Stay Ahead of Competition with Udyam Registration Online in India

What is Udyam Registration Online?

Udyam Registration Online is a new initiative by the government of India to help entrepreneurs and startups in their journey. It is a single-window portal where you can register your business, apply for loans, get access to incubation centres and more.

To be eligible for Udyam Registration, your startup needs to meet these conditions:

You must be incorporated as an Indian Company or LLP/LLP (Limited Liability Partnership) with at least 51% ownership by Indians. If you are not incorporated yet but have plans to do so soon, you can register yourself under this category as well (and then incorporate later).

Your turnover should not exceed Rs 25 crore per year in any financial year since incorporation or formation of the company/LLP/LLP(LM). This means if your startup has been running for less than 2 years then its total annual revenue cannot exceed Rs 50 lakhs during that period; if it has been running for more than 2 years but less than 5 years then its total annual revenue cannot exceed Rs 1 crore during that period; if it has been running for more than 5 years then its total annual revenue cannot exceed Rs 2 crores during that period etc.

Benefits of Udyam Registration Online

Udyam registration offers a range of benefits to small businesses that can help them stay ahead of the competition. Some of the key benefits of Udyam registration include:

Access to government schemes and incentives: 

Small businesses that have Udyam registration Online can access various government schemes and incentives that can help them grow and expand. These schemes may include financial assistance, tax benefits, and subsidies on loans and equipment.

Increased credibility and trust: 

Udyam registration is a mark of credibility and trust, as it demonstrates that a business has been verified by the government. This can help small businesses build a positive reputation in the market and attract more customers.

Access to procurement opportunities: 

Udyam registration also provides small businesses with access to various procurement opportunities offered by the government. This can help businesses secure contracts and projects that they may not have been able to access otherwise.

Competitive advantage: 

By obtaining Udyam registration, small businesses can differentiate themselves from their competitors and gain a competitive advantage in the market.

Overall, Udyam registration can help small businesses stay ahead of the competition by providing them with access to various government schemes and incentives, increasing their credibility and trust, and providing them with access to procurement opportunities.

Can I use my Udyam registration certificate to get MSME  business credit? 

 Yes, your Udyam Registration Certificate is acceptable proof of your fiscal year!  

When you apply for a business loan, you must submit several documents to the lender  with your business loan application. The information in these documents will help the lender verify the information in your application and develop a general understanding of your business and finances. The age of your business, also known as the year of operation, entitles you to better credit products and better credit terms.Therefore, your registration with Udyam as well as the first page of your bank account book can be used to prove your business.  

When applying for a business loan through the CreditEnable technology platform, most of our lenders prefer to lend to companies that have been in business for at least 2 years and are registered. However, some lenders make loans to small businesses with a year of 12 months or more.  

Use our platform to check in advance if you are eligible for a business loan  so we can help you find the right lender to get your loan fast. 

How to print a Udyam registration certificate to present to a commercial lender?

To print your Udyam certificate from the portal:  

Step 1: Visit the Udyam portal and click “Print/Validate” on the top menu. 

Step 2: Select the first option "Print Download Udyam Certificate" from the drop-down menu. 

Step 3: Enter your 19-digit Udyam registration number and mobile phone number that you received in the app. 

Step 4: Once approved, you will be directed to the “Print” option. 

Step 5: Click Print and the computer will display the print options. Set your print parameters and click on Print. Your Udyam Registration Certificate will now start printing! 

Store this hard copy in a safe place and remember to have it ready when you apply for an MSME business loan with a formal lender.

Conclusion

In today's competitive business landscape, staying ahead of the competition is crucial for the success of any small business. Udyam registration online offers an opportunity for small businesses to gain access to government benefits and take advantage of various schemes aimed at promoting their growth. By following the process outlined in this guide, small business owners can easily register their businesses and enjoy the benefits that come with it. So, if you're a small business owner looking to take your business to the next level, consider Udyam registration online and stay ahead of the competition.