So you have come up with a fantastic small company concept you have written a business plan you have gathered the necessary resource and your paperwork is in order. But what about your registration for udyog aadhaar?
India msme registration sector account for about 40 per cent of the country total industrial value. As a result it now enjoy a broad base of support from both the federal and state government.
The udyog aadhaar and udyam registration portal was established in an effort to significantly improve industrial operation. The udyog aadhaar is a business identification card similar to the aadhaar card we have for individual. Under the micro, small and medium enterprise development act of 2006 it is a 12 digit number that let us the government identify your business and provide you with a slew of advantage. Small scale industry certificate as well as micro, small and medium enterprise registration were the previous names for the udyog aadhaar registration. The small scale industry certificate was changed to udyog aadhaar with a one page registration procedure replacing the lengthy and time consuming entrepreneur memorandum one and two form.
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Why is udyog aadhar registration needed?
Just a single word. Subsidy most state government provide discount to udyog aadhaar registered enterprise on everything from electricity to tax and admission fee to industrial corridor and estate. In most case company in their early stage are free from sale tax and excise tax and some direct tax. Additionally the federal government periodically launch micro, small and medium sized business specific scheme such as the credit guarantee fund scheme for micro and small enterprise which was recently launched. A udyog aadhar registration also entitles you to a slew of bank perk. Micro, small and medium enterprise receive preferred interest rate on loan, faster loan approval and priority sector financing among other benefit.
If you run a sole proprietorship a udyog aadhaar serve as documentation that your business is legitimate even if you do not have a value added tax certificate as well as a shop act license. When applying for loan and creating a bank account all you have to do is present your udyog aadhar as confirmation of your company identity.
Small scale industry registration was formerly optional which meant that many micro, small and medium enterprise remained unreported. Enterprise have chosen to register since the advent of udyog aadhaar because of the numerous benefit of doing so.
How to register under udyog aadhar?
The process of registration under the udyog aadhaar number is quite easy and uncomplicated. Visit the udyog registration portal for further information. Udyog aadhar online application form is available. All you need are a few simple details like.
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Name of the business.
Detail from previous registration.
Bank account information.
National industry classification code.
District industry centre investment in plant and machinery.
Simply click submit after entering these data to obtain an acknowledgment number and you are done.