What is Udyam Registration?
Udyam registration is the improvised version of the Udyog Aadhar. Udyam is a business registration portal approved by Govt. of INDIA and propounded by the finance ministry of India.
Benefits of Udyam registration In 2020, this portal got introduced for the betterment of various business sectors(MSME). (MSME- Micro Small Medium Enterprise) The new name of the website is Udyam registration. Udyam is a complete online registration portal. They also issue a unique 12-figure code.
As per reports, more than 80 L businesses have enrolled for Udyam registration. However, few have volunteered directly, and a few migrated from Udyog to Udyam.
Benefits of Udyam registration
Benefits of Udyam registration:
- You can have the benefit of claiming stamp duty with reduced cost of acquisition and cost of registration.
- Waiver to deduct interest on overdraft up to 1 per cent.
- Availing subsidy on trademark and patent cost of 50%
- Availability of discounts while opting for IDFC FIRST Bank loan.
- Availability of reduction in electricity bills.
- Avail opportunities to receive business invitations from the Government portal o participate internationally.
Eligibility criteria for Udyam registration:
As per Udyam Registration, the enterprises previously registered with any portal such as EM-II or UAM need to re-register with Udyam. And it’s illegal to file for multiple Udyam registrations by a single business.
The eligibility criteria for Udyam registrations:
Classification of Udyam registration is based on the yearly, Turnover of the businesses.
Benefits of Udyam registration
| S.No. | Business/ Sector | Turnover |
| 1 | Micro | Five Crore
|
| 2 | Small | Fifty Crore |
| 3 | Medium | Two Hundred and Fifty Crore |
Businesses that are not eligible for Udyam registration under MSME are:
- Logging and forest with the NIC CODE 02.
- Aquatic animals trade as per NIC CODE 03.
- Motorbikes enterprise either wholesale or retail as per NIC CODE 45.
- Activities such as Animal Farming and hunting are not eligible as per NIC -2.
[Apply] Online MSME Udyam Registration 2022
Is the Udyam Registration free of cost?
Yes, it’s free of cost. The registration is done online for free.
Is there any validity of the Udyam Registration certificate?
As per Udyam Registration, No specific year or time is quoted for the validity of the Udyam Registration certificate.
Benefits of Udyam Registration Migration
Documents needed to register for Udyam Registration:
Aadhar card, linked with Pan card and GST number, are enough to file for Udyam Registration. GST is not necessary.
How long will it take to register for Udyam Registration?
It may approximately take 24 hours in general. But in some cases, the time may extend a few days. Upon registration, the portal will notify the update via e-mail or message on the associated mobile number.
#1 Benefits of Udyam Registration
How many Udyam registrations can a business have?
According to the Udyam Registration guidelines, an enterprise can opt for only one Registry.
Do Udyam Registrations get canceled?
If the businesses are impotent to list in MSME certification, surely the portal will refund the paid money.
If any business approach to cancel Udyam registration after receiving an MSME certificate, the portal rejects the urge of cancellation. The time required to receive the MSME certificate is approximately a day.
Step by Step Guide to Register For Udyog Aadhar 2022
Is it necessary to have Udyam registration with the current account?
It is not necessary to register for Udyam registration. Businesses registered with Udham registrations will be benefited from several options to take your business to the next level, such as a loan from banks, tax refunds, government trading campaigns etc.
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