Udyam Registration
Udyam Registration is a registration process for small and medium enterprises (SMEs) in India, as per the guidelines of the Ministry of Micro, Small and Medium Enterprises (MSME). This registration process was launched in July 2020 to replace the earlier registration process known as Udyog Aadhaar Memorandum (UAM).
Easy Process and Documentation
Required Paperwork
- Aadhaar Card of the owner/promoter
- PAN Card of the enterprise
- Bank Account details of the enterprise
- GSTIN (if applicable)
- Business Address Proof
- Proof of investment in plant and machinery
- Details of the activities
Process, Service Charges, Time duration
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REGISTRATION FOR UDYAM
The Union Ministry of Micro, Small and Medium Enterprises (MSME) has introduced a new process of classification and registration of MSME Enterprises under the name of ‘Udyam Registration’ on July 01, 2020.
MSME CLASSIFICATION REVISED
A micro, small, and medium enterprise (MSME) is defined as-
| Classification | Investment in plant , machinery or equipment | Turnover |
|---|---|---|
| Micro enterprise | No more than INR 1 Crore | No more than INR 5 Crore |
| Small enterprise | No more than INR 10 Crore | No more than INR 50 Crore |
| Medium enterprise | No more than INR 50Crore | No more than INR 250 Crore |
WHO SHOULD REGISTER FOR UDYAM ONLINE?
Anyone who wants to start a tiny, small, or big business can file online udyam registration.
DOCUMENTS REQUIRED FOR UDYAM REGISTRATION ONLINE
The application procedure for Online Udyam Registration is based on self-declaration, and you are not required to submit any additional documents, certifications, papers, or proofs at any point in the process.
In order to complete the registration procedure, the user will only be required to provide their 12-digit Aadhaar Number, their PAN Card, and the information of their business bank account.
UDYAM REGISTRATION PROCEDURES
You can register for Udyam by going to the LegalDocs website and following the three easy steps listed below.
Application Writing
Send in the application and pay for it.
Processing
Our CA will submit the application using the online system.
Certificate
You will be sent your MSME Certificate to the email address you registered with once it has been approved.
HOW TO REGISTER A MSME USING THE UDYAM REGISTRATION PORTAL?
The new MSME filing process is all done online, doesn’t require any paper, and is built on self-declaration. For creating an MSME, you don’t have to send any papers or paperwork.
- An MSME needs to use the Udyam Registration Portal to apply for online Udyam Registration.
- If the application is accepted, the business will be given a “Udyam Registration Number,” which is a lasting identification number.
- When the registration process is done, a “Udyam Registration Certificate” will be given to the business.
- For udyam registering, you must have an Aadhaar card. Depending on the type of business, the following Aadhaar numbers are needed:
| Type of firm | The person whose Aadhaar number is required |
|---|---|
| Proprietorship firm | Proprietor |
| Partnership firm | Managing partner |
| Hindu Unbroken Family | Karta |
| Company, Co-operative Society, Trust, or Limited Liability Partnership. | Authorised signatory |
UDYAM REGISTRATION FOR EXISTING MSME ENTERPRISES/BUSINESSES
Existing businesses that have previously registered either under EM-Part – II or UAM or with any other organisation that falls within the purview of the Ministry of Micro, Small, and Medium Enterprises are needed to re-register on the Udyam Registration Portal. This is a mandatory requirement. On or after the 1st of July 2020, businesses in this category are needed to submit an application for Udyam Registration.
Note the following for businesses that register before June 30, 2020:-
These businesses will be reclassified based on the new criteria announced in a notice from June 26, 2020.
Such businesses that sign up before June 30, 2020, will only be good until March 31, 2021.
INFORMATION IN UDYAM REGISTRATION UPDATED
The business that already has the Udyam registration number is required to make any necessary updates to its information using the online Udyam Registration Portal. In the event that the business is not successful, it faces the possibility of having its status revoked.
The categorization of the business must be modified so that it corresponds with the most recent information obtained from either the tax return on income or the tax return on goods and services. The modification, if there is one, as well as the impact it has is detailed below.
| Type of updation | Effects of updating |
|---|---|
| Upward graduation | The business will keep its current status for one year after the registration year ends. |
| Downward graduation | The business will keep doing what it is doing until the end of the fiscal year. The gain of the new situation will be seen in the next financial year. |
UDYAM REGISTRATION ADVANTAGES
The following are some advantages of Udyam Registration:
- It’s easy to get a bank loan of up to 1 Cr without Collateral/ Mortgage.
- Special Preference in Buying Government Tenders.
- Bank Overdraft (OD) interest rate is lowered by 1%.
- Changes to electricity bills.
- Protection against Buyers who don’t pay when they should.
- Tax Rebates.
- Special 50 percent savings on Trademark and Patent fees from the government.
- Rapid Resolution of Disputes.
CURRENT ACCOUNT OPEN
A current account is a type of bank account that helps workers and businesspeople run their businesses. By using an online current account, business owners can get a number of perks, such as:
- You can do a lot of business.
- Personalised parts
- Services for online banking
Online current accounts make things easier and let you do your banking at any time and from anywhere.
READY TO GROW YOUR BUSINESS?
- Zero Balance Current Account
- just 5 minS
- Free Current Account Powered by ICICI Bank
FAQS
- Tax Benefits
- Easy Clearance of
- Payments Still Due
- 50% off fees for patents and trademarks
- Lesser Interest Rates For Bank OverDraft(OD)
- Eligible for Mudra Loan Plan
- Use government contracts. Easily
