IF YOU you are doing abusiness then definitely youmay have heard about the Udyam registration (formerly known as Micro, Small and Medium Enterprise (MSME registration)) which is a beneficial certification required to be done by all the Micro, Small andMedium Enterprises. Any person who intends to establish Micro,Small and Medium Enterprises needs to get registered under the MinistryofMicro,SmallandMedium Enterprisesbysigningupon the official Government portal. Udyam Aadhar registration is a simple process which is done online through the government portal via website https://udyamregistration.gov.in Udyam registration process is fully online, paperless and based on self-declaration. No documents or proof are required to be uploaded and there is no Government fees for registering an MSME.

 

Why should an enterprise get Udyam registration? Whenever we start a business we need to take Udyam registration for the recognition under the government as Micro, Small and Medium scale Enterprise. Udyam certification provides certain financial support from the Government such as subsidies on loans, lower interest rates and credit guarantees. It provides various tax benefits and competitive advantages in a market as a whole. Entities engaged in manufacturing, service industries, wholesale and retail trade that meet the updated MSME classification (w.e.f 1st July 2020) criteria for annual turnover and investment are eligible to apply for Udyam registration. Eligibility as per the specified turnover: Composite Criteria:Investmentin plant & machinery / equipment and annual turnover (Source: msme.gov.in/knowabout-msme) These threshold limits are subject to periodic revisions by the Government if required. The Udyam registration is an online process. The process is very simple and hassle free.

 

For new entrepreneurs who are not registered yet as MSME or those with EM-II . Step 1: Visit theUdyamAadhar government website https://udyamregistration.gov.in Step 2: Choose the optionForNew Entrepreneurswhoarenotregistered yet as MSME or those with EM-II. It willdirectlyopenthe formtobe filled. Step 3:Verify your Aadhaar details and‘Validate’.Step 4: Verify your PAN details. Step 5: Enter all your personal, bank and enterprise details. Step 6: Enter the NIC code, and othernecessarydetailspertaining to the main business activity of the enterprise. Step 7: Now you have to submit the form and enter the final OTP received and the UDYAM AADHAR number will get generated. Users can take benefit of various Government schemes,subsidies and incentiveswhichareavailable tosupport their Business growth. There are several schemes for the MSME’s introduced by the Government for Employment generation, credit guarantee, EntrepreneurshipSkillDevelopment and many more which could help yougrowyourbusinessand takebenefits of the same.You can getto know more about such types of schemes introduced by Government by clicking on the link given below. This link will redirect you to the e-book on schemes. (The author is a practicing Company Secretary)