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Month: March 2019

Udyog Aadhar Registration

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The Government of India offers small and medium-sized business a unique number and certificate that recognises and certifies them as enterprises. It is called the Udyog Aadhar registration. Previously known as the MSME registration process, the following businesses can go for it:

A sole proprietor entity
An LLP enterprise
A private limited company
Or any other corporation

To register, a 12-digit Aadhar Number should be used which can be provided by:

The owner in the firm
The director with the enterprise
The proprietor with the entity

Udyog Aadhar – Who Should Opt for It?

Any business, trade or entity that meets the specified criteria of micro, small or medium enterprise can use for MSME registration. If the company might be classified as MSME, it can opt for Udyog Aadhar. The type of enterprise can include:

Proprietorship
Partnership Firm
Limited Company
Production Company
One-Person Company
Co-Operative Societies
Hindu Undivided Family
Private Limited Company
Limited Liability Partnership

Besides the ones listed above, any other association of people or undertaking may also choose to register for Udyog Aadhar.

How to Register for Udyog Aadhar?

In recent times, the government revamped the SSI and MSME registration process making it much simpler. The rejuvenated product is straightforward as well as doesn’t require too much data. It should be noted the online portal are only able to be used by people who have an Aadhar Card and have an enterprise.

A one who wants to register as MSME but doesn’t own an Aadhar number should file for Udyog Aadhaar Memorandum (UAM) using the General Manager from the required District Industries Centre. Here are the steps to take for those who have an Aadhar number:

1. Udyog Aadhar posseses an official registration portal. The first step is usually to visit it.

2. Once the website is open, fill in two particulars:

The complete name in the individual submitting registration.
Their 12-digit unique Aadhar Number.

After this click the ‘Validate and Generate OTP’ button. The one-time password will likely be sent to the mobile number registered with Aadhar Card. Use the OTP to fill in the social category. There is going to be four classes:

SC
ST
OBC
General

3. Now each of the details in the business or enterprise need to be filled in. Remember the space for that name should be filled in while using name of the business and not the person filling the application form. For the correspondence details, enter the entire postal address from the business. This would include:

District
Pin Code
State
Email Address
Mobile Number

4. Next comes the carry forward information which necessitates data like:

The date the entity started operations. (Use the calendar to fill the accurate date)
Any previous registration data. (This includes SSI registration, EM1, EM2 and UAM number plate)

5. The form can ask for bank details. Enter the bank-account number and IFSC code in the bank branch. Please ensure the account is registered within the enterprise’s name. To find the IFSC code, go to the website of the bank.

6. The following step is to specify the primary business of the enterprises. Udyog Aadhar offers two choices – manufacturing and services. For a company that does both, the best-case scenario would be to pick the option that constitutes the significant chunk of operations. For example, when the enterprise is 70% manufacturing and 30% services, then manufacturing will be the right selection.

7. The last detail the form asks for may be the number of employees currently participating in the business as well as the full investment amount.

8. The final step in the procedure is to choose the District Industry Centre. Use the drop-down list to pick one. After this accept the declaration and submit the application form.

If one has more than one enterprise, they’re going to need to fill a separate Udyog Aadhar form for each and every one of them.

Why Register Under Udyog Aadhar?

A simple method that requires nil paperwork is not the most consequential incentive for registering a company for Udyog Aadhar. The scheme offers a plethora of paybacks and benefits of small, micro and medium-sized businesses. To name a few:

The company gets an excise exemption.
The trade can opt for credit guarantee scheme.
The firm is also exempt from direct tax laws.
Since business demands a lot of electricity, a registered enterprise can avail concession on power bills.
If the entity files for trademarks or patents, it turns into a reduction in fee.
Once a strong is designated just as one MSME, it may avail many government schemes including:

easy loans
loans without guarantee
low-interest rates on loans

Another avenue to improve the revenue of the business is subsidies which are enjoyed by registered MSMEs.

When the enterprise decides to sign up in international and foreign expos, it gets financial support from government entities of India.
An Udyog Aadhar firm gets exemptions whenever they apply for any tenders issued by the federal government

The only legal document required to register a trade under Udyog Aadhar may be the Aadhar card which makes the process exceedingly simple. Yet, filling the proper execution requires care about detail and guarantee that no mistakes are made. A correctly filled application will make sure that this entity leverages all of the benefits the federal government provides to MSME. It is why it is recommended to choose an established firm like VakilSearch for Udyog Aadhar registration.

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