Udyam Registration for Service-Based MSMEs

All the sectors under micro, small, and medium enterprises have a considerable contribution to the Indian economy due to employment, innovation, and industry growth. Although the manufacturing sector gets more attention in MSME, the service-based MSME sector is also an equal partner in India's economic progress. 

To support all sectors of MSME, the Government of India introduced a simple online process called Udyam Registration, which provides an official MSME status. Every sector of MSME gets the benefit of Udyam Registration, and if your business is service-based, then you can get many financial benefits by getting your Udyam registered; you can also get access to government schemes and enhance your credibility. 

Through this article, we will provide a detailed guide about the features of Udyam registration, which will be related to the service-based sector for MSMEs. Inside this, you will get the eligibility criteria, and benefits of MSME, and step-by-step stamp registration will also be available so that if your business is service-based, then you can avail of all the benefits.

Let us understand some features of Udyam Registration:

• It is a 100% online and paperless process in which you will only need an Aadhaar number and PAN number.
• Some nominal charges have to be paid if you want to get your registration done online and in a very easy way through a private consultancy.
• Its validity is a lifetime.
• It provides an official recognition to MSMEs.
• Your businesses can get access to government schemes that are especially for MSMEs, as well as subsidies and financial support from banks.

What are the eligibility criteria for service-based MSMEs?

The eligibility criteria for Udyam registration depend on the investment of the business in assets and the annual turnover.

If your service-based business meets these criteria, then you can apply for Udyam registration.

What benefits can be availed after getting service-based MSME enterprise registration done

If MSME gets its enterprise registered, then it gets many benefits, and if your business comes under MSME criteria and is service-based, then you can get various types of benefits given below, such as

1. Benefits of credit and financial support

• Many schemes are run by the government, like CGTMSC, in which collateral-free loans are available.
• On taking a loan for business, an interest rate is charged
• Benefits are also available in priority sector lending

2. Government subsidy and tax benefits

• Trademark and patent registration subsidy is available for free
• The government has some specific policies in which exemption in income tax is also available
• Those who are registered through MSME enterprise registration get concession on their electricity bill

3. Ease of doing business and their compliance

• GST and tax filing process becomes very simplified 
• MSME is provided relaxation in the government tenders and at the same time, some specific tenders are only for the MSME sector
• If there is any delay in making payment, then MSME gets protection under the MSME Act

4. Opportunities in the market increase

• Trust and credibility in the market increases
• Preference is also given to vendor listing and industrial collaboration

Now you must understand that if you complete the Udyam registration process for your service-based business, then your business can avail many benefits. Now we understand the process of Udyam registration and how to register online.

Step-by-step Udyam registration process:

If you have a service-based MSME and you want to get your Udyam registration done, then here is the step-by-step Udyam registration process, which will help you in getting online Udyam registration done. Follow the steps given below and get your Udyam registration number.

Step 1: First of all, go to the Udyam registration online portal

Step 2: The home page of the Udyam online portal will open

• Click on New Udyam Registration in the navigation bar

Step 3: The new Udyam Registration Certificate Online Form will appear on your screen. Please fill in all the details correctly

Step 4: In the form, you have to fill in some basic information like

• Applicant's name
• Applicant's mobile number
• Applicant's email ID

Step 5: You have to give the details of the applicant's business address, like

• Pin code
• State which you can choose from the drop-down box
• The district, which you can choose from the drop-down box

Step 6: You have to enter your gender, social category, and physical ability in the drop-down box

Step 7: Now you have to give the details of your business, like

• Business name
• Date of commencement of business
• Office address of the business
• Type of organization which you can choose from the drop-down box
• The main business activity of the enterprise can also be chosen from the drop-down box
• Investment in business and annual turnover can be entered in the given box

Step 8: Now you have to give the details of identity proof, like

• Aadhar number
• PAN card
• GSTIN number Provide GSTIN number only if you have 

Step 9: Bank details like 

• Bank name
• Bank account number 
• IFSC code 

Step 10: You will have to provide some additional information, like how many people are employed in your business and if you want to provide additional details about your business, then you can fill it in the given box 

Step 11: The verification code will be displayed on your screen; fill it in the given box correctly and also tick mark the terms and conditions and declaration box 

Step 12: Finally, click on the register option.

After clicking on the register option, you will reach directly our payment gateway. You will have to pay some nominal charge; after that, you will receive an OTP, which you verify. You will get a confirmation message in your mail.

You will receive the Udyam Registration Number in your registered email ID within 24 to 48 hours.

After receiving the Udyam Registration Number, if you ever want to download the Udyam Registration Certificate, you can read  How to Download & Print Udyam Registration Certificate

Conclusion:

Udyam registration is an essential step for service-based MSMEs to get their business registered and recognized by the government. Due to this, financial benefits, exemption in tax, easy availability of loans, and credibility in the market also get enhanced.

Whether you have a consulting firm, an IT service, a digital marketing agency, or any other service-based related business, quickly get your business registered in the Udyam Registration Portal and unlock all the benefits you can get or any opportunities related to your business.

If you have not got your business registered yet, then why are you delaying? Get your service-based business registered today, and if you are facing any problems related to Udyam registration or you want to get any information, then visit our website, or you can contact us at the contact given on our website.