MSME/UDYAM Registration

Introduction:

If you are doing a business then definitely you may have heard about the UDYAM registration {formerly known as Micro, Small and Medium Enterprise (MSME registration)} which is a beneficial certification required to be done by all the Micro, Small and Medium Enterprises.

Any person who intends to establish MSME or is an existing MSME needs to get registered under the Ministry of MSME by signing up on the official Government portal.

UDYAM registration is a simple process which is done online through the government portal via website https://udyamregistration.gov.in . It is completely online, paperless and based on self-declaration. No documents or proofs are required to be uploaded and there is no government fees for this registration. You can also seek help of a professional for the same.

Who can Apply:

Entities engaged in manufacturing, service industries, wholesale and retail trade that meet the MSME classification (updated w.e.f. 1st July 2020) criteria for annual turnover and investment are eligible to apply for UDYAM registration. The following types of entities qualify for UDYAM registration:

• Sole Proprietors
• Partnership firms
• Private Limited companies (all types)
• Public Limited companies
• Limited Liability Partnership (LLP)
• Societies
• Trusts
• Sec 8 Company

Eligibilty Criteria For Falling Under Micro, Small And Medium Enterprises:

Based on: Investment in Plant & Machinery/Equipment and Annual Turnover

Process & Benfits Of Udyam Registration:

How To Apply For UDYAM Registration?

STEP 1: Visit Udyam Aadhar government website https://udyamregistration.gov.in

STEP 2: Choose the option For New Entrepreneurs who are not registered yet as MSME or those with EM-II.

STEP 3: Verify your Aadhaar details and 'Validate'.

STEP 4: Verify your PAN details.

STEP 5: Enter all your personal, bank and enterprise details.

STEP 6: Enter NIC code and details pertaining to the main business activity of the enterprise.

STEP 7: Submit the form and enter the OTP received and the UDYAM AADHAR number gets generated.

Note:

• Make sure your mobile number is linked to Aadhaar before beginning the process.
• Once you have registered your entity through your Aadhaar, you cannot apply for new registration with the same Aadhaar. However, you may edit and add other entities to the existing Udyam certificate.

Benefits:

• Access to Government schemes: Users can take benefit of various Government schemes, subsidies and incentives to enhance their business growth.
• Financial Benefits: Helps businesses access loans and credit facilities at lower interest rates.
• Preference in Government Tenders: UDYAM registered businesses get priority in government tenders which can create business opportunity.
• Tax Benefits: UDYAM registered businesses may get tax benefits and deductions.
• Waiver of government security deposits when attempting to procure tenders
• Discounts of up to 50% on trademark and patent registration fees and reimbursement of ISO certification fees

MSME Schemes

There are several schemes for the MSME's for Employment generation, Credit guarantee, Entrepreneurship Skill Development and many more which could help entrepreneurs grow their businesses and take the benefits available. You can get to know more about such types of schemes introduced by Government through e-book by clicking on the link given below.