The Ministry of Micro, Small and Medium Enterprises (MSME) released its notification dated 6th August 2020 and has provided information on the existing Entrepreneurs Memorandum (EM) / Udyog Aadhar Memorandum (UAM) and regarding the New MSME registration known as “Udyam Registration“.
As per the official notification, the existing MSMEs registered under the Entrepreneur Memorandum EM – Part-II or Udyog Aadhaar Memorandum (UAM ) will be valid until 31st December 2021. So migrating from your old Udyog Aadhar to new Udyam registration becomes essential now.
Every MSME in India has to update Udyog Aadhar to Udyam Registration quickly to get the government benefits listed for MSMEs.
Why should you update Udyog Aadhar to Udaym Registration?
The existing enterprises under EM- part II or UAM will have to register again on the Udyam Registration Portal. Udyog Aadhaar Memorandum should be updated before 31st December 2021, or it can be cancelled or blocked.
Udyam Registration
The new process of the MSME Registration is known as Udyam Registration. It has been effective from 01st July 2020, and many have already registered under Udyam. It is the re-classified version of the Udyog Aadhaar Memorandum, which earlier was known as Udyog Aadhar registration.
Udyog Aadhaar Memorandum (UAM)
Udyog Aadhaar Memorandum was a one-page registration process to register under Micro Small and Medium Enterprise (MSME) and contains all the information of applicant details like self-certify all business details like a bank account, promoter details, etc. It is a unique number identification system with twelve-digit numbers.
Benefits Of Udyam Registration
The government of India has provided many benefits of Udyam registration on the update of Udyog Aadhaar to help MSMEs development not only in India but also globally. Two of those advantages are a reservation policy and a credit guarantee scheme.
- You can benefit through Many government schemes. Excise and direct tax exemptions, quick low-interest loans, credit backed loans, government incentives, and more are among the advantages.
- You can participate in international exhibitions with financial assistance. They are ideal places to network and display goods.
- Registered businesses are eligible for credit-linked capacity subsidy schemes by applying via the primary lending agencies.
- Check remaining benefits are here.
Documents Required to Update Udyog Aadhaar to Udyam Registration
I am listing documents and details to update UAM to Udyam registration. This process is entirely based on a self-declaration basis.
- The enterprise owner’s name and Aadhaar number (As per Aadhaar card)
- Name of the business or organisation you want to start
- Details of your Previous enterprise registration
- Type of enterprise/organisation that you own
- Current address and account details of the owner
- NIC Code or National Industrial Classification Code
- The number of total workers employed at your organisation segregates into gender.
- Current activities of your firm
- Entrepreneur’s Email ID and mobile number
- PAN number
The process to Update Udyog Aadhaar Memorandum Online
The simple 6-step process to update Udyog Aadhaar Memorandum in Udyam Registration :
- Step 1: Visit the Udyam registration Government Portal.
- Step 2: Under the “You can Migrate to Udyam (Re-Register) Here” category – Click on the “For those already having registration as UAM” button
- Step 4: Enter Your Udyog Aadhar Memorandum Number Click on Get OTP and Enter the OTP as received.
- Step 5: Verify your PAN Number
- Step 6: Fill out the remaining application form, press Submit and Get OTP and file your application.
As I wrote in My Earlier articles related to MSME registration, Udyog AAdhar and Udyam registration, These registrations are absolutely free. No Need to pay a single paisa to anyone.
There are many duplicates with different domain names available on the internet charging more than ₹ 1000.
I mentioned All links to government portals related to MSME registration. You refer your friend to this article or share the same with them.
If you have any other questions, you can ask them in MSME Forum by creating a free account.