Udyam registration process2024.

In case you own a micro, small and medium size of business then this blog is prepared for you, here you can discover Udyam registration eligibility, benefits, benefits and more essential details which are required for registration.

Udyam Registration Eligibility Criteria

There is an eligibility criteria for the MSMEs, divided by investment and turnover, we have prepared the table for the better understanding:-

Type of Enterprise
Investment Criteria
Annual Turnover Criteria
Micro
Does not exceed ₹1 crore
Not exceeding ₹5 crore
Small
Does not exceed ₹10 crore
Not exceeding ₹50 crore
Medium
Does not exceed ₹50 crore
Not exceeding ₹250 crore

Do You Know Why Udyam Came in Existence?

The motive behind bringing Udyam in action to classify all the MSMEs to get easy access to credit, subsidies and other government schemes. Therefore government had to build structure of "Udyam Registration", and it enables the government to gather the comprehensive data on MSMEs which can be utilised for policy formulation. It also reflects the government’s commitment to fostering the growth and development of the MSMEs.

Benefits of Registering Business in Udyam

Access to government schemes and subsidies.

Priority Lending and Credit facilities.

Ease of obtaining various licenses and permits easily.

Opportunity in procurement of the various government tenders.

Easier to access the new markets and establish joint ventures with other businesses.

Exemptions from various government taxes and the duties.

Extended to MAT credit for 15 years.

Lower interest rates loans.

Who Can Apply for Udyam Registration?

Sole Proprietorship

Hindu Undivided Family (HUF)

Partnership Firms

Various legal entities like One Person Company, Private or Public Limited Company, etc.

Any association of persons.

Trusts

Any other Undertakings. 

Registration Process for Udyam

In order to avail all the benefits that are mentioned above, first you need to register for Udyam. For that there a process you need to follow step by step. After completing the process, you will be offered an Udyam registration certification. The process guide is given below:-

1. For Udyam registration you are required to visit the official website

2. You will be redirected to homepage then click on the ‘For new entrepreneurs who are not registered yet as MSME’.

3. Then you will be required to fill Aadhar card number and the name of the entrepreneur and then click validate and generate OTP.

4. Once the Aadhar validated then proceed to PAN verification page and enter the organisation name and validate.

5. After that, the application form of MSME open on your screen, Fill all the details such as employees details, Plant and machinery, ITR, GST etc.

6. Now, submit your registration form of Udyam by entering the mobile number and received OTP.

7. Finally, you will get the Udyam E-registration certificate on your registered Email or you can print it by validation the Udyam Number.

Documents Required for the Registration Process for Udyam

PAN card of the Entrepreneur.

Aadhar Card of the Entrepreneur

Proprietorship
Proprietor
Partnership Firm
Managing Partner
HUF
Karta
Company, Co-operative Society or any trust, Any other entity
Authorised Signatory

Registered Email and mobile number.

GST certificate (if any)

Why to Choose CRSPL Business Consultant for Udyam?

Detailed Guidance:- The experts of CRSPL will provide your every single detail and guidance so that you do not miss any step. We will keep you updated about eligibility criteria, document requirement and processing of application. 

Preparation Assistance:- CRSPL assist you in preparing all necessary documents for the successful application. 

Application Submission and Approval:- CRSPL handles the entire application submission process by ensuring all the details accurate and proper manner on behalf of our client.

Expert Consultants:- For any query related to MSME, you can meet business consultants at CRSPL, they are readily available to assist you. 

Conclusion

Do register your business to get all the benefits of Udyam registration, you can grow your business and expand roots. Before that you have to go through the Udyam registration process, eligibility criteria, and document requirement. You can contact to expert of legal services who can help to register smoothly, CRSPL is one of the best option for all of you, call now.