Udyam Registration or MSME Registration is the new process for registering MSME (micro, small and medium enterprises) launched by the Ministry of Micro, Small & Medium Enterprises on July 1, 2020. The Ministry had also revised the definition of MSMEs from the same date. An enterprise for this process is known as Udyam, and its Registration Process is known as Udyam Registration. A permanent registration number along with a recognition certificate will be issued after Registration.
The Udyog Aadhaar registration has been transformed to the Udyam registration since July 2020. Udyam registration has made the process more accessible than it was earlier, at the time of Udyog Aadhaar registration. Udyam registration is essential for availing the various benefits of schemes or programs of the Ministry of MSME, such as the Credit Guarantee Scheme, public procurement policy, additional edge in Government Tenders and protection against delayed payments, etc.
After completion of the process of Udyam Registration, a certificate will be issued online. This Udyam Registration Certificate will have a dynamic QR Code from which the details about the enterprise can be accessed.
Udyam Registration Number is a permanent identification number, and there will be no need for renewal of Registration.
The Udyam Registration is a simple process and there is no need to handle the paperwork for obtaining Udyam Registration. Having Udyam Registration for your venture entitles your Business to the following benefits:
Any person who aspires to establish a micro, small, or medium enterprise can avail of Udyam Registration.
Proprietorships, Hindu Undivided Family (HUF), Partnership Firm, One Person Company, Private Limited Company, Limited Company, Producer Company, Limited Liability Partnership, any association of persons, co-operative societies, or any other undertaking can obtain MSME Udyam Registration in India.
After 14 years since the MSME Development Act, a revision in the MSME definition was announced in the Atmnirbhar Bharat package on 13.05.2020 to bring more units under the purview of the schemes announced. According to this package, the composite criteria for the definition of MSME are investment and turnover; the limit has been revised upwards. The distinction between the service and the manufacturing sector has also been eliminated.
For better understanding, go through the table attached here:
|Composite Criteria: Investment in Plant / Machinery and Turnover|
|Sl.No||Type of Enterprises||Investment||Turnover|
|1||Micro enterprises||Less than Rs.1 Crore||Less than Rs.5 Crore|
|2||Small enterprises||Less than Rs.10 Crore||Less than Rs.50 Crore|
|3||Medium enterprises||Less than Rs.20 Crore||Less than Rs.100 Crore|
Obtaining Udyam Registration is not mandatory and is at the sole discretion of the Entrepreneur. However, it is recommended that most businesses obtain MSME registration right after Registration to enjoy various benefits offered by the Government.
The Online Udyam Registration application process is based on self-declaration, and there is no further requirement to upload any documents.
The applicant will only need to furnish their 12-digit Aadhaar Number, PAN, and Bank Account details of Business for the registration process.
The new enterprise is required to follow the below steps to register on Udyam Registration Portal:
|Type of firm||The person whose Aadhaar number is required|
|Partnership firm||Managing partner|
|Hindu Undivided Family||Karta|
|Company or a Co-operative Society or a Trust or a Limited Liability Partnership||Authorized signatory|
Note: Importantly, an enterprise can file only one Udyam Registration. Additionally, multiple numbers of enterprise activities, i.e., manufacturing, services, or both, can be added to one Udyam Registration.
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