The Udyam Registration procedure is simple, as is the form completing procedure. The current system has been revamped, and it now wants significantly less data than the prior one. It’s worth noting that MSME registration is free, and the website doesn’t charge an official fee for obtaining a certificate of registration.
Today’s world is considerably simpler and more efficient. The following is a step-by-step guide to acquiring MSME Udyam Registration.
Step1: For further information, go to the official website.
Your first visit for getting your business online registered will be the official Udyam Registration page.
Select an option. “It’s for new small business owners who haven’t yet registered.”
Step 2: Please enter your personal information.
The initial facts you’ll need to submit are your name and your 12-digit unique Aadhar number. From the drop-down option, choose “Validate & Generate OTP.” On your registered mobile number, you will receive an OTP. Enter the one-time password.
Special Note: Aadhaar number of the proprietor in the case of a proprietorship firm; of the managing partner in the case of a partnership firm; of a Karta in the case of a Hindu Undivided Family (HUF); of authorised signatory in the case of a Company or a Limited Liability Partnership or a Cooperative Society or a Society or a Trust will be required for Udyam Registration for New Enterprises.
Step 3: Verification of PAN
Choose the sort of business you want to start, then input your PAN number and click “Validate.” Validation of the PAN takes place.
The authorised signatory of a Company / LLP / Cooperative Society / Society / Trust must supply the Company / LLP / Cooperative Society / Society / Trust’s GSTIN and PAN, as well as his Aadhar number.
Step 4: Filling in Correspondence Information
After filling out all of the aforementioned information, the next piece of information you’ll need to submit 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 in the Bank Information
You’ll need to input 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 up on the bank’s website.
Step 6: Information on the business
From the “services” or “manufacturing” categories, you must mention your company’s principal business. You must supply the total number of employees as well as the National Industry Classification(NIC) Code for Activities.
After you’ve filled out all of the details, the last step is to enter the total amount of money you’ve invested in your machinery or plant (in lakhs).
Step 7: Accept the Declaration and select the District Industry Center as your destination.
In the final step of the process, you’ll choose the district industry centre from a drop-down menu. Then you must approve the declaration by clicking “Submit and Get Final OTP.”
Hit the “Final Submit” button after entering the OTP that was supplied to your phone.
When you click the ‘Submit and Get Final OTP’ button, you will be issued a registration number. Once the government has verified all of your information, you will receive an E-registration document to your email address.
Existing businesses can benefit from the following points:
- On or after July 1, 2021, all current firms registered under EM–Part-II or Udyog Adhar (UAM) must re-register on the Udyam Registration site.
- Existing firms that were registered prior to June 30, 2021 will be valid only until December 31, 2021.
- An enterprise that is registered with any other Ministry of Micro, Small and Medium Enterprises organisation must register with Udyam Registration.
Is there a paper that I need to register for Udyam?
- MSME registration is entirely electronic, requiring no paper, and is based on self-declaration.
- There are no documentation or proof requirements for registering an MSME.
- Only the Aadhaar Number is required for registration.
- Data on business investment and turnover, as well as PAN and GST-related data, will be automatically downloaded from government databases.
- A PAN and a GST number will be necessary from April 1, 2021.
What happens if there is a difference or a complaint?
In the event of a discrepancy or complaint, the General Manager of the relevant District Industries Centre shall investigate and verify the details of the firm’s Udyam Registration.
After that, forward the matter to the concerned State Government Director, Commissioner, or Industry Secretary, who, after issuing a notice to the enterprise and allowing it to present its case, may amend the details or recommend cancellation of the Udyam Registration to the Ministry of Micro, Small, and Medium Enterprises, Government of India.
WHAT ARE THE BENEFITS OF REGISTERING WITH UDYAM?
After registering a business and getting Udyam Registration, one will be able to take advantage of a number of benefits. The best part of obtaining Udyam Registration is that it is a straightforward process that does not require one to deal with any paperwork. Here are some of the most important advantages:
- It’s easier to acquire government contracts if you register with Udyam.
- Because the interest rate is so low, bank loans become more affordable as a result of the Udyam (up to 1.5 percent lower than conventional loans).
- A number of tax incentives are available to Udyam.
- Regardless of the company’s industry, obtaining licences, approvals, and registrations becomes simple. For government license and certification, enterprises registered under Udyam are given higher priority.
- They have easy credit with cheap interest rates.
- Tariff, tax, and capital benefits are available to registered Udyams.
- Registration aids in lowering the cost of obtaining a patent or the cost of establishing an industry. Many discounts and concessions are available to help.