Step By Step Guide For Udyam Registration
After pandemic Indian government launched the “Atmanirbhar Bharat” scheme program because of the Indian citizen’s problems, that are faced during widespread. According to which government has a motive to make the Atmanirbhar Indians mean self-reliance and to encourage business-friendliness. In order to make this scheme successful government has launched Udyam Registration with the initiative of making the old hard registration process simple and to encourage ease of doing business.
What is Udyam Registration?
The Government of India initiated the new registration process for micro, small and medium-sized enterprises ( MSMEs) under the name Udyam Registration on 1st july 2020. This will now be known as Udyam, according to a notification published on 26 June 2020 by the Ministry of Micro Small and Medium Enterprises (MSME). The new method of registration began on July 1st 2020.
The MSME registration process has now become faster and more easier with the launch of Udyam registration. An enterprise can easily register Under MSME just on the Aadhaar card basis. For company registration you need a PAN Card and GSTIN. It also creates the opportunities for ease of doing business.
Just follow our step by step guide of Udyam Registration in order to get the in depth knowledge about classification of MSME Enterprise, Benefits, Eligibility criteria, process to apply and the Documents required.
Classification of MSME Enterprise
| Enterprise | Investment in plant and machinery or equipment | Turnover |
|---|---|---|
| Micro enterprise | Should not exceed INR 1 Crore | Should not exceed INR 5 Crore |
| Small enterprise | Should not exceed INR 10 Crore | Should not exceed INR 50 Crore |
| Medium enterprise | Should not exceed INR 50 Crore | Should not exceed INR 250 Crore |
Benefits of Registering under Udyam Registration
We are highlighting some of the main benefits of Udyam registration which are provided according to the notification of ministry of MSME:
- Paperless, web based, and entirely self-declaration based process.
- For business registration, only Aadhaar Card is required.
- Bank loans are made available with no protection.
- Subsidy will be given on interest rate for bank loans, registration of patents and barcodes, GST and income tax filing, etc.
- Defense against defaulting payments.
- Privilege on water and electricity bills.
- Entrepreneurs are now eligible for International Trade Fair.
- Exports are now free from enterprise turnover calculations.
- Reimbursement of ISO-certified payments.
Eligibility criteria for Udyam Registration
Someone who belongs to Proprietorship, Hindu Undivided Family (HUF), One Person Company (OPC), Partnership Business, Limited Liability Partnership (LLP), Private Limited or Limited Company, Co-operative Societies or any other group of individuals will easily apply for Udyam Registration.
Process to Apply Udyam Registration
Just Follow our simple procedure to apply for Udyam Registration:
Step 1: First visit the Udyam Registration portal.
Step 2: Just fill the Udyam application Form as per the requirements.
Step 3: After the form submission, Make the payment for your Registration application.
Step 4: One of the registration executives will forward your application form.
Step 5: You will receive your Udyam Registration Certificate on your registered email address after 1-2 hours.
Documents Required for Udyam Registration
Just refer below to know the documents required for the registration of Udyam Registration:
-
- Aadhaar card
- GSTIN and PAN Card ( only for Company registration)