MSMEs or Micro, Small and Medium Enterprises are considered the Backbone of the Indian economy, and it is essential to promote and support their growth. The Indian government has been continuously taking initiatives to help MSMEs grow and expand their Businesses. One such initiative is the migration of MSME registration to Udyam registration. This move is aimed at streamlining the registration process and providing more benefits to MSMEs. In this article, we will discuss everything about MSME to Udyam migration, its benefits, the process, and FAQs.
Benefits of MSME to Udyam Migration
- Access to More Benefits: Udyam registration offers various benefits such as subsidies, low-interest loans, and other schemes to promote the growth of MSMEs. By migrating to Udyam, businesses can access these benefits and grow their business.
- Increased Credibility: Udyam registration is a government-approved registration, which adds credibility to the business. It is a sign that the business is trustworthy and has passed all the necessary eligibility criteria.
- Easier Registration Process: The MSME to Udyam migration process is simple and can be done online. This makes it easier for businesses to register and obtain their Udyam certificate.
Documents Required for MSME to Udyam Migration
The Documents required for MSME to Udyam migration are:
- Aadhaar Card: The Aadhaar card is necessary for the registration process. It should be linked to the proprietor/partner/director’s mobile number for OTP verification.
- PAN Card: The PAN card of the proprietor/partner/director is required for the registration process.
- Previous Registration Certificate: A copy of the previous MSME registration certificate is required.
MSME to Udyam Migration Process
The MSME to Udyam migration process is straightforward and can be done online by following these steps:
- Visit the Udyam Registration portal at www.msmecertificate.org and log in using your Udyam registration number and password.
- Click on the “Update Certificate” option.
- Fill in the necessary details, such as the name of the business, the registered address, and contact information.
- Cross Check the Details.
- Click on the “Submit” button.
- Pay the requisite fees for updating the certificate.
- Once the payment is processed, Our executive will contact you for additional details then your updated MSME Certificate will be generated, which you can download and print.
FAQs on MSME to Udyam Migration
Q. What is Udyam registration?
Ans. Udyam registration is a government-approved registration for MSMEs, which provides various benefits such as subsidies, low-interest loans, and other schemes to promote their growth.
Q. What is the difference between MSME and Udyam registration?
Ans. MSME registration was replaced by Udyam registration in 2020. Udyam registration is a government-approved registration that offers more benefits than MSME registration.
Q. Is it mandatory to migrate from MSME to Udyam registration?
Ans. Yes, it is mandatory for all businesses with MSME registration to migrate to Udyam registration.
Q. What is the fee for Udyam registration?
Ans. The Udyam registration fee varies based on the business type. For micro-enterprises, it is Rs. 1,500.
Q. How long does it take to get the Udyam certificate?
Ans. The Udyam certificate is usually issued within one working day after the application is approved.
More Faq’s
- What is the eligibility criteria for MSME to Udyam migration?
Any business entity that is registered as an MSME can migrate to Udyam registration. The eligibility criteria for MSME to Udyam migration is that the business should have a valid MSME registration and must meet the revised criteria of investment and turnover limits specified under the Udyam registration guidelines.
- Is there a fee for MSME to Udyam migration?
No, there is no fee for MSME to Udyam migration. The process of migration is free of cost and can be done online through the Udyam registration portal But we charge Nominal fee for consultation.
- How long does the MSME to Udyam migration process take?
The migration certificate is generated immediately after the completion of the process.
- Can a business migrate from MSME to Udyam multiple times?
No, once the MSME to Udyam migration is completed, the business cannot migrate to MSME registration again.
- What is the difference between MSME and Udyam registration?
MSME registration was based on the criteria of investment in plant and machinery or equipment and turnover of the business. The Udyam registration, on the other hand, is based on the combined criteria of investment and turnover of the business. The investment limit for Udyam registration is higher than that of MSME registration. The Udyam registration also offers more benefits and incentives compared to MSME registration.
- Can a Business apply for Udyam registration without MSME registration?
Yes, a business can directly apply for Udyam registration without having an MSME registration. However, the business should meet the revised criteria of investment and turnover limits specified under the Udyam registration guidelines.
- What is the Benefit of migrating from MSME to Udyam registration?
The Benefits of migrating from MSME to Udyam registration include higher investment limits, increased credit facility, priority sector lending, technology upgrade, and access to various government schemes and incentives.
- Is it mandatory for Businesses to migrate from MSME to Udyam registration?
No, it is not mandatory for businesses to migrate from MSME to Udyam registration. However, it is recommended for businesses to migrate to Udyam registration to avail of the benefits and incentives offered under the Udyam registration scheme.
- Can a business still avail the benefits of MSME registration after migrating to Udyam registration?
No, once the business migrates to Udyam registration, it will not be eligible for any benefits or incentives offered under the MSME registration scheme.
- What are the documents required for MSME to Udyam migration?
The Documents required for MSME to Udyam migration include the Aadhaar card of the Proprietor, Partner or Director PAN card. Additionally, the business may be required to submit other documents related to investment and turnover as per the Udyam registration guidelines.