On August 6, 2020, the Ministry of Micro, Small, and Medium Enterprises (MSME) released a notification outlining the existing Entrepreneurs Memorandum (EM)/Udyog Aadhar Memorandum (UAM) as well as the new MSME registration – Udyam Registration.
According to the notification, the existing registered enterprises under UAM ( udyog Aadhar memorandum) are valid until 31 st March 2021.
These existing enterprises under the UAM now will have to re-register on the Udyam registration web portal and the udyog Aadhaar memorandum will be updated before 31st march 2021. otherwise, the registration will be blocked or canceled. So it is compulsory to update the registration process before the deadline.
Registration for Udyam
This is the new MSME registration system, which has been in place since July 1, 2021. More than 10.5 million businesses have been registered under it to date. It is a revised version of the Aadhaar Memorandum.
The Udyam registration is issued to the small scale business or enterprises and after the completion of registration a certificate is provided along with a unique number, this certificate is known as the Udyam registration certificate. A dynamic QR code on their registration certificate is provided where all the details or information about the applicants are mentioned.
Udyog Aadhar Memorandum
It is a one-page registration process for the small-scale enterprises under MSME and it contains all details about the applicants like personal details, business activities details, promoters, bank details, etc.
It is a 12-digit unique identification number for MSMEs.
Benefits of Re-Registration under Udyam
The Indian government offers numerous incentives to udyam registered businesses who update their registration with Udyog Aadhar. This re-registration process will benefit and support MSMEs worldwide, not only in India. A reservation policy and a credit guarantee plan are the two key advantages.
- There are many government initiatives for the MSMEs and the enterprise can avail this when they register them under Udyam registration. they will get exemption in Excise and Direct tax,
- get loans at a low rate of interest,
- loans on credit,
- Government incentives, and other advantages.
- Registered enterprises are eligible for participation in International exhibitions with financial assistance.
- Eligible for getting the credit-linked subsidy schemes
- subsidy on the electricity bill.
Documents Required for Re-Registration under Udyam
Few documents are required for the Udyam Registration with UAM which are fully based on the self-declaration :
- Enterpriser’s name and name f enterprise which you want to start
- Aadhar details and details of the previous registration
- types of enterprises
- current address
- account details
- National Institute Classification code
- Provide the current activity of enterprises
- email ID and mobile number
- PAN number and the expenditure incurred in the organization or enterprises
Process for Re-Registration under Udyam
- Visit the official website portal “Udyam Re-registration”.
- Fill out the Udyam Re-registration Consultancy Form
- Provide the details like Applicant Name, Mobile no, Email address, UAN number,
- After filling out the form, you have to upload your Aadhar card front photo.
- Tick the blank box for agreeing on the terms and conditions
- For the aadhar verification, you will get OTP on your mobile number
- Now click on submit
- After the submission of the online form, the payment window will open
- make a payment where you have several modes of payment
- After the successful payment, our legal adviser will contact you and they will complete the remaining process
- Once the process is completed, your business gets registered and within 2 business hours, the certificate will be sent on your Email ID.
Conclusion
The key motive to re-registration is to facilitate the enterprises through government initiatives or schemes that benefit the enterprises through several business means. So the enterprises should re-register under the Udyam registration portal before the deadline.