Micro, small and medium enterprise udyam registration are the lifeblood of india economy creating millions of job each year and making significant contribution to the country growth and development.
The following are three encouraging facts regarding micro, small and medium enterprise in india.
By the year 2023 micro, small and medium enterprise and small company will employ 16 crore indian.
Micro, small and medium enterprise are responsible for 30 per cent of india gross domestic product.
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Micro,small and medium enterprise account for 40 per cent of all export generated in india.
This clearly demonstrate that small firm and small enterprise dispersed over india have huge potential and a bright exciting future. If you own a small business but have not yet registered you are missing out on valuable business and subsidy opportunity. Micro, small and medium enterprise udyam registration in india is advantage and essential for a variety of legal and tax reason.
We will walk you through the full micro, small and medium enterprise udyam registration procedure and explain the benefit of micro, small and medium enterprise registration as well as the micro, small and medium enterprise udyam registration expense.
But first let us define what micro, small and medium enterprise means.
Micro, small and medium enterprise is defined as a small and medium sized business. What exactly is micro, small and medium enterprise?
A micro, small and medium enterprise is a small business that has been registered with the ministry of micro, small and medium enterprise. It is divided into two categories.
Here are the definition as per the most recent government rules.
A micro enterprise is a business with a capital investment of less than rupees 1 crore and a revenue of less than rupees 5 crore.
A small business is defined as one with a capital investment of less than rupees 10 crore and a revenue of less than rupees 50 crore.
A medium enterprise is defined as a business with a capital investment of less than rupees 20 crore and a revenue of less than rupees 100 crore.
How is a company classified as a micro, small and medium business?
The previous year income tax return will be used to determine the amount of investment in plant and machinery. (which includes all tangible assets excluding land, buildings, furniture, and fixtures).
Export of commodity service as well as both are not included in the computation of turnover.
How to register for micro, small and medium enterprise udyam online.
Micro, small and medium enterprise udyam registration can be completed online at the ministry of micro, small and medium enterprise website. Furthermore further information on the numerous initiative for micro, small and medium enterprise in india including credit and lending scheme as well as subsidy scheme and so on may be found on the ministry of micro, small and medium enterprise official website.
An aadhaar card as well as the registered phone number are now required to begin the micro, small and medium enterprise udyam registration procedure.
Other document necessary for micro, small and medium enterprise udyam registration include.
Document of ownership and a lease arrangement.
Cheque that has been cancelled.
Permanent account number card.
Document pertaining to the formation of a business.
Document such as the lease deed as well as property tax receipt and other are required for self owned property.
No objection certificate from the owner and rent receipt as well as utility bill and other document are required for rented premises.
Deed of partnership.
Association of memorandum.
Association of article.
Copy of purchased machinery license and bills of sale.
If you have not yet registered as an micro, small and medium enterprise these are the step to take.
Select for new entrepreneur who have not yet registered as an micro, small and medium enterprise from the udyam registration menu.
Fill in your aadhaar number and name as it appears on your aadhaar card, then click validate and generate one time password. Select validate after entering the one time password number that was sent to your cell phone. Your aadhaar number will be successfully validated.
Verification of the permanent account number. Choose the sort of business you want to start, then input your permanent account number and click validate. Your permanent account number will be verified.
Filling out the registration form for udyam. Please fill in the following information.
Phone number and email address.
Gender and social class.
Name of the company and its location.
Choose whether and not production will begin.
Information on the entity bank account.
The business unit main activity is.
Activity are classified under the national industry classification system.
The number of person that are employed as a whole.
The amount of money spent on machinery and equipment.
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If you want to be registered on the government electronic market portal select yes or no.
If you want to be registered on the trade receivables discounting system portal select yes and no.
From the drop down menu pick the district industry center.
After filling out the form check the box that says i agree to the terms and conditions and then click submit and get final one time password. Enter the one time password that was sent to your phone and hit the final submit button. You will be given a registration number once you click on the submit and get final one time password button. You will receive an electronic registration document on your electronic mail address once the government has confirmed all of your information.