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Background: The Udyog Aadhaar is a unique identification number provided by the Ministry of Micro, Small and Medium Enterprises, Government of India for small and medium businesses. The Udyog Aadhaar was introduced in an effort to simplify the procedural formats that entrepreneurs had to go through in order to register their business. Udyog Aadhar offers numerous benefits to MSMEs under the MSMED Act 2016 like collateral free loan from the bank, waiver of stamp duty and registration fee, exemption under direct tax laws, concession in electricity bills and exemptions while applying for government tenders, to name a few. The previous article by Vakilsearch addressed an important question, ‘Can sale deed be executed by Power of Attorney?’ This article explains the online Udgyog Aadhaar registration process.
Introduction
The empowerment of digital India brought an uprising in every industry. The countless hours that people would spend in paperwork, can now be done in a fraction of time.
The vital implementation and introduction of Udyog Aadhaar is an important addition to MSME. It is a basic platform for small scale businesses to help ease out various processes.
Let’s understand Udyog Aadhaar in detail:
About Udyog Aadhaar
Just the way businesses require to be registered with the government depending on their scale of business; likewise, medium and small scale industries are expected to register under micro, small and medium enterprises (MSMEs).
Before the introduction of Udhyog Aadhaar, this process used to be lengthy, time-consuming and offline. Now it is online too. Udhyog Aadhaar is a 12 digit government identification exclusive number which is provided by the Ministry of MSME. It has come into being, to bring forth ease of working and simplified procedures format for medium and small scale organizations. There are countless benefits and business owners who register their business here can avail them.
Registration process
There are two modes of registering Udyog Aadhaar – online and offline.
Online registration: The Ministry of MSME has a one-page Udyog Aadhaar registration form which can be filled online. It is paperless, zero costing and offers an instant registration.
Below mentioned are the steps for online registration:
Offline registration: The process to apply for an Udyog Aadhaar can also be done offline by following the below mentioned steps:
Upon submission, you will receive an acknowledgement slip for a successful submission of the form. Later, you will receive a certificate with your Udyog Aadhaar number printed on it online, which can be further printed.
The vital implementation and introduction of Udyog Aadhaar is an important addition to MSME. It is a basic platform for small scale businesses to help ease out various processes.
Udyog Aadhaar Memorandum (UAM)
Udyog Aadhaar Memorandum (UAM) is a free one-page self-declaration registration form. Upon form submission, the Udyog Aadhaar Acknowledgement is mailed to the email address given by the applicant. This email will state the exclusive Udyog Aadhaar Number (UAN). One Aadhaar number can file numerous UAM.
All existing MSMEs who have already filed for Entrepreneurship.
Memorandum – I/II or hold the registration for a small scale industry before the MSME Development Act, 2006 came into being, does not require filing a UAM but is allowed if desired.
Verification of UAM
The process to verify the UAM can be easily done by following these steps:
Benefits of Udyog Aadhaar
Conclusion
The launch of Udyog Aadhaar brings forth opportunities in abundance. It gives the freedom for these enterprises to function smoothly and achieve their utmost potential. Most importantly, adding to the growth of the nation’s economic growth and advancement.
Looking for more articles on Legal and Compliance? Checkout our other articles:
Having these legal documents can give your SME its best chance at growth
Why SMEs should get on a sound legal footing
Benefits of MSME registration: Udyog Aadhar
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Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views, official policy or position of GlobalLinker.
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