MSME’s can register for Udyam online

0
40

[ad_1]

The government of India is trying to promote micro, small and medium business structures by offering them a viable market to innovate and do business with ease and proper assistance. 

To streamline this, the Indian government introduced MSME or Udyam registration. The registration will ensure that your small or medium business is legal and operational.

Any entrepreneur intending/needing to establish micro, small, or medium enterprise may file Udyam Registration form online in the Udyam Registration portal using self-declaration, with no prior necessities/formalities to upload any documents proof.

After this, an identification number which is permanent and called the “Udyam Registration Number” at the time of registration, is given to every company. 

Once you complete the registration process, an e-certificate titled “Udyam Registration Certificate” will be issued.

Micro, small and medium enterprises can be categorized on the following basis –

  • Micro-Enterprise – Ventures with machinery and plant investment worth Rs. One crore and a maximum turnover of Rs. five crores. 
  • Small enterprise- Ventures with machinery and plant investment worth Rs. Ten crores and a maximum turnover of Rs. 50 crores. 
  • Medium enterprise- Ventures with machinery and plant investment worth Rs. 50 crores and a maximum turnover of Rs. 250 crores 

UDYAM Registration Online Process

The MSME registration process is entirely electronic. MSME registration must be done online via the government portal udyamregistration.gov.in. The Aadhaar card number and PAN number are required for new MSME registration.

MSME registration process for new entrepreneurs 

When the “For New Entrepreneurs who are not yet Registered as MSME or those with EM-II” button on the homepage of the government portal is clicked, it opens the registration page, which asks for the entrepreneur’s Aadhaar number and name. 

After entering these details, click the “Validate and Generate OTP Button.” The PAN Verification page appears after clicking this button and entering the OTP.

After successful PAN verification, the Udyam Registration form shall appear, and entrepreneurs must fill out the personal information/data and the details of their respective businesses. After filing the details, an OTP is needed to be generated to successfully complete the filing of the details in the form. A reference number shall be provided, and in a few days, the Udyam Registration Certificate shall be issued after successfully verifying the MSME registration form.

MSME registration process for entrepreneurs already having a Udyog Aadhar Memorandum (UAM)

When the “For those having registration as UAM” button on the homepage of the government portal is clicked, the user shall be directed to a page where the Udyog Aadhar Number is to be entered along with the selection of an OTP generation either by OTP on mobile or OTP via email. 

After successfully generating and entering the OTP, the registration details must be filled out on the MSME registration form. After filing the details, the Udyam’s registration shall be complete.

Documents required for the MSME Registration

The documents required for MSME registration are given below- 

  1. The basic business activity
  2. Aadhar number 
  3. PAN number
  4. Address of the business
  5. Bank account number 
  6. Copies of bills and licenses of purchased machinery 
  7. Investment details (Equipment/Plant details)
  8. NIC 2 digit code 
  9. Partnership deed (Sales/purchase bill copies) 
  10. Turnover details (as per the new MSME definition) 

MSME registration is completely online and does not require documentary proof. Investment and sales details for companies linked to PAN and GST are automatically retrieved from the government database by the Udyam Registration Portal.

The Udyam registration portal is fully integrated with the income tax and GSTIN system. GST is not mandatory for companies that do not require GST registration under the GST Act. However, companies that need to obtain GST registration under the GST system must obtain GST registration to obtain Udyam registration. 

If you have a UAM registration or other registration issued by the MSME Ministry authorities, click “For new entrepreneurs who are not yet registered as MSME or are registered with EMII” on the Udyam Registration Portal

You will need to re-register. Companies with UAM registration must complete their Udyam registration by June 30, 2022.

 If an entrepreneur with a UAM registration does not transition to a Udyam registration by June 30, 2022, the UAM registration will be void, and you will not be able to enjoy the benefits granted to MSME.

MSME Udyam Registration Certificate

When you submit the MSME registration form online, you will see a successful registration message with a reference number. The Ministry of MSME will issue a Udyam certificate or MSME certificate to the entrepreneur’s email ID after reviewing the registration form submitted on the portal. The MSME registration certificate is valid for life. Therefore, there is no need to update. 

Why does one need Udyam registration?

Having an online Udyam Registration can offer several benefits to your organisation- 

  1. Your venture can enjoy several concessions after being registered with Udyam. 
  2. You can avail of collateral-free loans from banks. 
  3. Your enterprise can also avail of subsidies from National Small Industries Corporation.
  4. Avail excise exemption scheme and even reimburse your expenses of ISO certifications. 
  5. You can request a lower interest rate for loans from NBFC banks. 

With so many benefits, what’s stopping you from getting an Udyam registration. These easy-to-process benefits not only help your venture to grow but will also help you with saving a lot of money!

[ad_2]