To understand the benefits of Udyam registration, we must first understand the importance of Udyam registration. The Udyam Register is the new and improved system introduced by the Ministry of Micro, Small and Medium Enterprises to facilitate the growth of MSMEs.
And support all MSMEs in India to complete the process of providing the necessary support to MSMEs across India and with no intermediaries, the government has put in place this system whereby any MSME can register its business and apply to take advantage of the various benefits granted from time to time by the MSME ministry.
Now that you know what the Udyam record is exactly, let's understand what is beneficial for maintaining your Udyam record.
The Udyam data set can be used as an ID document for your company or company. You can use it to open your bank account and request various other documents under other government systems.
Lifetime and electronic validity
The Udyam registration is a completely online process and therefore the Udyam registration certificate is also an online document and therefore there is no physical copy if it has to be saved or presented somewhere.In addition, this document does not expire unless you voluntarily request a cancellation and therefore do not need to renew it in the future.
Government eMarketplace (GeM)
Udyam Registration opens the door for MSMEs to register with the GeM, where MSMEs can register as providers for all state tenders and requirements.
The Ministry of MSMEs has launched the MSME Samadhaan portal to help MSMEs collect their bad debts. With your Udyam registration you get access to this portal.
The Ministry created the TReDS platform to help MSMEs take advantage of this closed network of MSMEs across India. This platform made it possible to exchange receivables with other providers so that any kind of liquidity crisis can be balanced out and business is undisturbed.
Various MSME Ministry Programs
MSME Ministry Ministry from time to time introduces many programs to encourage the growth of the MSME sector in India. Udyam registration is the only way that gives direct access to these schemas. These systems are credit guarantee system, late payment protection, additional benefit in public tenders, public procurement policy, etc.
Eligibility for senior sector loans
After receiving Udyam registration, the MSME is automatically entitled to senior sector loans from various banks, the MoUs with the ministry have signed for MSMEs.
These guidelines are issued by the RBI and according to the RBI currently the categories of loans to the private sector are:
Micro, small and medium-sized enterprises
It can be clearly seen that the MSME sector is on the list of priority sector loans. It should also be noted that only MSMEs engaged in the manufacture or production of goods are eligible for senior sector loans.
The Ministry of MSMEs is committed to the steady growth of the MSME sector in India and therefore offers too many benefits for MSMEs beyond the above through its Udyam register.
Now we come to the most important question: How does the Udyam data set come about?
The process is very simple, just visit the website https://udyamregistrationform.com/, fill out and submit the form, follow the next steps and leave the rest. Executives will verify filled information and do the needful registration process further.