What is Udyam Registration?
Udyog Aadhar Registration will now be called as Udyam Registration. This Registration is an easy process for all units which are eligible to get covered under the new definition of MSME's provided by the GOVERNMENT OF INDIA.
Every Startup and MSME Companies get benefit of the various schemes launched by Government by getting themselves registered under New MSME Legislations.
msmeregistrar.org will register you as a udyam Company very easily. This udyam Registration will give you more benefits to enjoy the Government Schemes.
Meaning of Udyam
The notification issued by the Government says that from July 01, 2020, an MSME will be known as udyam, and the enrolment or the registration process will be known udyam Enrollment Registration.
Benefits of Udyam Registration
To avail the following benefits MSME / Subsidies/ Low Interest Loans / Collateral Free Loans/etc, you have to register under new udyam Scheme on msmeregistrar.org
- Interest rate Subsidy on Bank loans
- Collateral free loans from banks
- Protection against delayed payments, against material / services supplied
- Special beneficial reservation policies in the manufacturing/ production sector
- Ease of obtaining registrations, licenses and approvals.
- Msme Registered entity gets eligible for CLCSS (credit linked capital subsidy scheme)
- International trade fair special consideration
- Government security deposit (EMD) waiver (Useful while participating tenders)
- Electricity bills concession
- Stamp duty and registration fees waiver
- ISO certification fees reimbursement
- Direct tax laws rules exemption
- NSIC performance and credit rating fees subsidy
- Patent registration subsidy
- Barcode registration subsidy
- Industrial Promotion Subsidy (IPS) Subsidy Eligibility
Udyam Registration Due Date
As per the notification dated 26.06.2020, all existing MSME companies must register /convert to new udyam immediately. As per the new law every business unit registered under MSME / Udyog Aadhaar shall be treated as a valid MSME upto 31st March 2021. It means that all existing MSME Companies must register/convert on or before 31st Mar 2021 to enjoy the MSME Benefits.
New Definition of MSME under Udyam
MSMEs will now be called Micro units if they have investments upto Rs 1 crore and turnover of less than Rs 5 crore. The definition earlier was on investment criteria of up to Rs 10 lakh for Service MSMEs earlier and Rs 25 lakh or manufacturing.
For an MSME to be defined as a Small unit, its investment limit has been raised from Rs 5 crore to Rs 10 crore with a turnover of less than 50 crore. This applies to all MSMEs including the Service enterprises which earlier came under investment of up to Rs 2 crore.
Enterprises with investments up to Rs 20 crore with a turnover of less than Rs 100 crore will now be called Medium units. Earlier, the investment limit for Medium units was up to Rs 10 crore and Service enterprises up to Rs 5 crore.
Udyam Registration Process
It is very simple. Go to msmeregistrar.org and fill up the simple form to get the registration.