The Aadhaar number, given by the Unique Identification Authority of India (UIDAI), is known to the majority of Indians and acts as evidence of identity and residence for all people. However, few people know of a comparable identifying card known as 'Udyog Aadhaar', granted to businesses. While the titles may look similar, Udyog Aadhaar is used by businesses to get financing and government assistance.
The Central Government introduced it in September 2015 to ease the registration procedure for micro, small, and medium companies (MSMEs). Previously, the registration procedure was paper-based, and entrepreneurs had to register for both small industries and MSMEs. The Udyog Aadhaar registration aims to provide many advantages to MSMEs.
What exactly is Udyog Aadhaar?
MSMEs are issued Udyog Aadhaars, or Unique Identification Numbers, by the Ministry of Micro, Small, and Medium Enterprises. The Udyam Aadhaar has superseded the Udyog Aadhaar. To receive a Udyam Certificate, new MSMEs must register with the Udyam Registration Postal as soon as feasible. To put it simply, it is an identification system similar to Aadhaar.
How to Apply for Udhyog Aadhar
- Enter the information from your Aadhaar card on the official website.
- After selecting the box, choose "Validate and Generate OTP".
- A form will display when you input the OTP and it is successfully confirmed.
- Fill in the relevant information and double-check the data to avoid mistakes.
- When you get to the bottom, click "Submit."
- Your registered cellphone number will get another OTP.
- After entering the OTP, click the final "Submit" button to complete the application.
Required Documents for Udyog Aadhar
- Aadhaar Number: The owner's twelve-digit UID number. If the company is proprietary, the UID of the Managing Director will be needed.
- Name of the Promoter: The Applicant's name as it appears on the Aadhaar card.
- Category: You may be required to provide official verification of your social classification, such as General, ST, SC, or OBC.
- firm Name: The name of the legal entity under which the firm operates. A single MSME may register many firms on a single UID card.
- Organizational Type: To identify the business status, which may be Partnership businesses, Limited liability partnerships, Cooperative institutions, and so on, you must preserve evidence of documents.
- Proof of Business Address: The postal address of the company as well as contact information such as a phone number and an email address for future communication.
- Bank information: Keep your bank account passbook nearby for filling out banking information.
- NIC (National Industrial Classification) Code: To fill in the specifics of the NIC code, you will need to have a National Industrial Classification Handbook handy.
Benefits of Udyog Aadhaar
- With Udyog Aadhaar, you may acquire subsidized loans without the need for a guarantor.
- You have access to special government subsidies for MSMEs.
- It gives you quick access to government resources for launching a new company or growing an existing one.
- Udyog Aadhaar enables you to participate in overseas expos with government funding.
- With a Udyog Aadhaar, you may apply for micro-business loans and other incentives.
- The registration procedure is free and does not need any papers.
- The papers are no longer required with the new Udyog Registration.
Conclusion
The Udyog Aadhaar Registration is a step toward assisting MSMEs in streamlining their registration procedure in a straightforward and paperless manner, which is crucial for the development narrative of the Indian economy. More than 80 Lakh MSMEs have registered on the platform, and the number is anticipated to rise given how much the procedure has been streamlined by the new portal, https://udyamregistration.gov.in/.
Infrastructures like the Udyam portal are being established in the digital economy to support the growth of the MSME sector. The Internet is the fundamental building block for MSMEs to operate and expand their businesses. You may look into high-speed leased line connections that are appropriate for companies of all sizes. Get a customized Airtel connection for your company now to provide it with constant access to high-speed internet.
What exactly is the MSME Registration Certificate?
MSMEs in India are issued an e-certificate known as the Udyam registration certificate by the Ministry of MSME. The MSME registration certificate is the same as the Udyam registration certificate. After completing the MSME registration procedure, the entrepreneurs obtain the MSME registration certificate.
Can I register my partnership as an MSME?
Yes. A partnership business that meets the investment and turnover requirements for the MSME classification may apply for MSME registration.
Who is qualified to register as an MSME?
All entities classed as Micro, Small, or Medium Enterprises (MSME) are eligible to apply for MSME registration. Individuals are not permitted to apply for MSME registration. MSME registration is available to any proprietorship, partnership business, corporation, trust, or society with an investment of less than Rs.50 crore and an annual revenue of less than Rs.250 crore.
How long does it take to complete an MSME registration?
The MSME registration process is finished when the Udyam/MSME registration form is completed and submitted via the Udyam Registration Portal. A message stating that the MSME registration has been completed will show up on the screen when the form has been submitted. To confirm MSME registration, utilize the Udyam Registration Portal.
Is a trader's MSME registration valid?
Yes. Previously, MSME registration only applied to the manufacturing and service sectors. However, the government stated in July 2021 that wholesale and retail commerce will be classified as MSME. Except for motor vehicles and motorcycles, dealers may apply for MSME registration for their wholesale/retail trade firm.