Yes, udyam registration is mandatory for businesses in India, you want the Indian government’s exclusive help during crises and take part in schemes, financial support, tenders, and international trade opportunities, then you must apply for udyam registration certificate.
With udyam registration certificate businesses, companies and industries can avail of various MSME benefits.
Even if you already have MSME Registration Udyog Aadhar Registration Certificate, you must switch to Udyam Registration. You can easily do it using your udyog aadhar number and registered email id or mobile number.
The Indian Ministry of Micro, Small, and Medium Enterprises (MoM) issued a notice on June 26, 2020, changing the definition of MSMEs and establishing a new MSME registration system (Known as Udyam Registration).
Existing MSME registrations (i.e. Udyog Aadhaar Number (UAN) or Enterprise Memorandum (EM)) would become invalid after March 31, 2021, according to the notice.
While businesses must obtain Udyam Registration, the RBI has made it a requirement for lenders to ensure that their MSME borrowers have done so as well. The RBI, in a notification dated August 21, 2020, clarified several of its current standards and outlined explicitly what lenders must do.
The purpose of the following article is to explain and analyze the udyam registration clarifications.
MSME borrowers can present their Udyog Aadhaar Number (UAN), Entrepreneurs Memorandum (EM), Udyam Registration Number (UAM) or proof of investment in plant and machinery or equipment.
Also, a self-declaration indicating they met the requirements to be classified as an MSME under the existing MSME registration system..
However, because the MoM announcement stated that the UAN or EM will only be valid until March 31, 2021, MSMEs will need to register through the Udyam portal to meet the revised criteria. As a result, by March 31, 2021, lenders must get Udyam Registration proof from both existing and new borrowers.
The New Udyam Registration Classification Requirements Under MSME
The Ministry of Micro, Small, and Medium Enterprises revised the standards for MSME categorization, effective July 1, 2020, in a notice dated June 1, 2020, and a further notification dated June 26, 2020.
|Micro||Not more than Rs 5 Cr.||Not more than Rs 1 Cr.|
|Small||Not more than Rs 50 Cr.||Not more than Rs 10 Cr.|
|Medium||Not more than Rs 250 Cr.||Not more than Rs 50 Cr.|
How to make a business MSME certified?
Anyone who wishes to make his/her business MSME certified, then fill out a self-declaration form and submit it to the Udyam Registration Portal if you want to create a micro, small, or medium business. No paperwork, documents, certificates, or other forms of proof are required.
Do not wait anymore just reach out to us for udyam registration certification.
What is the process of Udyam registration?
Udyam Registration is a quick and straightforward procedure.
Step 1: Go to the Udyam Registration Portal‘s website.
Step 2: Complete the Udyam Registration Form with all of your information. Make certain that all of the information is right.
Step 3: Make the payment for the Udyam registration service application process.
Step 4: One of the registration managers will process the application form.
Step 5: Your Udyam registration certificate will arrive at your registered email address in 1-2 hours.
Udyam registering private consultancy will assign you a dedicated Compliance Manager. All you have to do is complete the application form with all of the required information, and our Compliance Manager will take care of the rest.
Our dedicated Compliance Manager is available to address any questions you may have at any time through your udyam registration contact form.
Is GST mandatory for udyam registration?
Yes, any business that is looking to register in the Ministry of MSME should have a GST number.
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