Starting a business isn’t easy. You are always torn between going through the legal process or not. However, Modi government as launched a new initiative after which, you won’t be able to make any excuses to start a business. The initiative is called Udyam registration.
‘All you need is the Aadhar card’ is the new and unofficial tagline for entrepreneurs wanting to start a business. In this article, we are going to discuss the new initiative and see why the government took this step.
What’s the declaration?
From July 1, the MSME registration process would go completely paperless and based on self-declaration. As per the MSME notification, only document required to register your company is your Aadhar number. In order to facilitate this minimalist process, the government is planning on organizing single window system across India.
Why was the process initiated?
MSMEs tend to face a lot of issues when it comes to uploading documents. “The documents needed are many and the time required is less. I was never able to find the time to get my Udyog Aadhar registration” – said Rahul Bharagava, partner at a small tech-firm.
As for the government, they are saying that Udyam registration is completely paperless and those who couldn’t find the time of strength of get Udyog Aadhar registration will appreciate this move. Further goals of introducing this move are as follows:
- Finding the beneficiaries of various schemes introduced by the government in the wake of COVID-19 pandemic.
- Saving time and cost for small businesses.
What will Udyam registration entail
Udyam registration will provide the following:
- An Udyam registration certificate.
- An embedded QR code through which information about the new enterprises can be accessed.
For MSMEs who already have access to Udyog Aadhar registration, they have to get Udyam registration in order to come under a unified code of conduct. If an MSME is engaged in multiple services or manufacturing services, they can put it all under one MSME but can’t get multiple registrations.
In the age where we are going digital, it’s time to give up paper. Whether you are an existing MSME or someone who wants to register as one, with Udyam registration, you can go completely paperless. For more information in this regard or if you want to get UDyam registration, contact our experts.