Udyam Registration

Udyam Registration is one of the key projects undertaken by the Indian government for MSMEs. As of July 1, 2020, the earlier process of Udyog Aadhaar Memorandum has been replaced with this more streamlined online registration method for MSMEs, allowing business access to all government-related benefits, subsidies, and schemes that help promote the MSME sector for growth and sustainability.

For any entrepreneur looking to start or scale up a micro, small, or medium enterprise in India, Udyam Registration is a step that needs to be taken. It makes it easier and opens up necessary government benefits, spurring entrepreneurship and promoting economic growth. This is an opportunity that entrepreneurs must take for their businesses to be duly recognized and qualified for the various support mechanisms available through the government.

Besides these, there are local offices of MSME development professionals who can be approached if further assistance or information relating to specific circumstances or topics comes forth that may arise in the registration process.

In the scheme of Udyam, in doing so, the business shall fulfill its obligation to government regulations but also position it suitably in the market considering potential competition.

• Government Schemes: Once an MSME has registered, the business can avail of all the schemes and benefits provided by the government to promote entrepreneurship.
• Loan facility: All businesses can avail of banks and other financial institutions for loans at a very low interest rate.
• Tenders by Government: Only registered vendors are eligible for government tenders, which increases business options.
• Tax Benefits: Those businesses registered under Udyam can avail of many sorts of rebates and exemptions on income tax.
• Easy Compliance: The registration process makes compliance with necessary approvals, licenses, and registrations easier.

Importance of Udyam Registration

In the Indian economy, MSMEs provide a significant level of employment and contribute to the GDP of the country. The Udyam registration process not only legalizes the business but also provides several benefits to the entrepreneurs who can be successful in this competitive scenario.

Businesses are eligible to apply for MSME/Udyam Registration by satisfying the thresholds based on investment and turnover according to the government:

Udyam Registration is available for most business types. Some examples are as follows:

• Proprietorship
• Partnership Firms
• Limited Liability Partnerships
• Private Limited Companies
• One-Person Companies
• Producer Companies
• Cooperative Societies
• Any other association of persons

Udyam registration is free and online. Here's how you could fill up your registration process

Step 1: Udyam Registration Login

Log in to the Udyam registration portal at https://udyamregistration.gov.in.

Step 2: New Registration

For New Entrepreneurs who are not Registered yet as MSMEs or those with EM-II, click the button. It will take you to the registration form.

Step 3: Fill up Aadhaar Details

Enter your Aadhaar number and name as you are registered in the Aadhaar database. Click on "Validate & Generate OTP." There will be an OTP message sent to your registered mobile number.

Step 4: Validate OTP

Enter the OTP that you have received on your mobile phone to authenticate your Aadhaar details.

Step 5: PAN Verification

You will be taken to the PAN verification page where you are required to enter the number of PAN, type of organization, whether ITR was filed for the previous year's income, and do you have a GSTIN

Step 6: Business Information

You fill out an application form and are supposed to put details in that format,

• Entrepreneur name 
• Mobile number 
• Enterprise Name
• Location and Unit Address
• Nature of Business-manufacturing or providing any service  
• NIC CODE
• Number of employees
• Amount of investment in plant and machinery
• Annual turnover details.

Step 7: Download Certificate

Once your submission is successful, you shall get an e-mail regarding the Udyam Registration number, using which, you can download your Udyam Registration Certificate through the portal.

• Self-declaration: The whole process of registration is self-declaration, i.e. no document upload is required during the registration process
• Validity: Valid while the enterprise exists; no renewal is required.
• One Registration Only: Only one Udyam registration is permitted for an enterprise, and it cannot be registered in multiple registrations.
• No Fees Involved: The entire process is free of charge; any agency or portal asking for fees is not authorized by the government

Transition from UAM to Udyam Registration

Those already registered under the Udyog Aadhaar Memorandum needed to migrate into registration under Udyam by December 31, 2021, to get access to the facilities of the government. It has been essential for harmonization in MSME registration across India.
 

Corpseed guides the businesses through the process of Udyam Registration and ensures that they meet the government requirements. It simplifies the application process by verifying the necessary information and submitting it on behalf of the business, thus minimizing errors and saving time. Furthermore, Corpseed helps its clients understand the benefits associated with Udyam Registration, thus enabling the clients to use various government schemes and incentives effectively.