Small businesses face various issues and challenges at the initial stage. Among all of them lack of finance and resources. To promote such enterprises, the government extended its support to businesses. In order to show support to the businesses, the government introduced Udyam registration, a unique 12-digit identification number that is provided by the government of India to micro, small and medium enterprises (MSMEs). The registration process is simple and can be completed online, making it easy for MSMEs to register and benefit from the scheme. Here are some of the benefits of Udyog Aadhar registration for MSMEs:
Access to government schemes and subsidies
MSMEs that have registered for Udyog Aadhar can avail of various government schemes and subsidies. These schemes and subsidies are designed to provide financial assistance and other benefits to MSMEs to help them grow and expand their business. The government provides financial assistance to MSMEs for technology up-gradation, marketing, and other aspects of business development. Additionally, the government provides subsidies on the purchase of machinery and equipment.
Easy access to credit
MSMEs that have registered for Udyog Aadhar are eligible for easy access to credit. Banks and financial institutions provide loans to MSMEs at a lower interest rate than other businesses. This is because MSMEs are seen as an important component of the Indian economy, and providing them with financial assistance can help them grow and expand their business.
Faster approvals for licences and permits
MSMEs that have registered for Udyog Aadhar can get faster approvals for licences and permits. The registration process ensures that the MSMEs are recognized by the government, which means that they can get faster approvals for licences and permits. This helps MSMEs save time and money, and they can focus on growing their business.
Exemptions and benefits under various laws
MSMEs that have registered for Udyog Aadhar are eligible for various exemptions and benefits under different laws. For example, MSMEs are exempt from paying taxes under the GST scheme if their turnover is less than Rs. 20 lakhs. Additionally, MSMEs are also exempt from obtaining an NOC from the pollution control board if they have a specific type of industry.
Better visibility and credibility
MSMEs that have registered for Udyog Aadhar have better visibility and credibility in the market. The registration process ensures that the MSMEs are recognized by the government, which means that they are trustworthy and reliable. This helps MSMEs attract more customers, which can help them grow and expand their business.
Ease of getting government tenders
MSMEs that have registered for Udyog Aadhar can participate in government tenders. The registration process ensures that the MSMEs are recognized by the government, which means that they can participate in government tenders. This helps MSMEs get more business, which can help them grow and expand their business.
Access to various trade opportunities
MSMEs that have registered for Udyog Aadhar can access various trade opportunities. The registration process ensures that the MSMEs are recognized by the government, which means that they can access various trade opportunities. This helps MSMEs expand their business and reach new markets.
Thus, we can conclude that Udyog Aadhar registration is beneficial for MSMEs in many ways. It allows businesses to take advantage of government schemes and subsidies, easy access to credit, faster approvals for licences and permits, exemptions and benefits under various laws, better visibility and credibility, ease of getting government tenders, and access to various trade opportunities. MSMEs that have registered for Udyog Aadhar can grow and expand their business, and contribute to the Indian economy.
In order to make the Udyog Aadhar registration process simple and straight, Udyam Aadhar emerged as trustable platform. With our simple registration form, you can easily apply for the registration. Also, we have the best team of consultants that possess keen interest in government policies and initiatives. Therefore, with Udyam registration, get your small, medium and micro size businesses registered and enjoy all the benefits and advantages of government schemes.