The Union cabinet approved the modalities and road map for the micro, small and medium enterprises on 1st June ,2020.
India is aiming to take next big leap. The initiative to skill India’s efforts directed towards economic infrastructural changes,
has ramped up micro entrepreneurship models and boosted start up culture. The young Indian entrepreneur will require knowledgeable
workers and skilled technical staff who are flexible, analytical and who can be driving force for gaining market share. The Micro,
Small and medium enterprise not only contributes significantly to the Indian Economy in terms of Gross Domestic Products (GDP) but
also to exports and employment generation.
Any person who intends to establish micro, small, or medium businesses will have to file for Udyam registration in the
online Udyam Registration Portals. The business will subsequently be issued an Udyam Registration Number and an e-certificate namely,
‘Udyam Registration Certificate’. As per the notification of the ministry of the msme, all the existing Indian companies and enterprises
shall file and register as Udyam on or before 31st Mar 2021. The old Udyog Aadhaar Memorandum can be upgraded to Udyam registration by
verifying/seeding the PAN.
What is Udyog Aadhaar?
Udyog Aadhaar (also called as Aadhaar for Business) is a unique 12-digit Government identification number provided by
the Ministry of MSME for the small and medium enterprises to register themselves as MSME.
Unlike other business entities, a sole proprietor business owner does not have an official recognition of his business.
Udyog Aadhaar is highly advisable for Sole Proprietors who dont have an official govt recognition as udyog aadhaar helps
a sole proprietor get a unique identity and official registration with the Government of India that validates the existence of his business.
Benefits of Udyog Aadhaar
Given below, is a list of benefits derived from the various schemes offered by the Ministry of MSME for the Protection,
Growth and Development of the small enterprises. The same benefits can also be availed by the Udyog Aadhaar holders and
prove to be very advantageous for them.
Protection against delay in payment.
Fast resolution of disputes
Collateral Free loans from bank
Exclusive consideration for participating in international trade fair
Octroi benefits
Waiver of Stamp duty and Registration fees
Several Exemption under Direct Tax Laws
Barcode registration subsidy
Subsidy on NSIC Performance and Credit ratings
Reduced rate of interest from banks
Exemptions while applying for Government tenders
Concession in Electricity Bills
Reimbursement of payment made for obtaining ISO certification
1% exemption in interest on OD
Increasing eligible loan limit for optimal reasons, from the amount of Rs. 25 lakh to Rs. 50 lakh
Raising the extent of guarantee cover from 75 % to 80 %
Reservation of products for exclusive manufacturing by MSME/SSI
Easier registration and approvals to obtain Licenses
Eligible for IPS subsidy
Preference in allocation of Government tenders
Excise Exemption Scheme
Reduced rate of interest from banks
50% subsidy for patent registration
You need to submit a few documents for completing the registration process to obtain Udyog Aadhaar for your enterprise.
Aadhaar card of the business owner (with name and Aadhaar number)
Social category
Proof of social category (SC, ST and OBC)
Name of your organization or enterprise
Previous registration details of your enterprise
Type of enterprise or organization
Current address proof
PAN number and account details
National Industrial Classification (NIC) Code
The total number of workers employed by the organization
Current activities of your firm
Email ID and mobile number of the entrepreneur
The total investment made in the organization by the entrepreneur
Every type of business entity including one-man company, proprietorship, partnership firm, manufacturer, producer, limited company,
private limited company, limited liability partnership firm, co-operative societies, any association of individuals, retailors, Hindu
Undivided Family or any other undertaking should get Udyog Aadhaar.
Your business needs to meet certain eligibility criteria defined in MSMED Act, 2006 to be classified as a medium, small and micro industry. Owners of enterprise and company should check if they can be classified under MSMED Act.
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