Overview of Udyam registration in India

Udyam Registration, also known as MSME Registration, is a new way for small and medium-sized businesses to get registered in India. It was started by the Ministry of Micro, Small & Medium Enterprises. After registration, the business gets a permanent number and a digital certificate.

Before July 2020, there was a different registration called Udyog Aadhaar, but now it has been replaced by Udyam registration in India. This new process is easier. Udyam registration is important because it allows businesses to take advantage of various schemes of the Ministry of MSME.

What is Udyam Registration in India?

Udyam registration is a must-have certificate provided by the Ministry of Micro, Small, and Medium Enterprises (MSME). Small and medium businesses can obtain this certificate by just signing up on the official website of the Ministry of Micro, Small, and Medium Enterprises (MSME). Udyam Registration in India contains a special twelve-digit number called Udyam registration number (URN). This number helps businesses to get government benefits, discounts, and special offers.

Benefits of Udyam registration in India

• Loans without the need for collateral and with lower interest rates from banks and financial institutions.
• A simpler process for getting licenses, permits, registrations, and approvals.
• Discounts of up to 50% on trademark and patent registration fees.
• MSMEs having certificate of Udyam registration in Indiacan obtain ISO certification for free of cost which increases their credibility in the market.
• Udayam registration allows businesses to get waiver in the government security deposits while participating in any government tender.  
• Udyam-registered businesses get various tax benefits which advances financial stability of the organisations.
• Enterprises having Udyam registration in Indiareceive subsidy on electricity and water bills.
• Udyam Registration provides delayed payment redressal system for businesses hence providing them a financial security.

Features of Udyam Registration Certificate

Some of the features of Udyam registration certificate are mentioned below:

• You will get a permanent registration number for your business by the Udyam registration.
• It is an e-certificate that will be issued to you via email after successful registration on the website of MSME ministry.
• The Udyam registration in Indiais required only once and you will not be required to obtain this certificate again.  
• You will not be required to get separate Udyam certificate for various activities of your business. All activities of your business will be covered in one Udyam registration certificate.
• It is essential to have Udyamregistration in India, if you want to get loan from banks and get benefit of different government schemes.

The Udyam registration itself is a proof that relevant business is covered under the MSME category.

Eligibility of Udyam Registration in India

The Eligibility criteria to obtain the Udyam registration is based on three aspects, they are, type of business, annual turnover, and investment. Business must come under the definition of micro, small, or medium enterprises. Benefits depend on the annual turnover of the business. Micro enterprises with turnover of up to ₹5 crores are eligible to get Udyam registration in India. Small enterprises with turnover ranging from ₹5 to ₹75 crores can get this certificate. Medium enterprises having turnover upto ₹250 crores are eligible for getting Udyam registration in India.

 If we go by investment, then Micro businesses must not have an investment of more than ₹1 crore in order to get the benefits of Udyam registration in India. For Small enterprises, this limit is not more than ₹10 crores and medium enterprises must not have ₹50 crores investment.

Documents Required For Online Udyam Registration In India

Below is the list of essential documents for Udyam Registration

PAN card of the business
GST registration
Aadhaar Card of the entrepreneur
Phone number
E-mail address
Business Starting Date
A copy of the passbook
Number of employees with details of Males and Females
Nature of the business
Latest audit of financial statements

Procedure For Online Udyam Registration In India

Step 1: Visit the official Udyam registration website (https://udyamregistration.gov.in/).

Step 2: Click on the 'For new entrepreneurs who are not registered yet as MSME or those with EM-II button.

Step 3: Enter the Aadhaar number and the enterprise owner’s name on the next page.

Step 4: Validate the Aadhaar number using the OTP received on the linked mobile number for MSME online registration in India.

Step 5: Provide essential enterprise details, including its name, type, location, and PAN, as prompted.

Step 6: Fill in bank account details, including the account number and IFSC code.

Step 7: Enter the NIC code and other necessary information related to the enterprise's main business activity.

Step 8: Finally, verify the details and submit the application for online Udyam registration in India.

Conclusion:

No matter what your business needs, we can connect you with an industry expert, who can provide you all the solutions related to your business. With the help of our experts, you can easily get registered with the government for your Udyam certificate. So, no need to surf on the internet and get unnecessarily irritated for Udyam registration in India, just contact us. We will provide you with all kinds of business solutions.