Udyam Registration is a portal under the Government of India and Single Window System of Government authorized to do MSME registration or process-related activities. As announced by the Union Ministry of Micro, Small, and Medium Enterprises (MSME), a new mode of classification and registration for enterprises began on July 1, 2020. Udyam for this purpose is Udyam, and the registration process is called Udyam. Registration.
Individuals desirous of setting up small, medium, or micro-enterprises can apply online for Udyam Registration.
Revised MSME Classification
Small, micro, and medium enterprises are classified according to the following criteria.
Classification Investment in equipment or machinery turnover
Micro Enterprises < 1 Crore < INR 5 Crore
Small Enterprises < INR 10 Crore < INR 50 Crore
Medium Enterprises < INR 50 Crore < INR 250 Crore
You can file for Udyam Registration by logging on to the government portal and following the steps given below:
Step 1: Apply Online for Udyam Registration
Step 2: Get the Udyam Registration Number
Step 3: Issuance of Udyam Certificate
Mentioned here is the detailed procedure for each step.
Apply Online for Udyam Registration
A person who wants to set up a micro, small or medium enterprise has to apply for online registration through the Udyam Registration Portal. The registration process is dependent on self-declaration and there is no need to upload any proof like documents, certificates, papers, etc.
Get Udyam Registration Number
Each enterprise gets a unique Udyam Registration Number on successful application submission or a Permanent Identification Number.
Issuance of udyam Certificate
On completion of the registration process, an e-certificate called Udyam Registration Certificate is issued to the enterprise.
By signing up with Udyam, an organization can take advantage of numerous benefits. Some of the advantages of submitting a registration request via the portal are listed below.
Receive a straightforward bank loan of up to INR 1 crore without a mortgage or other security.
particular preference in government contract purchases.
Exemption from the bank overdraft interest rate of 1% (OD).
a reduction in electricity costs.
protection against the buyers' payments becoming late.
tax return refunds.
Government costs for trademarks and patents are discounted by 50%.
resolution of disputes quickly.
Interest rates on loans from the partner bank are lower.
the National Small Industries Corporation and other governmental organizations' subsidies.
payment of the expenses incurred in obtaining the ISO certification.
After applying, it typically takes four to five days to receive the Udyam certificate. Once the e-certificate is issued, the business will get an email notification with a registration number. The procedure could, however, occasionally take longer than 15 days to complete.