During difficult times, smaller businesses end up facing a major brunt as their only means of income are damaged. Small and Medium Enterprises, during the whole lockdown crisis, have suffered exponentially.
The government acknowledges that the Small and Medium Enterprises or the SMEs have endured massive financial losses lately and therefore encourage more and more people to avail of the benefits under the Udyam scheme.
What you need to know before registering under the Udyam scheme:
In order to avail the benefits of the Udyam scheme, the organization must be classified as a Micro, small or medium enterprise on the basis of the criteria mentioned herewith:
- The microenterprise is where the investment and machinery should not exceed one crore rupees and turnover doesn’t exceed five crores rupees
- Small enterprise is where the investment and machinery does not exceed 10 crores and turnover does not exceed 50 crores
- A medium enterprise is where the investment and machinery does not exceed 50 crores and turnover does not exceed 250 crores
- Anyone wishing to establish a micro, small or medium enterprise may file the Udyam Registration online in Udyam registration portal entirely on self-declaration and with no requirement to upload documents, papers or any proof
- On registration, the enterprise will be assigned a permanent identity number known as Udyam Registration Number
- An E-certificate is known as the Udyam Registration certificate” will be issued on completion of the registration process.
With tougher days ahead, micro, small and medium enterprises have a steep challenge in front of them and the government, through the Udyam scheme extends a helping hand to entrepreneurs.