Udyam Registration was created to make the process of registering a firm as a Micro Small Medium Enterprise (MSME) easier for business owners (MSME).
Prior to this, the procedure was a time-consuming and lengthy bureaucratic process that necessitated a great deal of documentation.
However, things have altered since the previous system was replaced.
So, if you run a medium, small, or micro-enterprise and have yet to register it with Udyam, you should do so as soon as possible to reap the many benefits.
What Is Udyam Registration and How Does It Work?
What is Udyam registration, the key question that many new entrepreneurs have? You’ve come to the right spot if you have a similar query.
Udyam Registration is a new method of MSME / UDYOG AADHAAR Registration introduced by the Ministry of Micro, Small, and Medium Enterprises starting July 1, 2020, according to a Ministry of MSME announcement dated 26.06.2020. Udyam Registration, commonly known as MSME Registration, is a government-issued certificate of recognition that includes a 16-digit alphanumeric registration number. The government’s major motive for creating this facility was to provide it way to identify MSME firms and provide them with the best possible benefits in order to support the “Atma Nirbhar Bharat Abhiyan,” or Self-Reliant India Scheme of 2020.
Paperless registration and self-declaration are both possible with the UDYAM Registration Portal. All current firms registered under EM–Part-II or UAM must re-register on the Udyam Registration Portal on or after July 1, 2020.
To register with Udyam, your company must be an MSME, so let’s look at what that means and how it’s classified.
What Is MSME (Micro-Small and Medium-Sized Enterprise)?
MSME stands for Micro, Small, and Medium Enterprises. The Micro, Small, and Medium Enterprises Development (MSMED) Act of 2006 was passed by the Indian government and formed MSME, or Micro, Small, and Medium Enterprises. These companies specialize in the production, processing, or storage of items and commodities.
Registration Process for Udyam:
The registration procedure is straightforward, as is the form-filling procedure.
Things are much more straightforward and efficient today. The following is a step-by-step guide to the procedure:
Step 1: Go to the official website and register for Udyam.
Step 2: Fill up the blanks with your personal information
The first data you’ll need to provide is your name and your 12-digit unique Aadhar number. From the drop-down option, choose “Validate & Generate OTP.” An OTP will be sent to your registered mobile number. The one-time password must be entered.
Step 3: Verification of the PAN
After selecting the type of business you wish to create, enter your PAN number and click “Validate.”
step 4: Entering Correspondence Information
After filling out all of the aforementioned information, the next piece of information you’ll need to supply is the company’s/enterprise’s/entire entity’s postal address. Your company’s district, pin code, state, email address, and phone number are also included.
Step 5: Fill up the Bank Information
You’ll need to provide the active bank account number for your company as well as the IFSC code for the branch in question. If you don’t know the IFSC code for the branch in question, you can look it out on the bank’s website.
Step 6: Business Information
From the “services” or “manufacturing” categories, you must identify your company’s principal business. Activities must contain the total number of people employed as well as the National Industry Classification(NIC) Code.
After you’ve filled out all of the details, the last step is to input the total amount of money you’ve invested in your machinery or plant (in lakhs).
Step 7: Accept the Declaration and Choose the District Industry Center.
In the final step of this process, you’ll select the district industry center from a drop-down menu. Then, by clicking “Submit and Get Final OTP,” you must approve the declaration.
Hit the “Final Submit” button after entering the OTP that was provided to your phone.
When you click the ‘Submit and Get Final OTP’ button, you will be issued a registration number. An E-registration document will be sent to your e-mail address.
Documents Required for Udyam Registration?
- The MSME registration procedure is entirely online, without the use of paper, and is based on self-declaration.
- An MSME does not require any papers or documentation to be registered.
- Only the Adhaar Number will be sufficient for registration.
- Data on business investment and turnover, as well as PAN and GST-related data, would be automatically obtained from government databases.
- A PAN and a GST number will be necessary from April 1, 2021.
Suggested Read- how to update udyam certificate
Conclusion:
In this article, I’ve discussed Udyam registration its process, and the required document. I hope you find this information useful.