Udyam Registration

Udyam Registration, also known as MSME Registration, is the new and simplified method introduced by the Ministry of Micro, Small & Medium Enterprises on July 1, 2020, for registering Micro, Small, and Medium Enterprises (MSMEs). Along with this, the Ministry revised the classification criteria for MSMEs. An enterprise registered under this system is called ‘Udyam,’ and the associated registration process is referred to as ‘Udyam Registration.’ Successful registration provides businesses with a permanent registration number and a recognition certificate.

Udyam Registration Certificate

Upon completing the Udyam Registration process, an online certificate containing a dynamic QR code is issued, allowing easy access to the enterprise’s details.

Renewal of Udyam Registration

The Udyam Registration Number is permanent and does not require periodic renewal.

Udyam Registration Benefits

Obtaining Udyam Registration is a hassle-free process that eliminates paperwork. The benefits of Udyam Registration for your business include:

– Special preference in government tender procurement.
– Access to bank loans without collateral/mortgage.
– A 1% interest rate exemption on bank overdraft (OD).
– Eligibility for various tax rebates.
– Priority consideration for government licensing and certification.
– Tariff subsidies, 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
– Hindu Undivided Family (HUF)
– Partnership Firms
– One Person Company (OPC)
– Private Limited Company
– Public Limited Company
– Producer Company
– Limited Liability Partnership (LLP)
– Any Association of Persons
– Co-operative Societies

MSME Definition

The definition of MSME (Micro, Small, and Medium Enterprises) has undergone significant changes with the introduction of the Atmanirbhar Bharat package. It now considers a composite set of criteria, including investment and turnover, with increased thresholds. The previous distinction separating service and manufacturing sectors under MSME classification has been removed. Here’s the revised criteria:

– Micro enterprises: Investment in Plant/Machinery less than Rs. 1 Crore and turnover less than Rs. 5 Crore.
– Small enterprises: Investment in Plant/Machinery less than Rs. 10 Crore and turnover less than Rs. 50 Crore.
– Medium enterprises: Investment in Plant/Machinery less than Rs. 20 Crore and turnover less than Rs. 100 Crore.

When to Consider Udyam Registration?

While Udyam Registration is optional, most businesses should pursue it soon after establishment to avail themselves of various government benefits.

Documents Required

For Udyam Registration, the application is primarily based on self-declaration, and there is no need to upload additional documents during the registration process. Applicants are required to provide their 12-digit Aadhaar Number, PAN (Permanent Account Number), and the bank account details of the business for efficient registration.

Maske Brothers: Your Expert Partner for MSME Registration

Maske Brothers is your trusted and expert partner for obtaining MSME registration. With extensive experience in company registrations and compliance matters, our dedicated experts are here to assist you through the MSME registration process. Let our professionals handle the complexities, allowing you to focus on business growth while enjoying the benefits and support offered to register MSMEs in India.

By choosing Maske Brothers, you will also receive LEDGERS Accounting Software, enabling you to provide estimates and invoices, track purchases, file GST returns, and generate GST e-Way bills efficiently.

Ready to register your MSME? Talk to our experts today and embark on your journey to success with confidence!