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Can a Partnership Firm undertake Udyam Registration?

MSME registration is now also referred to as Udyam registration in India. The procedure for Udyam Registration is 100% online using a self-declaration method. As a result, obtaining the Udyam Registration becomes an easy process for entrepreneurs new in the business world. Any partnership firm is eligible to obtain the Udyam Registration online at msme.e-registration.co.in and can avail many benefits.

It is simple and inexpensive to register a partnership firm as MSME. Any partnership firm may register with Udyam and take advantage of several benefits of the MSME scheme. Partnership firms that have already been established under EM-II and Udyog Aadhaar are required to re-register under the new Udyam registration. If you own a partnership firm, you can register your company for the MSME status by going to the official Udyam registration website.

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Which business entities can register as an MSME?

Various business entities are eligible to register as Udyam or MSMEs. Ownerships, Hindu Undivided Families, Firms, One Person Companies, Limited Liability Partnerships, Private Limited Companies, Limited Companies, Producers Companies, any Association of Persons, Co-operative Societies and Partnerships are all eligible to register for MSME in India. Under the MSME or Micro, Small, and Medium Enterprises Development Act of 2006, small firms can benefit from MSME registration in a number of ways. Therefore, in order to take advantage of various beneficial advantages for their firm, all small businesses should file for MSME or Udyam registration after opening.

What are the prerequisites for MSME Registration in India?

The size of the business does not influence its eligibility for MSME registration in any way. The business, or in this case the partnership firm, must qualify the prescribed condition of capital and annual turnover to obtain the status of an MSME. Given below are the precise definitions of MSMEs according to the MSMED act in India.
  • For Micro Businesses – The total amount invested in the firm must be less than Rs. 1 crore, and the annual turnover must be less than Rs. 5 crores in order for it to qualify as a micro enterprise for MSME registration.
  • For Small Businesses – In the case of a small business, your total business investment must be less than Rs. 10 crores, and your annual turnover must be less than Rs. Fifty crores in order to be eligible for the MSME registration.
  • For Medium-Sized Businesses – The largest businesses on the list are medium-sized businesses. The total investment must be less than Rs. Fifty crores and the annual turnover must be below Rs. 250 crores in order to be eligible for MSME registration.
If your company falls under one of the aforementioned categories, you can easily register as an MSME in India.

What details are required for Udyam Registration of a Partnership Firm?

Registration for Udyam is relatively simple once you’ve fulfilled the prerequisites for MSME Registration in India. To complete filling out the form, you’ll need the following documents:
  • Aadhaar Number: The managing partner’s Aadhaar number is entered in the case of a partnership firm. The Aadhaar number must have 12 digits.
  • Name of Applicant: The name on the Aadhaar card, whose number is entered in the choice above, is filled out in this field.
  • Social Category: Select the applicant’s social category from the list of available possibilities.
  • Organizational Types: Select an organization from the list of available possibilities. The MSME certificate will be printed with these options.
  • Name of the firm: At this point, enter the name of the firm or the enterprise. The MSME or Udyam certificate will bear this name.
  • Business Location or Plant: Carefully, provide the business address in this section’s location field.
  • PAN number: Enter the business PAN card’s 10-digit PAN number.
  • Date of Incorporation or Registration: Indicate the date the business officially started.
  • Mobile Number: Enter the applicant’s or company’s mobile number. You will receive an OTP at this contact number.
  • E-mail address: Enter the candidates’ email addresses here.
  • Upload the Aadhaar Card: Applicants must upload or scan a copy of the front side of their Aadhaar card.
  • PAN card upload: Applicants may upload a scanned copy of their PAN card.

How to file for Udyam Registration of a Partnership Firm?

The stepwise process to file for Udyam registration of a Partnership Firm are as follows:
Step 1: Visit the official website of Udyam Registration to register for Udyam.
Step 2: Fill in the following information:
  • Type the applicant’s name exactly as it appears on their Aadhaar card.
  • Please provide your cell phone number.
  • Email address Fill down your email address to get notifications.
  • Enter your office address, along with the state, district, and zip code.
  • Enter your company’s yearly turnover in this field.
  • Choose your social group from ST, SC, OBC, or general.
  • Enter your UIDAI-issued Aadhaar number under “Aadhaar Number”
  • If you have a previous UAM registration number (Udyog Aadhaar number), enter it here.
  • Please enter the PAN card number.
  • Your bank account number should be entered.
  • Enter the IFSC code for your bank.
  • Type the name of your business.
  • Date of Business Inception: Indicate the day your company officially launched.
  • Choose “Partnership” from the drop-down menu under Organization Type.
  • Select your company’s primary line of business (manufacturer or service provider).
  • You can add more information about your company, such as whether it produces food or does computer programming.
  • The total number of male, female, and other employees at your company.
  • The investment made in plants, machinery, and equipment: Indicate the total amount invested in plants, machinery, and equipment.
Step 3: Upload your PAN card and Aadhar card.
Step 4: Enter the Verification Code.
Step 5: Select “Submit Application.”
You will receive the Udyam Registration Certificate on your registered email ID once your firm has obtained Udyam Registration.

What are the benefits of online Udyam Registration?

  • Businesses can request a waiver of the stamp duty and registration fees, which lowers acquisition expenses.
  • Small businesses are eligible for an overdraft interest rate exemption of 1%.
  • Decrease in electricity costs.
  • Under direct tax laws, exemption.
  • Get bank loans with reduced interest rates.
  • Get a 50% discount on trademark and patent fees.
  • Direct tax regulations allow registered MSME enterprises to receive exemptions.
  • Obtain the costs associated with earning an ISO accreditation.
  • It becomes simple to acquire licenses, registrations, and approvals.
  • Under a bank loan, the company will receive a 15% subsidy on the importation of fully automatic machines.
  • Help you obtain government contracts for your company.
  • Additional options for low-interest loan availability.

Conclusion

You will receive hundreds of perks that will ease your operations with an MSME or Udyam certificate. However, it is crucial to comprehend all eligibility requirements and documentation needed to register for MSME. If your company meets the MSME eligibility requirements, register it right away to take advantage of some special Udyam registration perks. For any help, get in touch with Setindiabiz and obtain your MSME certificate without any hassles.

About Setindiabiz

Setindiabiz is an organized team of experienced CA, CS, & Lawyers, duly supported by a pool of trained accountants & paralegal staff that provides quality & affordable compliance services to startups & small businesses in India. The views, statements and recommendations expressed in this article or post are only for the sole objective of providing information, and it does not constitute professional advice or recommendation of the company. Neither the author nor the company or its affiliates accepts any liability for any loss or damage arising from any information in this article or any actions taken in reliance thereon.
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