Udyam Registration, also referred to as MSME Registration, is the updated method introduced by the Ministry of Micro, Small & Medium Enterprises on July 1, 2020, for enrolling Micro, Small, and Medium Enterprises (MSMEs). Alongside this, the Ministry has also revised the criteria for MSME classification. In this new system, an enterprise is known as 'Udyam,' and the registration process associated with it is called 'Udyam Registration.' Upon successful MSME registration, businesses are provided with a permanent registration number and a recognition certificate.
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When it comes to simplifying the Udyam Registration process, Corpadda is your reliable partner. Our team of experts is well-versed in the complexities of MSME registration and can assist your business in swiftly and seamlessly securing its Udyam Registration. With our guidance, you can effortlessly navigate the paperwork and compliance requirements, ensuring that your business enjoys the full range of benefits and recognition that come with Udyam Registration. Choose Corpadda for a hassle-free journey towards official MSME certification.
Udyam Registration Certificate
Upon completing the Udyam Registration process, an online certificate featuring a dynamic QR code will be issued. This QR code enables easy access to the enterprise's details.
Renewal of Udyam Registration
The Udyam Registration Number is a permanent identification number, eliminating the need for periodic renewal.
Udyam Registration Benefits
The process of obtaining Udyam Registration is a simple one that eliminates the hassle of paperwork. There are numerous benefits to having Udyam Registration for your business, including:
- Special preference in government tender procurement.
- Access to bank loans without the need for collateral or mortgage.
- 1% interest rate exemption on bank overdrafts.
- Eligibility for various tax rebates.
- Priority consideration for government licensing and certification.
- Tariff subsidies and tax and capital subsidies for registered Udyam enterprises.
- Discounts on electricity bills.
- Protection against delayed payments from buyers.
- Tax rebates.
- A 50% discount on government fees for trademark and patent filing.
- Expedited dispute resolution.
Who can Apply for Udyam Registration
Udyam Registration is open to a wide range of entities and individuals looking to establish micro, small, or medium-sized enterprises (MSMEs) in India. Eligible applicants include:
Proprietorships
Individuals running a business on their own.
Hindu Undivided Family (HUF)
A business entity formed by members of a Hindu Undivided Family.
Partnership Firm
Businesses owned and operated by multiple partners.
One Person Company (OPC)
A single-member company
Private Limited Company
A company with limited liability, typically with multiple shareholders.
Public Limited Company
A public limited company or any other limited liability company.
Producer Company
A company primarily engaged in producing, procuring, and marketing agricultural produce.
Limited Liability Partnership (LLP)
A partnership with limited liability for its partners.
Any Association of Persons
Groups of individuals or entities coming together for a common purpose.
Co-operative Societies
Societies formed by individuals with common economic and social objectives.
MSME definition
The definition of MSME (Micro, Small, and Medium Enterprises) has undergone significant changes with the introduction of the Atmanirbhar Bharat package.
These revisions now consider a composite set of criteria, namely investment and turnover, with increased thresholds. Additionally, the previous distinction that separated the service and manufacturing sectors under MSME classification has been removed.
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 |
When to Consider Udyam Registration?
Applying for MSME Udyam Registration is not obligatory and is entirely optional for entrepreneurs. However, most businesses should pursue MSME registration soon after establishment to avail themselves of the various government benefits.
Documents Required
When it comes to the documents required for the Online Udyam Registration process, it is worth noting that the application is primarily based on self-declaration. As such, uploading any additional documents during the registration procedure is unnecessary. Applicants must only provide their 12-digit Aadhaar Number, PAN (Permanent Account Number), and Bank Account details of the business to complete the registration process efficiently.