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About Udyam/MSME Registration

Udyam Registration as an online gateway to facilitate and streamline MSMEs' registration procedures of micro, small, and medium enterprises (MSMEs). under the ministry of MSME. It replaced the earlier system known as Udyog Aadhaar. The registration is aimed at simplifying the regulatory framework and promoting ease of doing business for small businesses. Businesses are categorized under Udyam Registration according to the amount they invest in machinery and/or equipment as well as their Annual Turnover.

Once registered in MSME, you can avail many benefits provided by the Government including preferential treatment in government tenders, easier access to credit, subsidies, and various schemes. It also helps in promoting the ease of doing business.

Benefits of Udyam Registration

• Preference in any Government Tender Procurement.
• Obtain Bank loan as Lower Interest rate up to 1.5%
• Udyam registration are eligible for priority sector lending from banks
• Protect to each and every vendor against delayed payment.
• Half Discount on Trademark/Patent fees
• Used as a Business registration certificate in various entity.
• Eligible for various tax rebates

Eligibility for Udyam Registration

All entities such as proprietorships, partnerships, Hindu Undivided Family (HUF), private limited companies, public limited companies, limited liability partnerships (LLPs), and any other association of persons can qualify for Udyam registration as long as they meet the criteria for micro, small, or medium enterprises based on their investment in plant and machinery or equipment and turnover. Eligibility details may vary based on the sector of operation, making it essential to check the specific criteria outlined by the government.

Enterprises are eligible to get registration under MSME with the below threshold limit and those entities who engaged in Trading, Manufacturing & Services.

Enterprises are classified in 3 Types: -

1. (a) Micro Enterprises
2. (b) Small Enterprises
3. (c) Medium Enterprises

Differences between MSME registration and Udyam registration

The MSME (Micro, Small, and Medium Enterprises) and Udyam registration refer to the same process but involve a change in nomenclature. The government of India introduced the Udyam registration in 2020 as a replacement for the earlier system of MSME registration. The primary goal was to simplify the registration process and enhance the ease of doing business for micro, small, and medium enterprises.

1. 1.Name Change: The most significant difference is the change in terminology. MSME registration was replaced by Udyam registration, and businesses are now required to register under the Udyam platform.
2. 2.Online Portal: Udyam registration is carried out through the official Udyam Registration portal. The online portal provides a streamlined and user-friendly process for businesses to register themselves as micro, small, or medium enterprises.
3. 3.Registration Criteria: The criteria for categorizing businesses as micro, small, or medium enterprises remain similar to those under the previous MSME registration system. The classification is based on factors like investment in plant and machinery or equipment and turnover.
4. 4.Aadhaar Integration: The Udyam registration process integrates the Aadhaar number of the business owner or authorized signatory. Aadhaar verification is a crucial step in the registration process.
5. 5.PAN Integration: The Permanent Account Number (PAN) is also integrated into the Udyam registration process. PAN details are used for verification and authentication.
6. 6.Self-Declaration: One of the key features of Udyam registration is the concept of self-declaration. Businesses can self-certify their existence and details without requiring any documents to be uploaded during the registration process.
7. 7.Ease of Updation: Udyam registration allows for easy and self-managed updation of information. Businesses can update their details, including investment and turnover figures, as and when necessary.
8. 8.No Renewal Requirement: Unlike the earlier MSME registration, Udyam registration does not have a renewal requirement. Once registered, the Udyam number remains valid.

Businesses should use the official Udyam Registration portal for their MSME registration needs and ensure compliance with the latest guidelines provided by the Ministry of Micro, Small & Medium Enterprises, Government of India.

Frequently Ask Question (FAQ)