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An Overview of Udyam Registration: How to Register Your Business
Small scale businesses play a vital role in improving the economy of any country. To encourage new and existing business, the government of India has launched many schemes that help small and medium scale businesses to sustain and grow. To avail all these beneficial schemes, you need to get your Udyam registration done. Udyam registration is also known as Udyog Aadhaar or SSI registration. Easebis can complete the process in just a few steps.
Benefits of MSME/Udyam Registration
The following are the major benefits given to registered MSMEs under the Micro, Small & Medium Enterprises Development Act, 2006
- You can get collateral-free loans from banks under the credit guarantee fund scheme (CGS) for micro and small enterprises
- Some items have been earmarked to be manufactured only by small scale enterprises
- Once you get the MSME certificate for your microenterprise, it gets much easier to get licenses, registrations, and approvals for the same
- Being able to show your MSME certificate while making these applications will speed up the process
- You get special consideration for participating in international trade fairs, exhibitions, and buyer-seller meets. You can also hold international seminars and conferences which are in the interest of MSME sector
- When you have MSME registration, you get many things done at a subsidised price: Barcode registration, NSIC performance and credit ratings, industrial promotion subsidy (IPS) subsidy, ISO certification, electricity bill, and patent registration can be done easily
- The interest rate charged by banks for MSME registered enterprises is lower than the normal interest rate
- To promote technological growth among the micro industries CLCSS scheme was introduced that provides 15% capital subsidy up to ₹15 lakhs for the purchase of plant and machinery
- While applying for a government tender, the ministry of micro, small and medium enterprises gives the following benefits to a microenterprise:
- Tender sets can be issued free of cost
- They are exempted from paying earnest money
- Security deposit is waived up to a certain monetary limit.
There are many other benefits under the Act and benefits are introduced through annual budgets as well.
What Do You Mean By MSME Classification?
Prior to now, the MSME classification system was determined by criteria related to investments in machinery and/or equipment. Therefore, in order to qualify for MSME incentives, MSMEs must keep their investment to a smaller level, as described below:
|Manufacturing||Investment||< Rs.25 lakh||< Rs.5 crore||< Rs.10 crore|
|Services||Investment||< Rs.10 lakh||< Rs.2 crore||< Rs.5 crore|
Types of MSME Registrations
Provisional MSME Registration
This is apt for entities which are yet to begin functioning. With provisional registration the MSME can:
- Obtain facilities for accommodation, land, etc.
- Obtain important approvals and NOCs
- Obtain clearances from regulatory bodies such as pollution control board and labour regulations
- Obtain term loans and working capital from financial institutions and banks under priority sector lending.
A PRC (provisional registration certificate) is allotted to new enterprises without any field enquiry and is valid for 5 years.
Permanent MSME Registration
It is given to industrial units that are already functioning. All the benefits available to MSMEs can be availed by them. The following conditions have to be met for getting a permanent registration:
- The unit has obtained statutory and administrative clearances as required
- The unit does not violate any regulation or restriction
- The value of plant and machinery in the unit does not exceed the prescribed limits
- There should be proof the enterprise is not owned, a subsidiary of or controlled by another industry.
For better understanding, go through the table attached here:
|Sl.No||Type of Enterprises||Investment||Turnover|
|1||Micro enterprises||Less than Rs.1 Crore||Less than Rs.5 Crore|
|2||Small enterprises||Less than Rs.10 Crore||Less than Rs.50 Crore|
|3||Medium enterprises||Less than Rs.20 Crore||Less than Rs.100 Crore|
When to apply for MSME Udyam Registration registration?
Obtaining Udyam Registration is not mandatory and is at the sole discretion of the Entrepreneur. However, it is recommended that most businesses obtain MSME registration right after Registration to enjoy various benefits offered by the Government.
Documents Required for Udyam Registration Online
The Online Udyam Registration application process is based on self-declaration, and there is no further requirement to upload any documents.
The applicant will only need to furnish their 12-digit Aadhaar Number, PAN, and Bank Account details of Business for the registration process.
Udyam registration of New Enterprise – Udyam Registration Portal
The new enterprise is required to follow the below steps to register on Udyam Registration Portal:
|Type of firm||The person whose Aadhaar number is required|
|Partnership firm||Managing partner|
|Hindu Undivided Family||Karta|
|Company or a Co-operative Society or a Trust or a Limited Liability Partnership||Authorised signatory|
Why Choose Easebis
Frequently Asked Questions (FAQs)
The eligibility criteria for MSME/Udyam Registration include the type of business entity, the size of the business, and the turnover of the business.
The benefits of MSME/Udyam Registration include access to various government schemes and subsidies, credit facilities, and lower interest rates on loans.
The MSME/Udyam Registration certificate is issued immediately after the application is processed, and the entire process can be completed within a few days.
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Excellent customer service from EaseBis team. Right from the time, the business engagement starts to the completion of e-filing and tax refund (if applicable), the team at EaseBis constantly assists the customer and is proactive to resolve queries in the shortest possible time.