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August 26, 2021

Who is eligible for udyam registration?

Udyam Registration portal, also known as MSME Registration, is a certificate issued under the Micro, Small, and Medium Enterprise Development Act of 2006 to Micro, Small, and Medium-sized Enterprises in India (MSMED). Previously, Udyam Registration was known as MSME Registration. The MSME department’s major goals in terms of delivering Udyam Registration are as follows:

  • To allow Micro, Small, and Medium Enterprises to compete effectively against worldwide competition.
  • To encourage the expansion of Micro, Small, and Medium Enterprises on a broad scale in order to effectively combat unemployment and poverty.
  • To provide Small Scale Industries (SSI) firms with the benefits of different government schemes in one place.
  • To protect SSI against financial exploitation by large corporations.

Eligibility for Udyam:

Udyam Registration is not available to all companies. On the basis of the following criteria, an enterprise is categorized as a micro, small, or medium enterprise:

  • a microbusiness with a total investment in plant and machinery or equipment of less than one crore rupees and a turnover of less than five crore rupees
  • a small business with a plant and machinery or equipment investment of less than ten crore rupees and revenue of less than fifty crore rupees; and
  • a medium-sized business with an investment in plant and machinery or equipment of not more than fifty crore rupees and a turnover of not more than 250 crore rupees

The method for registering is as follows:

  • On the Udyam Registration portal, the registration form will be available.
  • An Aadhaar number will be required for Udyam registration.
  • In the event of a proprietorship company, the Aadhaar number will be that of the owner; in the case of a partnership corporation, it will be that of the controlling partner; and in the case of a hindu undivided family, it will be a karta.
  • The organization or its authorized signatory must submit its GSTIN and PAN, as well as its Aadhaar number, in the case of a Company, a limited liability partnership, a cooperative Society, a Society, or a Trust.
  • If an entity is properly registered as an Udyam with a PAN, any information gaps from prior years when it did not have a PAN must be filled out on a self-declaration basis.
  • Any number of operations, including production, service, or both, maybe included or added to a single Udyam Registration, but no firm may submit more than one Udyam Registration.
  • Anyone who willfully misrepresents or seeks to conceal self-declared facts and statistics during the Udyam Registration or update procedure will be punished under section 27 of the Act.

Existing Business Entity Registration:

  • On or after July 1, 2020, all existing companies registered under EM–Part-II or UAM must re-register on the Udyam Registration site.
  • All firms registered before to June 30, 2020, will be reclassified in accordance with this notification.
  • Existing businesses that were registered before June 30, 2020, will only be valid until December 31, 2021.
  • Any business that is registered with another ministry agency within the Ministry of Micro, Small, and Medium Enterprises must register with Udyam Registration.

Udyam Registration Benefits:

The government provides free Udyam registration, which is straightforward and quick to get online. A firm can profit from Udyam Registration in the following ways:

  • The applicant will be given financial assistance in order to participate in international trade shows and promote their products.
  • In addition, the applicant will be entitled to government assistance.
  • The registration would make it quick and easy to create current accounts in the company’s name.
  • Businesses would also be able to apply for Government Micro Business Loans and other such helpful programs.
  • Bank loans are easier to get and have lower interest rates.

 

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Registration for Udyam requires the following documents:

In the case of a proprietorship, the applicant’s personal Aadhaar is the most important criterion for getting Udyam Registration. Aside from an e-mail address and a phone number, no additional papers are necessary.

  • The applicant’s Aadhaar must be used in the event of a proprietorship.
  • The partners’ Aadhaar can be utilized in the case of a partnership.
  • The Directors Aadhaar might be utilized in the case of a company.
  • The Designated Partners Aadhaar can be utilized in the case of LLPs.

The following is the procedure for submitting an application for Udyam Registration:

To register for Udyam online, follow the procedures below:

  • To get started, go to the Udyam Registration Portal.
  • Complete the verification procedure by entering the applicant’s 12-digit Aadhaar number.
  • Owner’s Name – Provide the authorized signatory or owner’s name as it appears on the Aadhaar Card. The applicant would be unable to finish the form if the name does not match the Aadhaar number.
  • Social Category – Indicate the caste of the applicant: General/Scheduled Caste/Scheduled Tribe/Other Backward Castes. If and when necessary, the competent authorities may request verification of SC, ST, or OBC status.
  • Name of Business – Fill in the name by which the company is known to clients and the general public, as well as whether or not it is a legal entity with the ability to conduct business.
  • In the event of numerous companies, a single applicant can acquire one Udyam Registration using the same Aadhaar Number.
  • Type of Organization – Choose the legal entity for your company.
  • pan- Enter the PAN of the entity for whom Udyam Registration has required whether it is a corporation or LLP.
  • Plant location – Fill in the addresses for all of the company’s locations.
  • Enter the primary address or company office address, as well as your phone number and email address.
  • Commencement Date – Enter the date the company was established.
  • Information about previous registrations –  If appropriate, provide data from a prior MSME registration.
  • Bank Account Information –  Enter the company’s bank account information, including the IFSC Code and Bank Account Number.
  • The main activity –  Choose the main company activity, such as manufacturing or service.
  • NIC (National Identification Code) –  From the National Industrial Classification (NIC) manual, choose the relevant NIC Code.
  • Employed people –  Enter the total number of employees who work for the company.
  • Plant and Machinery/Equipment Investment –  Enter the amount of money spent by the company on machinery and equipment. Do not include the cost of the structure or the cost of the land.
  • DIC (Department of Corrections) – If necessary, provide the information for the District Industry Centre closest to the firm.

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After you’ve completed all of the fields, double-check your work and click the Submit button. Verify the OTP number produced by the registered phone number, as well as the requisite Captcha code. The applicant will get an acknowledgment number, which should be noted for future reference.

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