Udyam – With effect from 1st July 2020, the Indian government, Ministry of Small and Medium Enterprises notified composite criteria made up of both investment and turnover as criteria for identifying enterprises as Micro, Small and Medium Enterprises via Official gazette, Extraordinary, Part-II, Section-3, Sub-Section(ii).
The main concern in the minds of several newbie entrepreneurs is what Udyam Registration is. You’ve reached the right place if you have the same question. Udyam Registration, also known as MSME Registration, is a govt registration that comes with a certificate of recognition and a unique number. It’s for the purposes of licensing smaller businesses or businesses.
The primary objective of this facility was to provide a method for the government to provide the maximum benefits to small and medium businesses and industries in India that are registered through MSME with their Aadhar Card Number. The entity’s owner, director, or proprietor must provide his or her 12-digit Aadhar Number.
Whether the organization or entity is a sole proprietor, an LLP, a private limited company, or some other, this is a regulatory requirement. It should have a certificate of recognition acquired via the MSME registration process.
Udyam registration is a certification for Indian micro, small, and responsible businesses. The Ministry of MSME, Government of India, offers Udyam licenses. The Ministry of MSME, Govt of India, provides Udyam licenses. It allows the production and growth of businesses through a number of benefits and schemes.
This process, as per the Ministry, will be extremely simple, seamless, and entrepreneur-friendly. It will be a model for ease of doing business not only in India because around the world. It will reduce transfer times and lower transaction costs. Businesses can concentrate on their areas of expertise and become globally competitive.
The prime objective of establishing Udyam registration is to create the application form smoother. Smaller companies can now easily register under the Micro Small Medium Enterprise (MSME) group.
For registering under MSME, Udyam registration has replaced the old process of Udyog Aadhaar registration. Earlier, the Udyog aadhaar application form was unclear and time-consuming due to multiple categories and pages to also be filled. It required a lot of paperwork and document upload to the site.
Udyam, on either side, utilizes a specific, paperless method that requires no additional documents or certificates in order to register under MSME.
For the registration process, the user will just need to submit their 12-digit Aadhaar number, Pan card number, and business bank account details.