Udyog Aadhaar Registration is a new online registration process launched in 2020, while MSME Registration was the previous registration process for micro, small, and medium-sized enterprises in India. There are several differences between Udyam Registration and MSME Registration, as outlined below:
- Basis of Registration: Under the MSME Registration process, the classification of businesses was based on their investment in plant and machinery or equipment. On the other hand, under the Udyam Registration process, the classification is based on the turnover of the business.
- Registration Process: MSME Registration required businesses to apply for registration through the Udyog Aadhaar Memorandum (UAM) portal. In contrast, Udyam Registration is done through the Udyam Registration portal.
- Validity of Registration: MSME Registration had no expiry date, and businesses were required to update their details only when there was a change in their business structure or ownership. However, Udyam Registration is valid for a period of 5 years and businesses need to renew their registration after the expiry of the validity period.
- Documents Required: The documents required for Udyam Registration and MSME Registration are different. Under MSME Registration, businesses were required to submit documents such as PAN card, Aadhaar card, and bank details, while under Udyam Registration, businesses need to submit documents such as PAN card, Aadhaar card, GSTIN, and bank account details.
- Coverage of Businesses: Under the Udyam Registration scheme, the coverage of businesses has been extended to include LLPs, partnership firms, and cooperatives, which were not covered under the previous MSME Registration process.
Udyam Registration and MSME Registration differ in terms of the basis of registration, registration process, the validity of the registration, documents required, and coverage of businesses. Udyam Registration is a simplified and more comprehensive registration process that provides several benefits to small and medium-sized businesses in India.
What is the validity period of Udyam Registration and how can it be renewed?
The validity period of Udyam Registration is five years from the date of registration. After the expiry of the validity period, businesses need to renew their registration.
The renewal process for Udyam Registration is similar to the initial registration process. Businesses need to submit their updated details and documents through the Udyam Registration portal. The renewal process can be initiated 6 months prior to the expiry of the validity period.
To renew the Udyam Registration, businesses need to log in to the Udyam Registration portal using their Udyam Registration number and submit their updated details such as turnover, investment, and employment, among others. They also need to upload their updated documents such as PAN card, Aadhaar card, GSTIN, and bank details, among others.
After submitting the application for renewal, businesses need to make the payment of the registration fee, which is based on the turnover of the business. Once the payment is made, the application is processed, and the renewed Udyam Registration certificate is issued.
It is important for businesses to renew their Udyam Registration on time to avoid any penalties or legal issues. The renewal of Udyam Registration ensures that the business continues to receive the benefits provided under the scheme, such as easy access to credit, government support, priority in government procurement, and protection against delayed payments, among others.
How long does it take to complete the Udyam Registration process and receive the Udyam Certificate?
The Udyam Registration process is entirely online, and it can be completed in a matter of minutes. The registration process involves submitting the required documents and details through the Udyam Registration portal. The portal is designed to be user-friendly, and businesses can easily navigate through the process.
Once the application is submitted, it is processed by the concerned authorities, and the Udyam Certificate is issued. The certificate is usually issued immediately after the completion of the application process. However, it may take up to 1-2 working days for the certificate to be issued in some cases.
It is important to note that businesses need to provide accurate and complete information during the registration process. In case there is any discrepancy or incomplete information, the application may be rejected or delayed, leading to a delay in the issuance of the Udyam Certificate.
The Udyam Registration process can be completed in a matter of minutes, and the Udyam Certificate is usually issued immediately after the completion of the application process. However, it may take up to 1-2 working days for the certificate to be issued in some cases.
What is the Udyam Registration portal and how can businesses register on it?
The Udyam Registration portal is an online platform launched by the Ministry of Micro, Small and Medium Enterprises (MSME) for the registration of micro, small, and medium-sized enterprises (MSMEs) in India. The portal allows businesses to register for Udyam Registration, update their details, and renew their registration. The portal is user-friendly and can be accessed from any device with an internet connection.
To register on the Udyam Registration portal, businesses need to follow the below steps:
Visit the Udyam Registration portal: Businesses need to visit the official website of the Udyam Registration portal at https://udyamregistration.gov.in/ and click on the “New Registration” button.
Enter Aadhaar number: Businesses need to enter their Aadhaar number and verify it through OTP authentication.
Enter Business Details: Businesses need to enter their business details, such as name, type of organization, location, and contact details.
Submit Self-Declaration: Businesses need to submit a self-declaration stating that the information provided by them is correct and complete.
Submit documents: Businesses need to upload the required documents such as PAN card, Aadhaar card, GSTIN, and bank details, among others.
Make payment: Businesses need to make the payment of the registration fee, which is based on their turnover.
Download Udyam Certificate: After the completion of the registration process and verification of the documents, the Udyam Certificate is issued, which can be downloaded from the Udyam Registration portal.
Udyam Registration portal is an online platform that allows businesses to register for Udyam Registration, update their details, and renew their registration. The registration process involves entering business details, submitting a self-declaration, uploading the required documents, making payment of the registration fee, and downloading the Udyam Certificate.
SUGGESTED: Check If Certificate Has Been Generated Against Udyam Number Provided
CONCLUSION
Udyam Registration is a scheme introduced by the Government of India to promote and support small and medium-sized enterprises. The Udyam Registration portal is an online platform that allows businesses to register for Udyam Registration, update their details, and renew their registration. The registration process is user-friendly and can be completed within minutes. The Udyam Certificate issued after the completion of the registration process is valid for a lifetime and provides various benefits to registered businesses. Businesses can update their information on the Udyam Registration portal and ensure that the information provided is accurate and up-to-date.