MSME REGISTRATION
As already declared by the union ministry of micro, small and medium enterprises (msme), vide the notification dated 26th june 2020, the new process of classification and registration of enterprises is starting from 1st july 2020. An enterprise for this purpose will be known as udyam and its registration process will be known as udyam registration.
Who is eligible for udyam registration?
Any person who intends to establish a micro, small, medium enterprise may file online udyam registration.
What are the documents required for udyam registration?
The online udyam registration application process is based on self-declaration, and there is no further requirement to upload any documents, certificates, papers, or proofs. The user will only need to provide their 12-digit aadhaar number, pan card and bank account details of business for the registration process.
Revised msme/udyam classification
Further, highlights and documentations of this process are:
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The msme registration process is fully online, paperless and based on self-declaration. No documents or proof are required to be uploaded for registering an msme.
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Aadhaar number will be required for registration
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A registration number will be given after registration
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After completion of the process of registration, an udyam registration certificate will be issued.
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This certificate will have a dynamic qr code from which the web page on our portal and details about the enterprise can be accessed
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There will be no need for renewal of registration
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Pan & gst linked details on investment and turnover of enterprises will be taken automatically from the respective government databases
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Msme ministry's online system will be fully integrated with income tax and gstin systems.
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Those who have em-ii or uam registration or any other registration issued by any authority under the ministry of msme, will also have to re-register themselves.
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No enterprise is supposed to file more than one udyam registration. However, any number of activities including manufacturing or service or both may be specified or added in one registration
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Government's facilitation mechanism in the name of single window systems at champions control rooms and at dics will help people in this process
-
Registration process is totally free. No costs or fees are to be paid in this regard.
The ministry has expressed confidence that this process will be extremely simple, seamless entrepreneur friendly. It will set an example in ease of doing business, not only in india but internationally. It will reduce transaction time and costs. Entrepreneurs and enterprises can focus on their real work and become globally competitive.
Biggest advantages of msme registration in india:
What are the documents required for udyam registration?
The online udyam registration application process is based on self-declaration, and there is no further requirement to upload any documents, certificates, papers, or proofs. The user will only need to provide their 12-digit aadhaar number, pan card and bank account details of business for the registration process.
Revised msme/udyam classification
Further, highlights and documentations of this process are:
-
The msme registration process is fully online, paperless and based on self-declaration. No documents or proof are required to be uploaded for registering an msme.
-
Aadhaar number will be required for registration
-
A registration number will be given after registration
-
After completion of the process of registration, an udyam registration certificate will be issued.
-
This certificate will have a dynamic qr code from which the web page on our portal and details about the enterprise can be accessed
-
There will be no need for renewal of registration
-
Pan & gst linked details on investment and turnover of enterprises will be taken automatically from the respective government databases
-
Msme ministry's online system will be fully integrated with income tax and gstin systems.
-
Those who have em-ii or uam registration or any other registration issued by any authority under the ministry of msme, will also have to re-register themselves.
-
No enterprise is supposed to file more than one udyam registration. However, any number of activities including manufacturing or service or both may be specified or added in one registration
-
Government's facilitation mechanism in the name of single window systems at champions control rooms and at dics will help people in this process
-
Registration process is totally free. No costs or fees are to be paid in this regard.
The ministry has expressed confidence that this process will be extremely simple, seamless entrepreneur friendly. It will set an example in ease of doing business, not only in india but internationally. It will reduce transaction time and costs. Entrepreneurs and enterprises can focus on their real work and become globally competitive.
Biggest advantages of msme registration in india:
Get bank loans (collateral free)
MSME registration comes with a scheme from the government of india which provides you collateral-free bank loans credit facility up to rs. 100 lakh per borrowing unit like mudra loan, msme loan, startup loan (term loan and/ or working capital)
Get bank subsidy on patent registration.
You will get a subsidy on any patent registration of your startups, so you can easily protect your products, design, pattern, etc. The maximum reimbursement limit has been set at rs. 15 lakhs per invention, or 50% of the total charges incurred in filing and processing a patent application, whichever is less. This assistance program can be used at any stage of the applicant's international patent application.
Amount of 50% reduce for trademark filing
An MSME or a startup (all companies and partnership firm) can claim a 50% reduction in the official filing fee of a trademark application in india.
Overdraft interest rate exemption
Enterprises that have MSME registration can avail the benefit of a 1% exemption on the interest rate on od as mentioned in the scheme.
Protection against payments (delayed payments)
when you have msme registration your payment will be secure in case any company not pay you in 45 days government will help you in this case.
Heavy concession on electricity bills.
All companies which are registered in msme will get heavy concessions on the electricity bill, this benefit will helps a lot of startups to produce more products without worrying about the electricity bills.
Frequently Asked Questions
Question: Is it mandatory to have an aadhar card for apply Udyam Registration?
Answer: Yes, the Aadhar card is one of the required documents for Udyam Registration in India.
Question: Do new businesses have access to MSME registration?
Answer: Yes, both existing and new businesses can register as MSME. However, in order to be eligible for registration, they must first meet the registration threshold limits. Registration for UAM
Question: What is the validity of Udyam Registration certificate?
Answer: The Udyam Registration Certificate is valid for a lifetime and does not need to be renewed the same registration.
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