Udyam Registration is a process for small and medium-sized enterprises (SMEs) in India to register themselves and obtain a unique identification number called Udyam Registration Number (URN). This registration is now done through the Udyam Registration portal and replaced the earlier process of registration as MSME.
To register for Udyam, you need to follow these steps:
- Visit the official Udyam Registration portal
- Click on the “udyam registration” tab.
- Fill in the required information such as your Aadhaar number, PAN number, and other details as required.
- Verify the information provided and submit the registration form.
- Once the registration is complete, you will receive an Udyam Registration Number (URN).
- You can now download your Udyam Registration certificate from the portal.
Udyam registration is now entirely online, and the process is quick and hassle-free.
Udyog Aadhaar Memorandum
Udyog Aadhaar Memorandum (UAM) was a registration form that was used by small and medium-sized enterprises (SMEs) in India to obtain a unique identification number for their businesses. The UAM was replaced by Udyam Registration on 1st July 2020.
The Udyog Aadhaar Memorandum was used to register micro, small, and medium enterprises (MSMEs) in India. It was a one-page registration form that contained details of the business such as the name of the enterprise, its type, address, bank account details, and the main business activity of the enterprise. The UAM was created to simplify the process of registration for MSMEs and to provide them with a unique identity for availing various benefits from government schemes.
The Udyog Aadhaar Memorandum was available to all MSMEs and could be registered online through the Udyog Aadhaar portal or offline by submitting the registration form to the concerned district industries center (DIC) or other registration authorities. However, as of 1st July 2020, the UAM registration is discontinued, and MSMEs must register through the Udyam Registration portal. The new registration process is based on the self-declaration of information by the enterprise, which is verified by the government authorities.
Benefits Of UAM Update in Udyam
UAM stands for Udyog Aadhaar Memorandum, which was replaced by Udyam Registration on 1st July 2020. Updating UAM to Udyam registration offers several benefits to small and medium-sized enterprises (SMEs) in India, such as:
- Access to various government schemes: Udyam registration provides MSMEs with a unique identity, which makes it easier for them to avail of various government schemes, such as financial support, subsidies, and incentives.
- Access to credit and loans: Udyam registration makes it easier for MSMEs to access credit and loans from banks and other financial institutions. Banks prefer to lend to registered MSMEs as they have a better credit rating.
- Priority sector lending: Registered MSMEs are eligible for priority sector lending, which means that banks must allocate a certain percentage of their lending to MSMEs.
- Reduction in compliance burden: Udyam registration simplifies the process of registration for MSMEs, which reduces the compliance burden on them. This allows them to focus on their core business activities.
- Tax exemptions and benefits: MSMEs registered under Udyam are eligible for tax exemptions and benefits under various government schemes.
- Marketing assistance: The government provides marketing assistance to registered MSMEs by promoting their products and services in both domestic and international markets.
- Protection against delayed payments: The government provides protection to registered MSMEs against delayed payments by buyers.
Overall, updating UAM to Udyam registration offers several benefits to MSMEs, which help them grow and contribute to the Indian economy.
Documents Required to Update Udyog Aadhaar Memorandum
As Udyog Aadhaar Memorandum (UAM) has been replaced by Udyam Registration, the process of registration and updating information has changed. However, if you have already registered for UAM and want to update the information, the following documents may be required:
- UAM Number: You will need the UAM number that was assigned to you during the UAM registration process.
- Aadhaar Card: You will need to provide your Aadhaar Card details, including your name, address, and Aadhaar number.
- PAN Card: You will need to provide your PAN card details, including your name, address, and PAN number.
- Business Address Proof: You will need to provide proof of your business address, such as a rental agreement or a utility bill.
- Bank Account Details: You will need to provide your bank account details, including the name of the bank, the branch, and the account number.
- Details of the Business: You will need to provide details of your business, such as the name of the enterprise, the type of enterprise, the main business activity, the number of employees, and the investment in plant and machinery or equipment.
- Other supporting documents: Depending on the nature of your business, you may be required to provide additional documents, such as a license or a registration certificate.
It’s worth noting that the registration process for Udyam is entirely online, and the information provided by the enterprise is based on self-declaration. The government may verify the information provided and may ask for additional documents if required.
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In conclusion, Udyog Aadhaar Memorandum (UAM) has been replaced by Udyam Registration from 1st July 2020, which offers several benefits to small and medium-sized enterprises (SMEs) in India. Updating UAM to Udyam registration provides MSMEs with a unique identity, which makes it easier for them to avail of various government schemes, access credit, and loans, reduce compliance burden, and obtain tax exemptions and benefits.
To update the Udyog Aadhaar Memorandum, an enterprise needs to visit the Udyam Registration portal, enter the UAM number and the registered mobile number, validate and generate OTP, fill in the required fields and upload necessary documents, and submit the form.
Overall, Udyam registration simplifies the process of registration and updating information for MSMEs, which helps them focus on their core business activities and contributes to the growth of the Indian economy.