The Government of India has launched an effort called Udyog Aadhaar to give micro, small, and medium-sized businesses operating at these levels a distinctive identifier. To provide a distinctive identifier for micro, small, and medium-sized firms operating at these levels, the Indian government has established an initiative called Udyog Aadhaar.
By registering as a New MSME, you can obtain an Udyam Registration Certificate and number for your company. Businesses that already have an Udyog Aadhar must register for the Udyam scheme as well. Visit the Udyam official portal to receive Udyam Registration.
A Udyam Registration Certificate may be requested by anyone.
In the Udyam Portal, there are two ways to obtain an Udyam Registration Certificate. As follows:
- New businesses that haven’t applied to become MSMEs.
- Businesses who applied individually or through Assisted Filing and already have a UAM or EM-II registration.
Before registering, you should be aware of the following information regarding Udyam.
- Your permanent registration number for Udyam is 19 digits long. There is no need to renew this registration number since it never expires.
- It is a free registration certificate for your company and there are no fees associated with the procedure at any point.
- The entire Udyam registration process is conducted online, without the use of paper, and using self-declared data. Your Udyam Registration Certificate will also be issued online upon registration. The QR Code on this certificate can be used to access your company’s details.
- You just need your Aadhar number to register as an MSME.
- If your business is a proprietorship, you must use the proprietor’s Aadhaar.
- The Managing Partner’s Aadhar should be provided if your company is a partnership firm.
- The Aadhaar of the Karta may be utilised as a Hindu Undivided Family (HUF).
- Your PAN and GST information on business investments and revenue will be immediately synchronised from other government databases.
- Every business that already has a UAM, EM-II, or other registration issued by the Ministry of MSME must reregister with the Udyam programme.
- There can only be one Udyam registration per business. On the other hand, numerous industrial processes and services might be added to a single enterprise registration.
What criteria is used by the Udyam Registration programme to classify businesses as MSMEs?
- Micro Enterprises: Businesses whose annual revenue does not exceed Rs. 5 Cr. and whose investment in plant, equipment, and machinery does not exceed Rs.
- Small Enterprises: Businesses with a revenue under $50 billion and an investment in plant, equipment, and machinery under $10 billion.
- Medium Enterprises: Businesses with a turnover under $250 billion and an investment in plant, equipment, and machinery under Rs. 50 crore.
Can I apply for an MSME company loan using my Udyam Registration Certificate?
Your Udyam Registration Certificate is valid proof of your company’s age, therefore yes!
You must provide a few documents with your business loan application when you apply for one. The data in these documents enables the lender to confirm the facts on your application and gain a thorough picture of your company’s operations and financial situation. You qualify for better lending products and loan terms based on the vintage, or age, of your business. In order to demonstrate the age of your firm, you can use your Udyam registration and the front page of your current account passbook.
Most of our lender partners often prefer to lend to firms that have been operating and registered for at least 2 years or more when you apply for a business loan using CreditEnable’s technology platform. Yet, there are a few lenders who will make loans to startups with a vintage of at least a year.
Utilize our platform to determine your eligibility for a business loan so we can assist you in applying with the appropriate lender and expediting the disbursement of your loan.
How do I sign up as a new MSME on the Udyam Portal?
As a new MSME, complete the following procedures to register on the Udyam Portal:
- To register as an MSME, click the “For New Entrepreneurs” option.
- You’ll be taken to a different page. After entering the owner’s, managing director’s, or karta’s Aadhar number, enter the entrepreneur’s name.
- Your registered Aadhaar phone number will receive an OTP. Your Aadhaar must be verified using the OTP.
- You have been taken to the application at this time. Complete the necessary fields, input your OTP and verification code to confirm your application once again, and then click “Final Submit.”
Suggested Read: Print Udyog Aadhar Certificate