Have you heard about the recent introduction of the Udyam Registration new process? Well, if you're an enterprise who wants to establish their presence in the business landscape, then it would be better to give a try to this registration.

So, you should be aware of the nuances of the new process to navigate your registration journey smoothly. Keep reading as we're going to talk about how Udyam Registration's new registration can empower their business and drive sustainable growth.

What is Udyam Registration New Process?

The Government of India has introduced Udyam Registration, which can be described as a simplified online registration process for MSMEs out there. There was an earlier process of MSME registration, which was replaced with this one. However, the registration under Udyam is based on self-declaration, which requires minimal documentation and provides a range of benefits.

Key Changes in the New Process

1) Classification based on investment and turnover

Now, enterprises can be classified as per the investment in plant and equipment or machinery and turnover. With this, you can expect clarity on your MSME status.

2) Registration validity

Fortunately, the Udyam Registration is valid for a lifetime, which means there is no need for periodic renewal.

3) Aadhaar-based registration

This new process is solely based on Aadhaar, which can simplify the authentication process for you.

4) Registration without EM-II

In the earlier process, there was a requirement to fill out the EM-II form, but now you don't have to fill such a form for Udyam Registration.

Steps to Complete Udyam Registration

Step 1: Online Registration

Firstly, visit the official portal of Udyam Registration and fill out all your necessary details like PAN number, your name, Aadhaar number, business name, etc.

Step 2: Verification

Whatever Aadhaar number you've provided during registration will be used for authentication, and an OTP will be sent for your verification

Step 3: Classification

After that, classify your enterprise based on investment made in plant and equipment or machinery and turnover as per the prescribed criteria.

Step 4: Submission

After the verification of your details and completing the classification, you can submit your registration form.

Step 5: Generation of Udyam Certificate

With the successful submission, your Udyam Registration certificate, which comprises a URN will be generated.

How Many Days Does Udyam Registration Take?

Among a range of queries, the time taken for Udyam Registration is the most common. The new process is designed to be efficient and swift through which registration can be completed within minutes. When you've submitted an application, the Udyam Registration Certificate is generated to get an immediate confirmation about your registration status.

Benefits of Udyam Registration for New Enterprises

1) Financial Assistance

Well, you can enjoy preferential treatment in terms of subsidies, collateral-free loans, and credit facilities from financial institutions.

2) Statutory Benefits

Udyam Registration comes with statutory benefits like eligibility for Industrial Promotion Subsidy and exemption under the Direct Tax Laws.

3) Access to Government Schemes

You're eligible to avail an array of government incentives and schemes which are aimed to promote your development and growth.

4) Priority in Government Procurement

Fortunately, you can receive preference in government procurement processes, which can boost your business opportunities.

Conclusion

We can say that the Udyam Registration process has turned into an efficient and straightforward one with the introduction of the new registration process. However, there is a need to be aware of the steps involved, the time it takes, and the advantages it brings for embarking on an entrepreneurial endeavor with confidence.