Micro, Small, and Medium Enterprises are defined as businesses that are engaged in the manufacture, production, processing, or preservation of items or businesses that provide or provide services up to a certain limit. The Udyam Registration in Tambaram, Chennai is an entirely online process for businesses, firms, and organizations looking to start micro, small, or major businesses. It is a new statement by the Indian government to support SSI and SMEs in the country, and we have detailed the registration process below.

What is Udyam registration?

Udyam Registration in Chennai, also known as MSME Registration in Chennai or SSI Registration, is a certificate issued under the MSME Act of 2006 to micro, small, and medium-sized firms in India. MSME registration was the previous name for Udyam registration in India. The following are the key objectives of Micro, Small, and Medium Enterprises in relation to Udyam registration:

  • To enable large-scale Micro, Small, and Medium Enterprises to effectively address widespread unemployment and poverty issues;
  • To provide SSI units with the benefits of several government initiatives in one place;
  • To protect the SSI against financial exploitation at the hands of huge businesses.

Eligibility for Udyam Registration

Udyam Registration in Tambram Chennai is not available to all businesses. On the basis of the following criteria, an enterprise is categorized as a micro, small, or medium enterprise. A microbusiness with a total investment in plant and machinery or equipment of less than one crore rupees and a turnover of less than five crore rupees

A small business is one in which the investment in plant and machinery or equipment does not exceed ten crore rupees and the turnover does not exceed fifty crore rupees; a medium business is one in which the investment in plant and machinery or equipment does not exceed fifty crore rupees and the turnover does not exceed two hundred and a major firm is defined as one in which the investment in plant and machinery or equipment does not exceed fifty crore rupees and the turnover does not exceed fifty crore rupees.

What is the purpose of Udyam Registration and how do you apply for it?

Individuals who wanted to start a new business and obtain MSME registration, SSI registration, or Udyog Aadhaar registration had to go through a lot of paperwork and chase down several government authorities in the past. Things have now become simple and straightforward, thanks to the Indian government’s announcement of Udyam registration, which is a one-stop solution for all. To register, simply complete out this online form. When a small business registers with the Udyam, it becomes eligible for a variety of government schemes, including subsidies, quick loan approvals, and more.

Any business owner who wants to register as a micro, small, or medium enterprise should register for Udyam Registration online at eudyogaadhaar.org, which is based on self-declaration and only has a few prerequisites. For all units that are eligible to be covered under the new definition of MSME’s issued by the GOVERNMENT OF INDIA, the Udyam Registration process is a very basic, fast, and uncomplicated online approach.

By registering under the New MSME Legislations, any startup and MSME company can profit from the different government-sponsored initiatives. eudyogaadhaar.org will quickly and easily register you as an Udyam Company. This Udyam Registration will provide you with additional privileges to take advantage of government schemes.

The Advantages of Udyam Registration

The government provides free Udyam registration, which is straightforward and easy to obtain online. A firm can profit from Udyam Registration in the following ways:

  • The applicant will be given financial assistance in order to participate in international trade shows and display their products.
  • In addition, the applicant will be entitled for government assistance.
  • The registration would make it straightforward and easy to open current accounts in the company’s name.
  • Businesses would also be able to apply for Government Micro Business Loans and other such advantageous schemes.
  • Bank loans are easier to obtain and have lower interest rates.

What documents are needed for Udyam registration?

  • The applicant’s Aadhar card and PAN are required to obtain Udyam Registration in the case of a proprietorship.
  • In the event of a proprietorship, the applicant’s Aadhar number and a valid PAN number are also necessary.
  • In the case of a partnership, the partner’s Aadhar and PAN must be used.
  • The Directors Aadhar and PAN might be employed in the case of a firm.
  • In the event of an LLP, the chosen partner’s Aadhar and PAN card must be used.
  • If the applicant or an authorized signatory does not already have a valid Aadhar Card, they must first apply for one at an Aadhar enrolment centre. The Udyam Registration process can begin once the Aadhar number is obtained.

The New Udyam Registration Process’s Basic Features

  • The MSME registration process is entirely online, without the use of paper, and is based on self-declaration.
  • For registering an MSME, no paperwork or proof are necessary; merely an Aadhaar number would suffice.
  • PAN and GST-related information on investment and turnover of businesses would be automatically retrieved from government databases.
  • The online system will be fully connected with the systems used by the IRS and the GSTN.
  • From April 1, 2021, PAN and GSTIN will be required.
  • Former EM-II or UAM registrations, as well as any other registration issued by the Ministry of MSME, must be re-registered under Udyam Registration.
  • There may be no more than one Udyam Registration per business. In one Registration, however, any number of activities, including production, service, or both, may be stated or added.

Steps to Udyam Registration

For the purposes of this process, an entity will be referred to as Udyam, and the registration process will be referred to as ‘Udyam Registration.’

Step 1: Go to https://udyamregistration.gov.in/ for further information.

Step 2: Enter your Aadhaar number and name as it appears on your Aadhaar card, then click “Validate & Generate OTP.”

Step 3: Verification of the PAN is the third step.

Step 4: Filling out the Udyam registration form is the fourth step.

Step 5: Udyam Registration Certificate will be generated after successful Aadhar verification.

The following steps are taken after Udyam registration

Following registration, you will be granted a permanent registration number.

  • A certificate will be issued online once the registration process has been completed.
  • This certificate will include a dynamic QR code that can be used to access a web page on our Portal as well as information about the company.
  • Registration will not be required to be renewed.
  • In the process, our single window solutions in Champions Control Rooms and DICs will assist you.

The following penalty is imposed in case of misrepresentation:

Misrepresentations or attempts to suppress self-declared facts and figures will be punished as follows:

In the case of a first conviction, a fine of up to Rs. 1000/- may be imposed, and in the case of a second or subsequent conviction, a fine of not less than Rs. 1000/- but up to Rs. 10,000 may be imposed.

With successful registered firms in the Micro, Small, and Medium Enterprise sector, the industry is progressing toward being more organized and systematized, resulting in more benefits for entrepreneurs. As a result, the government is introducing new reforms and incentives to support the formation of new firms in India.