Are you an unregistered Indian small business planning on registering your company? Try registering your business on the Udyog Aadhaar Memorandum (UAM) portal.
Up until now, about 50 lakh businesses have registered for the Udyog Aadhaar from across the country since September 2015. There are several benefits of registering your business on the portal. Here is everything you need to know.
What is the Udyog Aadhaar Memorandum (UAM) portal?
The Udyog Aadhaar Memorandum (UAM) portal is a one-page registration form which helps MSMEs register themselves. The UAM has replaced the older SSI form of registrations. The earlier process of registration was lengthy and cumbersome with large amounts of paperwork. This discouraged businesses from registering themselves on the portal. Now, using the UAM, businesses can self-declare their existence, bank accounts, Aadhaar details and more.
Businesses can register on the portal using their Aadhaar card. You can file for more than 1 UAN (Udyog Aadhaar Number), using the same Aadhaar card. The registration process is free of cost. Once the registration process is done, a UAN number will be sent to via mail on the basis of which they can avail various Central and State government benefits for MSMEs.
Once the registration is accepted, the Government gives you a recognized certification. This certification will further help you avail benefits depending on your business category.
Eligibility to register on the UAM portal:
Initially, MSMEs were classified based on the amount they invested in their businesses. This allowed businesses to misrepresent their investment numbers to avail multiple benefits.
To overcome this problem, the Government has now changed the method of classification. Now MSMEs are classified based on their annual turnover, which can be verified on the GSTN portal.
Why should you register on the UAM portal?
Here are some of the benefits MSMEs can avail from the Udyog Aadhaar Memorandum:
- Once registered, you can access several government schemes. Benefits include exemption from excise and direct taxes, easy loans with low-interest rates, loans with credit guarantee, government subsidies and more.
- Registered businesses are also eligible to receive financial aid for participation in various foreign expos. These are ideal places to network and showcase products.
- Easily open a current account for your business.
- Avail reduced prices for filing patents and trademarks.
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