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Udyam Registration/ Udyog Registration/ MSME Registration

Udyam Registration/ Udyog Registration/ MSME Registration

Udyam– The objective of introducing Udyam registration was to simplify the procedural rules and its format, which traders had to undergo to register their business under Micro Small Medium Enterprise or MSME. Prior to the introduction of enterprise registration, the procedural format was quite complex and was a time-consuming bureaucratic process that had to go through a lot of paperwork.

However, with the introduction of enterprise registration, much has changed and to a large extent, moderate, Small and micro enterprises have improved. If you have not registered your MSME yet, and you are a medium, small or micro enterprise, then you should know that through Udyam registration– you can register in MSME and take advantage of various features, schemes.

Udyam

What is MSME?

Micro, Small, and Medium Enterprises are known as MSME. MSME new definition – It is a government programme that focuses on delivering benefits to small and medium-sized enterprises in order to help them compete in today’s highly competitive market. The MSME scheme gives loans to new entrepreneurs, allowing them to start their firms without financial limitations. MSME industries are the backbone of the economy in developing countries like India. When these industries grow, the country’s economy expands. The meaning is clear from the new definition of msme

MSME new classification/ msme classification latest

Criteria

Micro

Small

Medium

Investment & Annual TurnoverLess than Rs.1 crore & greater than Rs.5 croreLess than Rs.10 crore & greater than Rs. 50 croresLess than Rs. 50 crore & greater than Rs. 250 crores

Is MSME registration updated to Udyam registration?

Yes msme, For MSME registration, Udyam Registration has taken the position of Udyog Aadhaar Registration. Micro, small, and medium businesses that desire to start a business can apply for MSME/Udyam Registration. MSME/Udyam registration is entirely done online. Online registration for MSME/Udyam is necessary.

What is the registration of MSME?

Any business that falls into the MSME category must ensure that it is properly registered. The MSME registration stands for micro, small, and medium-sized enterprises. The MSMED Act- introduced by the Indian government to assist small businesses through various plans, subsidies, and incentives. Because MSME plays a key part in the country’s economic development, banks grant loans at lower interest rates with MSME registration. 

MSME registration is completely online. MSME online registration is to be done in the government portal of udyamregistration.gov.in.

Udyam

For New Entrepreneurs- not Registered yet as MSME

New entrepreneurs and entrepreneurs having EM-II registration need to click the button “For New Entrepreneurs who are not Registered yet as MSME or those with EM-II” shown on the home page for registering MSME. New registration of MSME is – by entering the Aadhaar card number and PAN number.

When clicked on the “For New Entrepreneurs who are not Registered yet as MSME or those with EM-II” button on the homepage of the government portal, it opens the page for registration and asks to enter the Aadhaar number and the name of the entrepreneur. After providing these details, click the “Validate and Generate OTP Button.”  The PAN Verification page appears after clicking this button and receiving and entering the OTP.

The entrepreneur must enter the “Type of Organization” and the PAN Number and click on the “Validate PAN” button. The portal gets the PAN details from the government databases and validates the PAN number of the entrepreneur.

After verification of PAN, the Udyam Registration papers form will appear and the entrepreneurs need to fill in the personal details and details of their enterprise.

Once the details on the MSME registration form are filled, the “Submit and Get Final OTP” click on button. The MSME registration process is complete and a message of successful registration with reference number will appear. Note down the reference number for future use. After verification of the MSME registration form, which may take a few days, the Registration Certificate is issued. Udyam certificate benefits the business. 

Udyam

Registration for Entrepreneurs Already Having UAM

For those already having registration as UAM, they need to click the button “For those having registration as UAM” or “For those already having registration as UAM through Assisted filing” shown on the homepage of the government portal. This will take you to a screen where you can enter your Udyog Aadhaar number and choose an OTP option.

The options provided are to obtain OTP on mobile as filled in UAM or obtain OTP on email as filled UAM. After selecting your OTP options, click “Validate and Generate OTP.” After entering the OTP, fill out the MSME registration form with your information, and your Udyam registration will be complete.

UAM (Udyog Aadhaar Memorandum)

Udyog Aadhaar Memorandum is the registration form wherein the MSME certifies its existence. It provides mandatory information such as the owner’s Aadhar details, bank account details etc. After submitting this form, an acknowledgement form releases to the registered email of the applicant containing the unique UAN (Udyog Aadhaar Number). As it is a self-declaration form, there’s no need for any supporting documentation. 

Eligibility for udayam registrationWho can Get Udyam Registration?

Some key points need to be clear! Industries that are eligible for registration made for production or manufacturing, or processing, or for the preservation of goods or services. Understand it the other way, traders who buy or sell goods, or import, export, are also not eligible for the registration application.

One important thing you should know is that – this is a series of the criteria option used for applying in which an entity must classify as a medium, small or micro enterprise in order to get MSME registration.

MSME Udyam registration benefits

Udyam
  1. After registering their MSME, the applicants will get the benefits of all the government schemes such as – an easy loan, loan without guarantee, loans with subsidized rates of interest etc.
  2. The applicant will receive financial support for participating in foreign expos to showcase their products.
  3. The applicant will also be eligible for government interest & capital subsidies.
  4. Registration would facilitate hassle-free opening of current bank accounts in the name of the business.
  5. It would also allow businesses to apply for government micro business loans and other such related beneficial schemes.
  6. Benefit from various tax exemptions. 
  7. Get preference in tender allotments. 

Documents required for Udyam registration

Udyam
  1. Aadhar number– Twelve-digit Aadhaar number
  2. Name of owner/ promoter 
  3. Category– General / Scheduled Tribe (ST)/ Scheduled Caste (SC) / Other Backward Castes (OBC)
  4. Business name 
  5. Type of organization
  6. Address
  7. Date of commencement 
  8. Previous registration details (if any)
  9. Bank details
  10. Key Activity– service or manufacturing
  11. National Industrial Classification (NIC) Code
  12. Number of persons employed
  13. Investment in Plant & Machinery/ Equipment
  14. DIC certificate full form– District Industry Center 

Why is it important to register your business under MSME?

Over the last few years, India’s entrepreneurial culture has grown rapidly. Growth has increased, particularly in semi-urban and rural areas, opening the way for the SME and MSME sectors. To boost the growth of the SME and MSME sector, the government has implemented several programmes, offers, and subsidies aimed at increasing individual participation. A business that registers under the MSME programme is eligible for several tax cuts, municipal schemes and subsidies, and other benefits. Banks also provide low-interest loans to such enterprises, assisting them with their operations and growth. 

The MSME and SME sectors account for about 70% of India’s GDP. This applies to industries ranging from agriculture to raw resources, manufacturing, and retail. For the expansion of the business and to make things simpler for the government, these enterprises registration is must within the MSME sector.

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    3 years ago

    Thank you So much for sharing such useful information, we are also well qualified for micro small & medium-sized companies with the MSME New Udyam Registration processing system.

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