Udyam Registration
Udyam Registration, also known as MSME Registration, represents the revamped method for enrolling Micro, Small, and Medium Enterprises (MSMEs) introduced by the Ministry of Micro, Small & Medium Enterprises on July 1, 2020. Simultaneously, the Ministry revised the MSME classification criteria. Under this system, an enterprise is referred to as 'Udyam,' and the associated registration procedure is termed 'Udyam Registration.' Businesses are given a permanent registration number and a recognition certificate following successful MSME registration.
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Ground Solution is your trusted partner when it comes to simplifying the Udyam Registration process. Our dedicated team of experts is well-versed in the intricacies of MSME registration and can help your business secure its Udyam Registration swiftly and seamlessly. With our guidance, you can navigate the paperwork and compliance requirements effortlessly, ensuring that your business enjoys the full range of benefits and recognition that comes with Udyam Registration. Choose Ground Solution for a hassle-free journey towards official MSME certification."
Udyam Registration Certificate
Upon completing the Udyam Registration process, an online certificate featuring a dynamic QR code will be issued. This QR code enables easy access to the enterprise's details.
Renewal of Udyam Registration
The Udyam Registration Number is a permanent identification number, eliminating the need for periodic renewal.
Udyam Registration Benefits
Obtaining Udyam Registration is a straightforward process that eliminates the burden of paperwork. Benefits of having Udyam Registration for your business include:
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Special Preference in Government Tender Procurement.
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Access to Bank Loans without Collateral/Mortgage.
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1% Interest Rate Exemption on Bank Overdraft (OD).
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Eligibility for Various Tax Rebates.
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Priority Consideration for Government Licensing and Certification.
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Tariff Subsidies and Tax and Capital Subsidies for Registered Udyam Enterprises.
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Discounts on Electricity Bills.
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Protection Against Delayed Payments from Buyers.
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Tax Rebates.
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A 50% Discount on Government Fees for Trademark and Patent Filing.
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Expedited Dispute Resolution."
Who can Apply for Udyam Registration
Udyam Registration is open to a wide range of entities and individuals looking to establish micro, small, or medium-sized enterprises (MSMEs) in India. Eligible applicants include:
Proprietorships: Individuals running a business on their own.
Hindu Undivided Family (HUF): A business entity formed by members of a Hindu Undivided Family.
Partnership Firm: Businesses owned and operated by multiple partners.
One Person Company (OPC): A single-member company.
Private Limited Company: A company with limited liability, typically with multiple shareholders.
Public Limited Company: A public limited company or any other limited liability company.
Producer Company: A company primarily engaged in producing, procuring, and marketing agricultural produce.
Limited Liability Partnership (LLP): A partnership with limited liability for its partners.
Any Association of Persons: Groups of individuals or entities coming together for a common purpose.
Co-operative Societies: Societies formed by individuals with common economic and social objectives.
MSME definition
The definition of MSME (Micro, Small, and Medium Enterprises) has undergone significant changes with the introduction of the Atmanirbhar Bharat package.
These revisions now consider a composite set of criteria, namely investment and turnover, with increased thresholds. Additionally, the previous distinction that separated the service and manufacturing sectors under MSME classification has been removed.
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For better understanding, go through the table attached here:
Type of Enterprises | Investment | Turnover |
|---|---|---|
Medium enterprises | Less than Rs.20 Crore | Less than Rs.100 Crore |
Small enterprises | Less than Rs.10 Crore | Less than Rs.50 Crore |
Micro enterprises | Less than Rs.1 Crore | Less than Rs.5 Crore |
When to Consider Udyam Registration?
Applying for MSME Udyam Registration is not obligatory and is entirely optional for entrepreneurs. However, most businesses should pursue MSME registration soon after establishment to avail themselves of the various government benefits.
Documents Required
When it comes to the documents required for the Online Udyam Registration process, it is worth noting that the application is primarily based on self-declaration. As such, uploading any additional documents during the registration procedure is unnecessary. Applicants must only provide their 12-digit Aadhaar Number, PAN (Permanent Account Number), and Bank Account details of the business to complete the registration process efficiently.