Udyam Registration Process for New MSME's

The Government of India introduced the Udyog aadhar registration process in July 2020, which is a simple and hassle-free way for new MSMEs to register their businesses. Here are the steps to follow:

Visit the Udyam Registration portal.
The tab “For New Entrepreneurs who are Not Yet Registered as MSME” should be selected.
Put in your name and Aadhaar number exactly as they appear on the card.
Then, select “Validate & Generate OTP.”
Type in the OTP that was sent to your registered cellphone number, then select “Validate OTP.”
Enter your company’s information, including your PAN, business name, address, and so on.
Describe the authorised signatory in detail.
Select the appropriate activity from the list of National Industrial Classification (NIC) codes.
Fill in the investment and turnover details for your business.
Submit the application.

Once your application is submitted, you will receive an Udyam Registration Number, which is a unique identification number for your business. You can use this number to avail of various benefits provided by the government for MSMEs.

It is important to note that there is no fee for Udyam Registration. Also, only one registration is allowed for each PAN number.

Easy ways for Udyam Registration Online: Indispensable of MSMEs.

Udyam Registration is an essential process for MSMEs (Micro, Small, and Medium Enterprises) in India. It provides a unique identity to businesses and enables them to avail of various benefits offered by the government, such as access to credit, subsidies, and tax exemptions. Here are some easy ways for Udyam Registration online:

Visit the Udyam Registration portal .
Select the “For New Entrepreneurs who are Not Yet Registered as MSME” tab.
Put in your name and Aadhaar number exactly as they appear on the card.
After that, choose “Validate & Generate OTP.”
Type in the OTP that was sent to your registered cellphone number, then select “Validate OTP.”
Enter your company’s information, including your PAN, business name, address, and so on.
Describe the authorised signatory in detail.
From the list of National Industrial Classification (NIC) codes, pick the suitable activity.
Details about your company’s investment and revenue should be entered.
Send in your application.
It is important to ensure that all the details entered are accurate and complete. In case of any errors or omissions, the application may be rejected. Here are some additional tips to make the Udyam Registration process smoother:
Keep all the necessary documents ready, such as PAN card, Aadhaar card, and business registration certificate.
Ensure that your business meets the eligibility criteria for MSME classification based on investment and turnover.
Choose the appropriate NIC code based on the nature of your business activities.check all the details entered in the application before submitting.

Who Can Register for Udyam?

The Udyam Registration process is designed for Micro, Small and Medium Enterprises (MSMEs) in India. As per the revised definition of MSMEs, which came into effect from July 1, 2020, the following entities are eligible to register under Udyam:
Micro Enterprises: Companies with a minimum investment of Rs. 1 crore and a maximum annual revenue of Rs. 5 crore.
Small Enterprises: Companies with an investment of up to 10 crore rupees and a revenue of up to 50 crore rupees.
Medium Enterprises: Companies with an investment of up to 50 crore rupees and a revenue of up to 250 crore rupees.
It is crucial to remember that only companies that meet these investment and turnover requirements can sign up for Udyam. Additionally, the following types of companies can register:
Keep a copy of the Udyam Registration Certificate for future reference.
By following these simple steps and tips, you can complete the Udyam Registration process online and enjoy the benefits of being a registered MSME.
Proprietorships
Partnership firms
Limited Liability Partnerships (LLPs)
Private Limited Companies
One-Person Companies (OPCs)
The Udyam Registration process is free of cost and can be done entirely online. It is a simple and hassle-free process that requires only basic details such as PAN, Aadhaar, and business registration details. By registering under Udyam, MSMEs can enjoy various benefits such as easy access to credit, subsidies, and tax exemptions

Why should Udyog Aadhaar to Udyam?

MSMEs (Micro, Small, and Medium Enterprises) in India should shift from Udyog Aadhaar to Udyam Registration for the following reasons:
Revised Classification: The classification of MSMEs was revised with effect from July 1, 2020. The investment and turnover thresholds have been raised under the new categorization, allowing for the classification of more companies as MSMEs. Based on the new classification, Udyam Registration offers a more realistic depiction of the scope and size of the firm.
Unique Identity: Udyam Registration provides a unique identity to the business, which is a 12-digit Udyam Registration Number (URN). This number is different from the earlier Udyog Aadhaar Number (UAN) and provides a more robust and secure identification mechanism for businesses.
Updation of Information: Udyam Registration provides an option to update the details of the business. This means that if the business grows and exceeds the investment and turnover limits of the current category, it can easily update its details to move to the next category without having to register again.
Accessibility: Udyam Registration is integrated with various government schemes and platforms. By registering under Udyam, MSMEs can access various benefits such as credit, subsidies, and other support schemes more easily.
Validity: Udyog Aadhaar was valid only for 5 years and required renewal after that. Udyam Registration, on the other hand, is valid for the lifetime of the business, which means that MSMEs do not need to renew their registration periodically.
In summary, Udyam Registration is a more comprehensive and secure registration mechanism for MSMEs in India. It provides a unique identity, easy access to government schemes, and lifetime validity, which makes it a better option than Udyog Aadhaar.