The goal of adopting Udyam Registration was to make the procedural procedures and format that merchants had to follow in order to register their business as a Micro Small Medium Enterprise (MSME) easier to understand.
Prior to the advent of enterprise registration, the procedural style was highly complicated and included a lengthy bureaucratic process including a lot of paperwork. However, since the establishment of enterprise registration, much has changed, and moderate, small, and micro businesses have improved significantly.
If you are a medium, small, or micro business and have not yet registered your MSME, you should know that you can do so through Udyam registration and take advantage of many features and programmes.
The EM-I / II system existed before the UAM system. As a result, entrepreneurs had the option of using a heterogeneous system.
Some entrepreneurs used the national platform, and some states had their own portal for MSME registration. Furthermore, some business owners relied on physical paperwork.
However, since the antiquity of older systems, there have been significant adjustments.
What does it mean to register a business?
Udyam registration, also known as MSME registration, provides government registration and a certificate of recognition. It grants micro- and small-scale businesses recognition.
The goal of establishing this plan or facility was to encourage micro and small-scale industries and to benefit them directly from government facilities and schemes. Your Aadhaar card number can be used to register with MSME.
The industry must submit its Aadhaar number, which is 12 digits long. This procedure is required; it is the primary criterion for determining whether the business or entity seeking registration is a sole proprietorship or a limited liability partnership (LLP). The entrepreneur must receive a certificate of recognition through the MSME registration process in order to do so.
Who is eligible to register for Udyam?
There are a few essential aspects that must be clarified! Industries that are eligible for registration include those that are involved in the production, manufacturing, or processing of goods or services, as well as those that are involved in the preservation of goods or services. To put it another way, buyers and sellers of commodities, as well as importers and exporters, are not eligible to apply for registration.
One thing to keep in mind is that MSME registration is based on a set of criteria that a business must meet in order to be classified as a medium, small, or micro enterprise.
According to the most recent notification,
Types of businesses
There should be a minimum investment of $1 million and a maximum turnover of $5 million.
The investment should be around Rs 10 crore, and the firm should be worth around Rs 50 crore.
Investments of up to 50 crores and a projected turnover of up to Rs.250 crores are possible.
Process of Udyam Registration
U This method acts like a rejuvenation system, similar to the earlier approach that didn’t require much input. The MSME registration process is absolutely free, and there is no formal price for obtaining a certificate of website registration.
It’s a really straightforward and uncomplicated operation. Obtaining an enterprise registration and an MSME registration has now become the simplest procedure.
Step 1: For further information, go to the official website.
To begin, go to the official industry registration page and register your company online.
Step 2: Personal Information Input
As the primary opening information, you will need to provide your name and your 12-digit unique Aadhaar number. Follow the procedures to verify and generate an OTP, after which an OTP will be sent to your registered mobile number. Don’t forget to enter your OTP on time.
Step 3: Pan Card Verification
Now select the type of business and enter your PAN number correctly before clicking Verify.
You will be given the GSTIN and PAN of the firm / LLP / Co-operative Society / Trust, as well as the Aadhaar number of the authorized signatory in the company / LLP / Co-operative Society / Society / Trust.
Step 4: Details of the correspondence
After you’ve filled out all of the aforementioned information, the next piece of information you’ll be asked for is the company’s / enterprise’s / institution’s complete and correct postal address. Fill up your company’s district, pin code, state, email address, and phone number with the right information.
Step 5: Bank Account Information
Provide the active bank account number for the company as well as the IFSC code for the branch in question. If you don’t know the IFSC code for the branch in question, you can find it in your bank’s passbook or on its website.
Step 6: Description of the organization
You must relate to your company’s “services” or “production” as a primary activity. The total number of employees as well as the activities’ National Industry Classification (NIC) code must be provided.
After filling out all of the information, you will be asked to enter the total amount (in lakhs) that you have invested in machinery, plant, and other equipment for your business.
Step 7: Accept the manifesto and choose District Industry Center
In the final step of the process, you must choose the District Industries Center from the drop-down menu. Then, to acquire your final OTP, you must approve the declaration form and click submit.
Submit the correct OTP that was sent to the registered mobile phone.
After that, you’ll be given a registration number. After the government has verified all of your information, you will receive an e-registration document to your email address.
Suggested Read: Print Udyog Aadhaar Certificate