Msme registration- The new process for registration of Micro, Small and Medium Enterprises (MSMEs) will come into effect in the name of ‘Udyam Registration’ from Wednesday, July 1, the government said.
The Ministry has expressed confidence that this process will be extremely simple, seamless entrepreneur friendly.
”It will set an example in Ease of Doing Business, not only in India but internationally. It will reduce transaction time and costs. Entrepreneurs and Enterprises can focus on their real work and become globally competitive,” the Ministry said in a statement on Tuesday.
”MSME registration process is fully online, paperless and based on self-declaration. No documents or proof are required to be uploaded for registering an MSME,” it added.
The Ministry further asserted that Adhaar Number will be required for registration and a registration number will be given after the registration process is completed. After completion of the process of registration, an Udyam Registration Certificate will be issued, it said.
”This certificate will have a dynamic QR Code from which the web page on our Portal and details about the enterprise can be accessed. There will be no need for renewal of Registration,” the Ministry avowed.
Registration Process is totally free. No Costs or Fees are to be paid in this regard, it added.
The Ministry also informed that firms having EM-II or UAM registration or any other registration issued by any authority under the Ministry of MSME, will also have to re-register themselves.
Last week, the MSME ministry said that an MSME in the country will now be known as ‘Udyam’ since the term comes closer to the meaning of an enterprise.
Finance Minister Nirmala Sitharaman in May announced the change in definition of MSMEs as part of the relief package for the industry amid the Covid-19 outbreak