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Udyam Registration
- Udyam Registration, introduced by the Ministry of Micro, Small, and Medium Enterprises on July 1, 2020, is the modern method for enrolling Micro, Small, and Medium Enterprises (MSMEs).
- It involves registering as an ‘Udyam’ enterprise, replacing the previous MSME classification standards.
- Upon successful registration, a business obtains a permanent registration number and a recognition certificate.
- Filing Champs offers expertise in streamlining the Udyam Registration process.
- Their professional team simplifies the complexities of MSME registration, ensuring a quick and smooth process.
- With their assistance, companies can navigate paperwork and compliance procedures efficiently.
- This ensures that businesses receive all the benefits and recognition associated with Udyam registration.
- Choose Filing Champs for a hassle-free path to official MSME certification.
Udyam Registration Certificate
- Upon successful completion of the Udyam Registration process, an official certificate will be issued.
- This certificate includes a dynamic QR code, providing convenient access to the enterprise’s details.
- The QR code enables easy retrieval of essential information about the registered enterprise.
- Following registration, businesses receive an online certificate featuring this dynamic QR code.
- This QR code serves as a quick gateway to accessing pertinent details about the enterprise.
Renewal of Udyam Registration
- Udyam Registration Number doesn’t need to be renewed periodically.
- It serves as a permanent identity number.
- No need for regular renewal, as it remains valid indefinitely.
Benefits of Udyam Registration
- Preferred Treatment in Government Tenders.
- Easier Access to Bank Loans without Needing Collateral.
- 1% Interest Rate Reduction on Bank Overdrafts.
- Eligibility for Tax Rebates.
- Priority Consideration for Government Licenses and Certifications.
- Tariff Subsidies, Tax, and Capital Subsidies for Registered Udyam Enterprises.
- Discounts on Electricity Bills.
- Protection Against Delayed Payments.
- Tax Rebates.
- 50% Discount on Government Fees for Trademark and Patent Filing.
- Quicker Dispute Resolution.
Who can Apply for Udyam Registration
- Individuals operating their own businesses can apply.
- Hindu Undivided Families (HUF) forming business entities are eligible.
- Businesses owned by multiple partners can register.
- Single-member companies (OPCs) can apply.
- Companies with limited liability and multiple shareholders are eligible.
- Public limited companies and other limited liability companies can register.
- Producer companies primarily involved in agricultural produce can apply.
- Partnerships with limited liability for partners can register.
- Groups of individuals or entities with a common purpose can apply.
- Co-operative societies formed for common economic and social objectives are eligible.
MSME definition
- The definition of MSME (Micro, Small, and Medium Enterprises) has been revised under the Atmanirbhar Bharat package.
- The new criteria consider both investment in plant/machinery and turnover for classification.
- Previously, there was a distinction between service and manufacturing sectors, which has been eliminated.
- The classification is now based on a composite set of parameters:
- Micro enterprises: Investment less than Rs. 1 crore and turnover less than Rs. 5 crore.
- Small enterprises: Investment less than Rs. 10 crore and turnover less than Rs. 50 crore.
- Medium enterprises: Investment less than Rs. 20 crore and turnover less than Rs. 100 crore.
When to Consider Udyam Registration?
- Entrepreneurs have the choice to apply for MSME Udyam Registration.
- It’s advisable for most enterprises to pursue registration promptly after establishment.
- Early registration enables businesses to access various government benefits.
Documents Required
- For Online Udyam Registration, you mainly need to provide self-declarations.
- Extra documents aren’t required during registration.
- To complete the process, you’ll need your 12-digit Aadhaar number, PAN (Permanent Account Number), and business bank account details.
Filing Champs: Your Expert Partner for MSME Registration
- Filing Champs is a trusted partner for obtaining MSME registration.
- Their experienced professionals assist in navigating the registration process.
- By relying on their expertise, you can focus on growing your business while availing benefits.
- Filing Champs offers LEDGERS Accounting Software for tasks like creating estimates, invoices, tracking purchases, filing GST returns, and generating GST e-Way bills.
Udyam Registration FAQs
Any individual or entity intending to establish a micro, small, or medium enterprise can apply.
There are no fees for MSME registrations on the Udyam Registration Portal; it's entirely free.
- It serves as a permanent registration and identification number.
- The process is paperless and based on self-declaration.
- No renewal is required as registration is permanent.
- Multiple activities can be specified under one registration.
- Additional benefits include access to government procurement platforms, priority sector lending, and various schemes.
NIC codes track business activities; up to 10 can be added for registration.
It's the latest registration procedure for MSMEs launched by the government on July 1, 2020, to simplify the process.
Yes, Aadhaar is compulsory for registration.
12-digit Aadhaar number, PAN Card, and business bank account details are needed
Registration remains valid as long as the enterprise exists; no renewal is necessary.
Yes, wholesale and retail traders are now eligible for registration.
No, each entity can only have one Udyam registration.
Benefits include government tender opportunities, subsidies, tax exemptions, and more.
Processing time depends on the submission of required documents.
Application approval depends on accurate and up-to-date information.
Yes, Udyam Registration replaces the previous MSME/Udyog Aadhar registration process.
No, but it's beneficial due to the advantages provided by the government.
No, a single registration covers all branches or plants of an entity.
In the case of a company, its authorized signatory should provide the PAN and Aadhaar number.
