The redesigned Udyam registration process is more user-friendly.
On June 1st, 2021, the Indian government unveiled a new proposal aimed at altering the economic situation. This plan was designed specifically for India’s small and medium-sized businesses. They must register online as Udyog Aadhar Registration, which was previously known as Udyog Aadhar Registration. Once the registration is complete, medium and small businesses will obtain an electronic certificate.
Also Read: MSME Registration
Udyam Registration Procedure
Getting enrolled with Udyam is a quick and convenient process. To complete the registration, simply follow the steps below.
- To begin, decide whether you are a new entrepreneur who has not yet registered as an MSME or has EM-II or an established entrepreneur who wants to move.
- Enter the entrepreneur’s Aadhaar number and name, then click the Validate and Generate OTP button.
- You will be redirected to the main page after the OTP has been verified.
- Select the sort of organization that your company belongs to.
- Step by step, fill in the required information.
- After you’ve completed the application, check the declaration box and click the submit and create the final OTP button.
- Once your OTP has been verified, you will be given an Udyam Registration Number, which will appear at the top of the screen.
Existing Udyog Holders’ Registration Method
The bullets below will offer you an overview of how existing businesses can apply for the process.
Companies that are now registered under the Part II EM regulations will need to re-register. They can do it either on June 1st, 2021 or after that date.
- Existing businesses will be reclassified if their registration was completed before June 30, 2021.
- It’s worth noting that anyone who registers before June 30, 2021, will have their registration active until December 31, 2021.
- Any business that is registered with the Ministry of Micro, Small, and Medium Enterprises is required to register with Udyam Registration.
Who is eligible to participate in the Udyam registration process?
The process for obtaining an Udyam registration has been divided into categories based on the type of business. For the service and manufacturing industries, consider the following:
- Microbusinesses must invest up to Rs 1 crore and have a turnover of no more than Rs 5 crores.
- Medium-sized businesses should make an investment of no more than Rs 50 crores. The turnover, on the other hand, should be less than Rs 250 crores.
- Small businesses should invest no more than Rs 10 crores and have a turnover of no more than Rs 50 crores.
What documents and information are needed to complete the registration process?
To complete the registration process, you must submit the following documents:
- A valid PAN card, Aadhar card, and voter id are required of the applicant.
- Proof of the company’s registered address is necessary.
- A valid email address and phone number are required.
Is it necessary to have a PAN and GSTIN to register with UDYAM?
Organizations that do not have a PAN or GSTIN have been granted a reprieve until December 31, 2021, according to the Ministry. They can register using self-declaration until December 31, 2021, after which they will need a PAN and GSTIN.
What are the benefits of signing up with Udyam?
In this section, we’ll discuss the benefits of Udyam registration, so pay attention to the bullet points listed below.
- The government provides a subsidy in the form of Those industries, particularly medium and small-sized ones, that were registered under the developmental legislation of 2006 are likely to receive a significant government subsidy. It’s worth noting that the government offers a subsidy for registering the company’s patent name and marketing the business.
- There is no collateral: The Indian government devised a program in which it decided to provide small-scale enterprises with loans in the form of credits without requiring collateral.
- ISO registration refund: For ISO registration, both larger and small firms must invest a set amount of money. The best thing is that the Indian government reimburses them for this money.
- Electricity bill reduction: Small and medium-sized firms who register for the first time on the Udyam registration site will receive a reduction on their electricity bill.
- Obtain government tenders: Small and medium firms that have received the Udyam certificate are eligible to participate in the government’s tender. At the same time, the government is likely to provide some relief.
- Other applications and registrations can be obtained without difficulty: After obtaining an Udyam registration certificate, a company can simply obtain other official certifications, documents, and even apply for other registrations.
- Exemption from paying taxes: Companies that obtained the Udyam registration can expect a tax benefit once again.
- Participate in foreign marketing campaigns: The Indian government encourages entrepreneurs to participate in international fairs by providing Udyam registration certificates. This exposure aids in the promotion of their goods.