Is Udyam Registration Possible for Partnership Firms?

MSME registration in India is now called Udyam registration. On a self-declaration basis, this process is completed online through the portal. As a result, newcomer entrepreneurs find the process straightforward. Partnership firms (firms with different partners)

At msme.e-registration.co.in, partners (partnership firm) can register online for Udyam. 

MSME registration is open to who?

Udyam registration can be done by different types of business entities. MSME registration in India is done by proprietorships, Hindu Undivided Families, and Partnerships

It can be a company, a partnership, a limited liability company, a limited liability company, a production company, an association of individuals, a co-operative society or another undertaking. As part of the Micro, Small, and Medium Enterprise Development Act 2006, MSME registration offers multiple benefits for small businesses. The benefits of MSME or Udyam registration for small businesses can therefore be reaped by registering after starting up.

Msme Registration Criteria: What Are They?

Your business should qualify for MSME registration, whether it is a micro, small, or medium-sized business. Business owners must invest a certain amount and generate a certain amount of revenue every year in order to qualify. Every enterprise should have a minimum turnover threshold. Below are the correct figures: 

1. For Micro business –  MSME registration requires that your business’s overall investment amount and annual turnover be less than Rs. 5 crores to qualify as a micro-enterprise. 
2. For Small enterprises –  In order to qualify for MSME registration, your business investment must be less than Rs. 10 crores, and your annual turnover must be less than Rs. 50 crores. 
3. For Medium Enterprises – Among the largest enterprises on the list are the medium enterprises. The overall investment must be less than Rs. 50,000 to qualify for MSME registration. A turnover less than Rs. 250 crores and a net worth of at least Rs. 50 crores. 

In any of these categories, you are eligible to register for MSME registration. 

What is the process for registering an Udyam partnership firm?

Udyam registration is very easy after qualifying for MSME registration. To fill out the form, you will need the following documents:

1. Aadhaar Number –  In a partnership firm, the managing partner’s Aadhaar number is entered. Aadhaar numbers should be 12 digits long. 
2. Name of Applicant –  Aadhaar card numbers are entered in this option based on names written on the cards. 
3. Social Category –  Select the applicant’s social category from the list. 
4. Types of Organisations –  From the options provided, select the type of organization. The MSME certificate will include these options. 
5. Name of the business or enterprise –  The name of the business or enterprise should now be filled in. The MSME or Udyam certificate will bear this name.
6. Business Location or Plant –  Fill out the address of the business carefully in this section.
7. PAN number –  Please enter the 10 digit PAN number from the business PAN card. 
8. Date of Incorporation or registration –  Choose the date when the business started. 
9. Mobile Number – Enter the mobile number of the business or applicant. This number will receive an OTP. 
10. E-mail ID – The applicants’ e-mail addresses should be entered. 
11. Upload the Aadhaar Card – A copy of the front side of the applicant’s Aadhaar card must be attached or scanned.
12. Upload PAN card – A copy of the applicant’s PAN card can be scanned. 

MSME Registration Procedures 

MSME Registration is completed in four steps, as follows:- 

1. Register for Udyam by filling out the application
2. Pay the registration fee online
3. Application processing will be handled by the executive 
4. A copy of the certificate will be emailed to the applicant 

How Does Udyam Registration Work Online?

By registering as an MSME, small businesses can take advantage of exciting benefits for their businesses. Below are some of these benefits:

• It is possible for businesses to claim a waiver of stamp duty and registration charges and reduce acquisition costs. 
• The interest rate on overdrafts can be exempted for small businesses.
• Electricity bills are reduced 
• Direct tax exemption
• Subsidize the interest rate on bank loans. 
• Patent and trademark fees can be subsidized by 50%. 
• Under direct tax laws, MSME businesses are eligible for exemptions. 
• Find out how much it costs to obtain an ISO certification.
• Registrations, approvals, and licenses are easy to obtain. 
• A bank loan will provide a subsidy of 15% on the importation of fully automatic machines. 
• We can assist you in obtaining government contracts for your business. 
• Access to low-interest loans with more facilities. 

Udyam Registration Benefits for Partnership Firms

• Electronic bill concessions
• Participate in international trade
• Overdue payment protection
• Getting a government tender online is helpful 
• Banks and financial institutions offer collateral-free loans 
• Reduces the interest rate on bank loans.
• Subsidies will be provided to Udyam MSME companies. 
• For the production or manufacturing market, there are many reservation policies. 
• MSME or Udyam registration is now eligible for CLCSS.
• Udyam registration enables quick registration, permissions, and permits. 
• Buying fully automated machines with a bank loan is eligible for a 15% import subsidy. 

Conclusion 

MSME or Udyam certificates will grant you hundreds of benefits and make things easier for your business. However, it is very important to understand all the eligibility criteria and required documents before registering for MSME. Hence, if your business also fits the MSME criteria, register your business today and enjoy some exclusive Udyam benefits.

Read more:

• 5 Must-Know Ways to Boost Your MSME’s Performance
• MSME Registration Vs Udyam Registration: What’s the Difference?
• Can I Start a Business With Udyog Aadhar?