Application Form of Udyam Registration For Contractor
Fill out this application form to get your contractor construction company registered under the new udyam portal instantly.
In this article let’s understand the udyam registration for contractors, the complete process, and all the advantages if the electrical, HVAC, plumbing & civil contracting companies register under the ministry of MSME. Construction companies have increasingly struggled with late payments of bills, whether from a government body or a large enterprise.
This will undoubtedly have a significant impact on the company’s growth and long-term viability. As a result, as a construction company (road, bridge, wall, building construction, electrical, plumbing, HVAC contractors), one should not miss the chance of not getting registered under the MSME Udyam Registration portal.
Read further to look at the main udyam registration process, documents required and the benefits of the MSME Udyam registration certificate for construction companies who are into the field of electrical, plumbing, civil, hvac and so on.
What is MSME Registration?
MSME stands for Micro, Small, and Medium Enterprises, and it promotes all enterprise (manufacturing, service & trading industry) growth and promotion through a variety of incentives and initiatives. MSMEs are critical to every country’s economic success. In order to help new and current industries, the Indian central government has devised a number of schemes & programmes to assist small and medium-sized businesses in prospering.
You must first register as an MSME in order to take advantage of numerous government scheme & programmes. The registration is referred to as an MSME registration or an Udyam registration. Here is the link https://udyamregistrationform.com/ to get registered as MSME.
What is the MSME Act?
The Micro, Small and Medium Enterprises Development Act of 2006 [MSME] included provisions to address the issue of late payment, forcing any client who fails to pay an MSMEs registered contractor within 45 days, regardless of contractual terms. If the client, the buyer, does not pay, they will be charged monthly compounded interest at three times the RBI’s established bank rate.
Furthermore, if a dispute arises regarding the realisation of principal and interest, state governments will organise MSME councils that will hold hearings to address all issues.
All the contractors in electrical, civil, mechanical and plumbing should also register on the IREPS registration, so they can also work for Indian railway and metro development sector
Benefits of Udyam Registration for Construction Company
MSME Udyam registration has numerous benefits for contractors. However, we have identified the most important ones that you should be aware of.
- The government has launched a credit guarantee fund of Rs 3 lakh crore for lending to industry, particularly registered MSME. Under this arrangement, banks and financial institutions will lend money to MSME without requiring collateral. Businesses having a revenue of Rs 100 crore and an outstanding limit of Rs 25 crore are eligible for this scheme.
- The MSME Department now has revised definitions of MSME so that more construction and other enterprises can join and benefit from the MSME Udyam Registration Schemes & programmes.
- The Finance Minister has also announced a Rs 20,000 crore increase in the subsidiary debt facility for MSME. MSME businesses that have been judged stressed or non-performing assets would be eligible for this settlement. This will help struggling MSME enterprises, particularly construction firms, to recover.
- Another benefit of Udyam registration for construction businesses is a reduction in EPF contributions.
- Construction firms who join in MSME Registration receive subsidies on power, taxes, and access to state-run industrial estates. After successful Udyam registration, the construction company may also be exempt from certain direct taxes in the first few years of operation.
- Under RERA laws, MSMEs would also have six months to complete their projects. This will let developers complete their projects and earn a completion certificate while avoiding fines. TDS levels have also been reduced by a fifth.
- Easy business loan without any collateral for construction contracting companies
Note: If you are looking for a loan from a bank or financial institution then you should have a detailed project report for bank loan procedure.
Here is Sample project report for bank loan pdf, excel, doc, to download and start applying for bank loan.
Udyam Registration Process for Contractor Construction Company
Step 1: Go to the Udyam registration portal at udyamregistrationform.com.
Step 2: Fill out the application form correctly. Step 3: Pay for the online udyam registration service.
Step 4: One of the representatives will look into your process and handle your udyam application.
Step 5: After a few working hours you will receive an Udyam certificate at your registered mail address.
Note: After obtaining the OTP, you must share it with our officer for further processing. To update your Udyog Aadhar certificate to Udyam certificate, go to https://udyamregistrationform.com/udyog-aadhar-to-udyam/
Note: In the Udyam Registration Certificate, you cannot change the applicant’s name, state, district, or Aadhaar number. Only in rare circumstances may a PAN number be changed.
Documents Required for Udyam Registration for Contractor
These are the documents required to register under the udyam registration portal.
- Aadhaar Number
- PAN Number
- Business Name
- Phone Number
- Email Id
- Official Address
Note: The applicant mobile should be linked with the aadhaar card
There are no documentation or proof necessary to upload on MSME Udyam Portal. For online registration, only the Adhaar Number will be required. PAN and GST-linked information on firm investment and turnover would be automatically extracted from government data banks.
Frequently Asked Question & Answer
Here we have answered some of the common questions of civil construction builder companies.
Can Builder or Construction companies come under MSME?
Yes, any construction companies (electrical, solar, civil, building, plumbing, HVAC) can register under the ministry of msme.
Is udyam registration mandatory for construction companies?
Yes, every business in India should register for udyam, as it will add additional benefits for the growth of the business.
Can construction companies apply for Udyam Registration Certificate?
Yes, any construction company in India can apply for a udyam registration certificate.
Construction proprietor business will get udyam e-certificate?
Yes, after the successful registration process, you will get an udyam e-certificate and a unique id number ie. URN – Udyam registration number.
Electrical contractors can apply for udyam registration certificate?
Yes, electrical contractor companies can apply for msme udyog aadhar udyam certificate.
Furthermore, if you require any assistance with the MSME/ Udyam/ Udyog Aadhar Registration Certification, please do not hesitate to contact our business helpline consultants.
