This blog discusses the benefits of the Udyam registration portal which empowers entrepreneurs and boosts the Indian economy. It highlights the features of the portal and how it simplifies the registration process for micro, small, and medium-sized enterprises (SMEs).
Since July 2020, the EU Department for Micro, Small, and Medium-sized Enterprises has introduced a new registration and classification mechanism for MSMEs. Known as Udyam Registration Portal, allows new and existing businesses to register on the MSME portal.
Types of business to be registered
Below is a list of the types of businesses to be registered, These are: –
- Micro Enterprises – for enterprises with a turnover of Rs 1 up to a maximum of Rs 5,
- Small Enterprises – for enterprises with a turnover of Rs 10 up to a maximum of Rs 50,
- Medium Enterprises – for enterprises with a turnover of Rs 50 up to a maximum of Rs Rs 250,
Udyam Registration Portal Process Details
Anyone who intends to start a micro, small or medium-sized business can apply for Udyam registration on the official portal. You don’t need to upload any documents, the whole process is based on your self-declaration. When registering, the person receives an identification number. This is the Udyam registration number. This number is permanent. Upon completion of the procedure, the applicant will receive a virtual certificate known as the Udyam Registration Certificate.
Your declaration is only valid until March 31, 2021. From this date, the GSTIN is mandatory.
Udyam’s registration form is available on its official portal. There are no registration fees for the procedure. Aadhaar number is a must here. You can follow the instructions that you will get on the portal. If the entity is a limited liability company, trust or partnership, it must include the Aadhaar and GSTIN details of the authorized dignitary.
No company can have more than one Udyam registration.
The company that misrepresents the self-declared information is subject to sanctions under Article 27 of the MSMED Law.
Udyam Registration Process
This registration process through the Udyam portal is very easy and besides, and filling the form is also quite easy. This is important to understand that MSME registration is completely free and the site does not charge for issuing registration certificates. Now that everything is pretty efficient, here is a very simple step-by-step process to register with Udyam. It is: –
Go to Udyam Registration Portal Website – https://udyamregisteration.org/
To register your online business, you must first visit the government’s official Udyam registration website.
The second step is to enter your personal information –
First, the person must provide their name and 12-digit Aadhar number. Then select “Verify and generate one-time passwords”. Enter this one-time password.
Special note: For all companies, an Aadhar number for registration of owner Udyam is mandatory if he is the owner of the company; the managing director if it is a partnership; Charter of the Undivided Hindu Family (HUF); an authorized signatory if it is a limited liability company, corporation, partnership and/or trust or cooperative.
Check the PAN
Select the company type, then enter the PAN number and then select the “Confirm” button. The PAN was checked.
For all companies, an Aadhar number along with PAN number and signature for registration of owner Udyam is mandatory if he is the owner of the company; the managing director if it is a partnership; Charter of the Undivided Hindu Family (HUF); an authorized signatory if it is a limited liability company, corporation, partnership and/or trust or cooperative.
The next step is to add details to the correspondence.
After entering all of the details listed above, the next step is to provide the full mailing address of this company/firm/entity. Also information about your company’s county, PIN, state, email address, and mobile phone number.
Enter all bank details
Enter your company’s active bank account number and the IFSC code of the branch where the account was opened. If you don’t have the IFSC code for this agency, you can get it from the bank’s passbook or through their website.
Indicate the main activity of the company, this can be ‘manufacturing’ or ‘services’. The number of all persons employed by the company according to the NIC or National Industrial Classification Code is required.
After entering this data, the next step is to enter the total amount (in a few hundred thousand) that someone has invested in the plant or machine.
Read more about how to Update Udyam Certificate
Select a DIC or District Industrial Center and validate your claim.
In the final step of the application process, select an available DIC or District Industrial Center from the drop-down list. Next, you need to agree to the terms and then select the “Submit & Get Final OTP” button.
Enter the OTP sent to the registered mobile phone number and select the “Final Submission” button. After clicking the “Submit and receive a permanent one-time password” button, you will receive a registration number. Once all information has been fully verified by the relevant authorities, you can receive an electronic registration document that will be sent to your registered email address.
The Udyam registration portal is a game-changer for MSMEs in India. It simplifies the registration process and offers entrepreneurs various benefits, including access to loans, grants, and government programs. The portal is a step towards a more transparent and efficient business environment, which is essential for India’s economic growth. By registering on the Udyam portal, entrepreneurs can open up various opportunities for their businesses and contribute to the overall development of the country.