Business

IMPORTANCE OF UDYOG AADHAR REGISTRATION FOR COMPANY

Over the past five years, the Micro, Small, and Medium Enterprises (MSME) sector has emerged as a dynamic sector of the Indian economy. On the one hand, MSME contributes to the creation of jobs at a cheap cost of capital, and on the other, it aids in the industrialization of rural and underdeveloped areas. As a result of this thriving sector, regional imbalances have been addressed, ensuring a more equitable distribution of national income and wealth. As an accessory unit, they occasionally contribute to major industries. 

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The Micro; Small and Medium Enterprises Development (MSMED) Act was introduced in 2006 as a policy to address difficulties affecting MSMEs. The Act provides the first-ever legal framework for enterprise recognition. According to this, state governments have primary responsibility for the promotion and growth of these businesses, which is supplemented by the federal government. There are various initiatives and programs that can only be accessible after MSME Registration to:

  1. Encourage self-employment: By ensuring a sufficient supply of credit from financial institutions and banks, MSME are recognised by all banks and financial institutions, and plans for their commercialization are available. To ensure that MSME tax benefits, such as excise duty exemption and exemption from some direct taxes, are maintained in the early years of business.
  2. Support for technical advancements and infrastructure improvements
  3. Opportunities for employment include: Upgraded skills, capacity building, and training facilities are all needed.
  4. Possibilities for a living: Craftsmen’ and workers’ well-being
  5. Support for product development and market entry in the United States and abroad.

MSME Registration Types:

  1. MSME Provisional Registration: During the pre-investment stage, it is given to a unit. The following are some of the advantages:
  • To obtain lodging, land, and other necessary approvals
  • To obtain No Objection Certificates and other regulatory certifications from their respective regulatory agencies.
  1. MSME registration for life: It is given to a fully operational existing unit. The following are some of the advantages: 
  • State and federal government tax exemptions.
  • For items produced, price and buyer preference are important.

MSME Registration Process:

The registration process enables MSMEs to participate in large-scale businesses while also allowing new entrepreneurs to enter this industry. MSME registration is not a time-consuming process because the documents necessary are relatively few. One must have:

  1. A Sale Deed or a Rent Agreement may be used as proof of establishment.
  2. A cancelled check or a bank statement
  3. The authorised person’s Aadhar card.
  4. The approved person’s PAN card.

It’s critical to remember that the approved person’s Aadhaar card is crucial. If the applicant does not have an Aadhaar number, he or she must apply for one. The MSME-DI or DICE shall fill out the Udyog Aadhaar Registration on behalf of the firm until Aadhaar is assigned (UAR).

However, as an alternative, the following documents may be required:

  1. If he has enlisted, he should have an Aadhaar enrolment ID slip.
  2. A copy of the enrolment request for Aadhar.
  3. Any government-issued photo ID card, such as a bank photo passbook, voter ID, passport, driver’s licence, PAN card, or employee photo ID card.

The government has organized a complete system of facilitation for the registration process

For the purpose of this procedure, an enterprise shall be known as an enterprise and its registration process shall be known as ‘enterprise registration’.

A permanent registration number will be given after registration.

The online certificate will be issued after the completion of the registration process.

This certificate will have a dynamic QR code from which the web page on our portal and the details about the enterprise can be accessed.

There will be no need for renewal of registration.

Our Single Window System at Champions Control Room and DIC will help you through this process.

The registration process is completely free. No one has to pay any fees or charges.

MSME registration is free, paperless, and based on self-declaration

The MSME registration process is completely online, paperless, and based on self-declaration.

There is no need to upload any document or proof to register with MSME.

Only the Aadhar number will be sufficient for registration.

PAN and GST-related details on the investment and turnover of enterprises will be automatically captured from the government database.

Our online system will be fully integrated with the Income Tax and GST IN system.

It is mandatory to have PAN and GST numbers from 01.04.2021.

Those who have EM-II or UAM registration or any other registration issued by any authority under the Ministry of MSME will have to re-register themselves.

No enterprise shall file more than one enterprise registration. However, several activities, including manufacturing or service, or both, may be specified or combined in a single registration.