A micro, small, and medium enterprise (MSME) will henceforth be known as Udyam, according to a statement released by the Ministry of MSME on June 26, 2020. The government has also devised particular criteria for identifying MSMEs, as well as a registration system and arrangements to make the process go more smoothly. According to the announcement, exports of products or services, or both, are to be excluded when calculating the turnover of any business, whether micro, small, or medium. According to the document, the registration process will be known as Udyam/MSME Registration. According to the MSME Ministry, Udyam Registration can now be done online based on self-declaration, without the need to upload documents, papers, certifications, or proof. To launch a business, all you need is an Aadhaar number. The new online registration will be available starting July 1, 2020.
Based on the following characteristics, an enterprise is categorized as a micro, small, or medium enterprise:
- A micro-enterprise with a capital investment in plant and machinery or equipment of less than one crore rupees and a turnover of less than five crore rupees.
- A small business is defined as one with a turnover of less than fifty crore rupees and an investment in plant and machinery or equipment of less than ten crore rupees.
- A medium-sized company has an investment in plant and machinery or equipment of not more than fifty crore rupees and a turnover of not more than 250 crore rupees.
Creating a micro, small, or midsize business –
- Anyone who wants to launch a micro, small, or medium business can use the Udyam Registration portal to fill out a self-declaration form, which does not require any documentation, papers, certifications, or proof.
- A permanent identification number known as the Udyam Registration Number will be provided to an entity (referred to as Udyam on the Udyam Registration page) upon registration.
- After the registration process is completed, an e-certificate called Udyam Registration Certificate will be issued.
Registration Requirements for Udyam:
- Aadhar number
- Name, gender, PAN number, email address, and mobile number of the applicant.
- The company’s PAN, location, and address.
- When you plan to start your firm and how many staff you plan to hire.
- Bank account number & bank IFSC code
- The corporation’s main commercial activity.
- For company registration, you’ll need a PAN card and a GSTIN.
Udyam Registration Benefits:
- Bank loans are a type of financing that allows you to borrow money from a bank (Collateral Free).
- Patent Registration Subsidy
- Interest Rates on Overdrafts are not charged.
- Payment Defeat Insurance (Delayed Payments).
- Electricity is less expensive.
- ISO certification fees are covered.
Simply follow the steps below to get started:
Step 1: visit Udyam Registration Portal.
Step 2: On the Udyam Registration form, fill in all essential fields.
Step 3: Fill and submit your MSME application online.
Step 4: One of our officials will process your Udyam Registration application.
Step 5: You will receive an Udyam certificate at your registered email address within 1-2 working hours.
What’s the Difference Between an Udyog Aadhaar, an MSME/Udyam Registration?
On the internet, there have been some queries concerning the differences between MSME, Udyog Aadhaar, and Udyam Registration.
The new udyam registration process is still unknown to many individuals. As a result, I’ll answer all of your queries about MSME, Udyog Aadhaar, and Udyam Registration in this blog article.
It’s worth noting that the MSME, Udyog Aadhaar, and Udyam registrations are all identical; the only difference is the name. Udyam Registration, which superseded the old Udyog Aadhaar/MSME Registration, is the most recent registration process.
What is the Udyog Aadhaar Registration?
The Micro Small Medium Enterprise (MSME) Registration Process, also known as Udyog Aadhaar Registration, is the name of the registration process for micro, small, and medium-sized businesses. However, Udyam Registration has recently supplanted this approach. This is the most recent version.
What is MSME?
Micro, Small, and Medium Enterprises (MSME) and Small and Medium Enterprises (SME) are both acronyms for Micro, Small, and Medium Enterprises. The Indian government formed MSMEs as a mechanism to assist and encourage micro, small, and medium-sized enterprises through government initiatives. The Micro, Small, and Medium Enterprise Growth (MSMED) Act of 2006 governed this program. The Indian economy relies heavily on micro, small, and medium-sized businesses.
Suggested Read- how to print udyam certificate
What is Udyam Registration?
On July 1, 2020, the Indian government launched a new MSME registration system called Udyam Registration, and MSME would now be referred to as udyam. It’s a mock-up of the Udyog Aadhaar, which is used to register MSME. These steps have been made by the Indian government to aid the Atmanirbhar Bharat Scheme and make conducting business easier.
