India is home to almost 132.42 crores out of which 50% are under the age of 25 and 65 % under the age of 35. These statistics tells us that India is a young country, a country whose GDP growth is 7.7% which is the seventh largest economy in the world. This is a staggering feat considering we got our Independence in 1947. Most of the credit to achieve this feat goes to the working population of our country. So be it a famer, laborer or anybody else in the context of working population have contributed to this feat.
Different sectors along with their horizontals have been competitively operating in our country. Be it a Micro Small and Medium Enterprise (MSME) or a Multi-National Company (MNC) all are operating and contributing to the economy. Let’s focus more on MSME’s. MSME also known as SSI or Small Scale Industry are the industries classified under the MSMED Act 2006.
The person writing this article has gone through a quite a few numbers and has realized that the entrepreneurial bug can bite anyone anytime. If it bites you or has already bitten you and you have thought of starting your company there are many mechanism created by our government to give your inspiration and passion a shape and entitlement.
One of it is called Udyog Aadhar registration. Udyog Aadhaar is an awesome programe formulated by our government to help MSME’s. Government gives this benefit as per MSME Act 2006. In order to claim those benefits, it is necessary to register the company under MSME Act. This registration process is called Udyog Aadhar Registration. Hence after getting this registration company is eligible for all the benefits under MSME Act. Before Udyog Adhar registration you had to file Entrepreneurship Memorandum 1 for Manufacturing Sector and Entrepreneurship Memorandum 2 for service sector with the respective District Industrial Centers (DIC). It made the process a little complex and cumbersome. As of today the whole process is replaced by Udyog Aadhar registration.
So, what is Udyog Aadhar?
Udyog Aadhar is a 12 digit Unique ID also known as udyog aadhar number which not only gives your company a legal Identity but also provides many benefits such as banking benefits, electricity benefits, etc. to your enterprise.
I will repeat this once again Udhyog Aadhar is a 12 digit Unique ID which not only gives your company a legal Identity but also provides many benefits to your enterprise .
Excited about Udyog Aadhar after reading this, you should be. Let us go through this programme in more detail.
Earlier (not in the cave man ages :P) before Udyog Aadhar programme you had to go through a lot of different processes to register your MSME. No fun at all. To ease this process the government came out with Udyog Adhar memorandum programme .
Who is eligible for Udyog Aadhar registration?
Manufacturing, trading as well as service sector businesses are eligible to register under Udyog Aadhar provided they fall under ‘MSME Act 2006’ criteria.
Why do we need it?
Every business has its own needs and demands. Be it money, manpower, etc. With Udyog Aadhar in the picture any one can apply for different schemes and benefits provided by the government. The main aim of Udyog Aadhar is to make the process of registering a company under MSME act 2006 very very easy and to give various benefits through various welfare schemes.
Now let’s turn to the various Udyog Aadhar benefits that one can get from Udyog Aadhar registration. They are quite a few lets mention them
- Banking Benefits
- Help from Governments to participate in Foreign Expo’s
- Direct tax laws exemption
- Help from the state governments in their respective schemes
- Relaxed Registration and stamp duty
- Applicable for governmental subsidies.
- Applicable for easy mortgages
- Udyog Aadhar Loan without guarantees
- Low interest rates
- Concessions in Electricity
- Waived of fee while registering trademarks and patents
- Credit schemes
- Dispute resolution
So these are the benefits you can gain from having an Udyog Aadhar card.
How can you get your Udyog Aadhar?
There are many steps involved in registering your Udyog Aadhar. It’s a very complex process with more than 20 steps. To streamline the process Afleo.com team is here to help you, but as usual we will need your help to. Don’t get afraid we are not telling you to go through the process. We will do it for you. Just sit back and relax. Here are the steps simplified:
Step 1: Fill in the Aadhar number, caste gender and your physical status
Step 2: Fill up name of your business, type of organization, PAN Card Number, Address of the organization, address of the enterprise
Step 3: Mention the date of commencement of the business, previous registration details, bank account number, major activity, NIC Code
Step 4: Notify the number of people employed, investment taken place and DIC number.
Step 5: AN OTP will be generated along with the captcha code and the final part includes wherein you take the print of Udyog Aadhar
Udyog Aadhar will definitely help you to take your business forward in all aspects. As we are to coming the end of this article it is very clear that the mechanisms have been put in place to encourage and foster the entrepreneurial spirit in our country. MSME’s have always played a very important role in the growth of our country. So keep working and Happy Entrepreneurship.
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