On July 01, 2020, the Union Ministry of Micro, Small and Medium Enterprises (MSME) launched a new classification and registration mechanism for MSME enterprises under the name 'Udyam Registration.'
New MSME Classification
| Classification | Investment in plant and machinery or equipment | Turnover |
|---|---|---|
| Micro enterprise | Not more than INR 1 Crore | Not more than INR 5 Crore |
| Small enterprise | Not more than INR 10 Crore | Not more than INR 50 Crore |
| Medium enterprise | Not more than INR 50 Crore | Not more than INR 250 Crore |
Documents Required
The method of applying for an online Udyam Registration is based on self-declaration and there is no further obligation to submit any records, certificates, papers or proof.
For the registration process , the customer would only need to include their 12-digit Aadhaar number, Pan Card and Bank Account Business information.
Process to Apply for Udyam Registration
Follow the below mentioned procedure:
Step 1: Go to the udyam online portal.
Step 2: Fill the form and upload the documents.
Step 3: Make payment for your applications online.
Step 4: your applications will be process.
Step 5: You will get the udyam certificate in few hours.
Benefits of applying
Some of the advantages of Udyam Registration are below
- Quick bank loan without collateral/mortgage up to 1 Cr.
- Unique preference in government tenders.
- 1 percent Interest rate exemption on Bank Overdraft (OD)
- Electricity and Water Bills Concession.
- Defense against buyers' delay in payment
- Tax Discounts
checkout more benefits of udyam registration
I hope so you will get all your queries solved in this article if not then please contact us through our udyam registration portal.
Many people search the internet for information about udyam registration fees, and they want to know how much they pay for a new udyam registration or a re-registration for current users.So, in today's short guide, we'll clear up any confusion you may have about the udyam or msme registration fee and provide you with all the information you need.Udyam Registration Fee DetailsThe cost of registration is the first thing that comes to mind when you think about any kind of registration.
So, first, let's see what the registration fee for udyam or msme is.You have two options for completing the Udyam/MSME registration:The first is via the official government site, where you can register for free.
However, the government process is difficult, time-consuming, and difficult to learn for new users.Second, you can hire a private agent, such as Udyamregistration.co, who can charge you a low consultation fee and complete the registration on your behalf, saving you time and resources.Udyam Registration ProcessThe process for registration for Udyam is simple and clear:Step 1: To begin, go to our udyam portal.Step 2: Complete all of the information needed on the MSME form.Step 3: Pay for your application online.Step 4: Our executive will review and process your submission.Step 5: You can obtain a certificate to your registered email address within 1-2 hours.Document RequiredDocuments that you needed to complete the process of udyam registration are given below: Applicant’s Aadhaar cardPAN Card & GSTIN ( Only for company registration
MSME, which stands for Micro, Small, and Medium Enterprises, serves as the supporting structure of the Indian economy.
It provides the necessary resilience to our economy against global adversities.Currently, MSMEs in India have a contribution of 6.11% and 33.4% in the manufacturing GDP and manufacturing output respectively.
They also employ 120 mn individuals in India, contributing around 45% of total exports from India.Becoming a part of the MSME registration online in India requires MSME registration.
Irrespective of whether a company falls into the manufacturing or service sector, they need to get MSME registration done as defined in the MSME act.What is the MSME registration process?Companies need to get the MSME registration done online using the portal udyam registration.gov.in.
Their registration is done under two broad categories, which are:MSME registration for entrepreneurs who are not yet registeredRegistration for those who have already done MSME registration as EM-II or UAM (Udyog Aadhar Memorandum)What are the benefits of MSME registration?MSME registration in India makes it easier for individuals to avail bank loans at interest rates that are comparatively lower than regular loans.Businesses that have obtained an MSME certificate become eligible for tax exemption under the MSME Act.Registered MSMEs are more preferred for various licenses and certificates issued by the government.By getting the MSME registration done, an enterprise gets easy access to loans and credit facilities.A registered MSME also gets compensation for the expenditure incurred for ISO certification.It also enables the allowed credit for MAT (Minimum Alternate Tax) to be carried forward for fifteen years (10 years otherwise).Post MSME registration, the total cost of product patent or setting up an industry goes down because of several concessions and rebates.It helps acquire government tenders easily.
This is because of the integration of the Udyam registration portal with the government e-marketplace which provides easy access to e-tenders.What are the documents required for MSME registration?The business entity has to submit several documents which are required for MSME registration.
We are India's largest online business services platform dedicated to helping people easily start and grow their business, at an affordable cost.In July 2012, we began our journey with the goal of making it easier for entrepreneurs to expand and grow their business.
We help startups and entrepreneurs get registration and certification for all processes of the Indian government.
We are well qualified for micro small & medium-sized companies with the MSME New Udyam Registration processing system.Our aim is to assist the entrepreneurs with legal and regulatory requirements, and be a partner across the business lifecycle, offering support at every stage to ensure the business remains compliant and continually growing.We are a technology-driven platform trying to organize professional services industry in India!
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The Udyam registration certification is the government of India's authorization issued to small-scale company people or groups.
The certification is provided by the Indian government's Ministry of MSME.What is the purpose of the government providing this certification?The Indian government has created a new scheme to assist small businesses and organizations in scaling up to a greater level.
To make use of the benefits and features of this program, small business owners must register their company on the Adam official website.To obtain certification for your business, you must first complete the registration process at a higher revenue level.
To complete the process, you must obtain an OTP from the official website and input it in the appropriate area.The certification may be obtained by visiting the website, and it includes a QR code, making it a helpful tool to have.
The following are the three most crucial aspects of registration:Aadhaar NumberPAN numberGSTIN numberThe government of India allocates and offers the certified company to grow well based on priority.
When the initiative is launched with money, accredited companies will receive more proposals.
