All about MSME Udyam Registration

What do you mean by Udyam Registration

Udyam Registration will replace Udyog Aadhar Registration. This registration is a simple process for all units that are eligible to be covered under the GOVERNMENT OF INDIA'S new MSME definition.

By registering under the New MSME Legislations, any startup and MSME company can take advantage of the different government initiatives. msmeregistrar.org will quickly and easily register you as an udyam Company. This udyam Registration will provide you with additional privileges to take advantage of government schemes.

Udyam's definition

According to the government's statement, an MSME will be known as udyam from July 1, 2020, and the enrolment or registration procedure would be known as udyam Enrollment Registration.

Advantage of Udyam Registration

To take advantage of the following advantages MSME / Subsidies / Low Interest Loans / Collateral Free Loans / etc., you must register under the new udyam Scheme on the website msme-registration.in

1. The rate of interest Bank Loan Subsidies
2. Banks offer no-collateral loans.
3. Protection against late payments, as well as material and service deliveries
4. In the manufacturing/production sector, there are special favourable reservation policies.
5. Obtaining registrations, licences, and permissions is simple.
6. Reimbursement of ISO certification fees
7. Exemption is governed by direct tax laws.
8. Subsidy for NSIC performance and credit rating fees
9. Subsidy for patent registration
10. Subsidy for barcode registration.

Due Date for Udyam Registration

All existing MSME enterprises must register/convert to new udyam immediately, according to the notification dated 26.06.2020. According to the new law, every MSME / Udyog Aadhaar-registered business unit would be recognised as a genuine MSME until March 31, 2021. To take advantage of the MSME Benefits, all existing MSME companies must register/convert on or before March 31, 2021.

Classification of Udyam Registration

Udyam Registration has been classified in three groups.

Micro enterprises : MSMEs with investments of up to Rs 1 crore and a sales of less than Rs 5 crore will now be referred to as micro units. Previously, the definition was based on investment thresholds of up to Rs 10 lakh for service MSMEs and Rs 25 lakh for manufacturing MSMEs.

Small enterprises : The investment requirement for an MSME to be classified as a small unit has been raised from Rs 5 crore to Rs 10 crore if it has a turnover of less than 50 crore. This applies to all MSMEs, including service businesses that were previously under-invested by up to Rs 2 crore.

Medium enterprises : It will now be defined as businesses with investments of up to Rs 50 crore and a turnover of less than Rs 250 crore. Previously, Medium units could invest up to Rs 10 crore and Service companies may invest up to Rs 5 crore.

How to apply online Udyam Registration

Following are the steps to apply online Udyam Registration.

Step 1: First, go to the Msme Registration Website.

Step 2: Fill the Online application form

Step 3: Make the online payment of your application

Step 4: One of our executive will get in touch with you for OTP verification and process your application form

Step 5: Within 1-2 hour you will receive your msme certificate on your registered mail id.