AadhaarLegal Advice

How Can I Migrate Udyog to Udyam Registration?

This article will point out: How to Update Udyog Aadhar to Udyam Registration. Do we start by understanding Why to update your old Udyog Aadhar? Then we talk about Udyam Registration and UAM and the benefits of UAM. Followed by the list of Documents Required to Update Udyog Aadhaar Memorandum.

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A Udyog Aadhar, also known as Aadhar for business, is a twelve-digit unique number used for identification purposes. This number is provided by the Ministry of Micro, Small and Medium Enterprises, Government of India to the small and medium enterprises.

Why Do Companies Need to Update Their Old Udyog Aadhar?

Udyog Aadhar Registration provides companies with many benefits from the government, such as being able to receive loans at low rates of interest, receiving funding from the government, and many other benefits that help companies in various ways.

Udyog Aadhar has been replaced by a new and improved system named Udyam Aadhar. The Ministry of Micro, Small, and Medium Enterprises notified that all the MSMEs will no longer be valid after the 31st of March 2022, which means that the companies that are already registered for a Udyog Aadhar can no longer avail of the benefits without registration for Udyam Aadhar.

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The Benefits of UAM

When a company, firm, or enterprise gets itself registered under the newly created Udyam Registration (formerly known as Udyog Aadhaar or MSME Registration), they are allowed to take advantage of the Ministry of MSMEs’ multiple benefits.

Delayed Payment Redressal Platform

If the MSME is facing a problem of delayed payment from any of their customers, The Micro, Small, and Medium Enterprises Development Act, 2006 grants them protection from these customers. The MSMEs, provided that they have the appropriate documents as proof of the situation, are eligible to avail the government’s support to get pending payments from their customers.

Procurement Platform for MSMEs

The MSMEs can apply for government tenders using the MSME Sambandh Platform, which was launched for this very purpose. This platform facilitates Central Ministries, Departments, and CPSEs so that they can procure from these Micro, Small, and Medium Enterprises with utmost transparency to support the new and upcoming enterprises.

The portal aims to make the procurement process by Central agencies transparent and provide equal opportunities to all the MSMEs who wish to provide goods or services as required by them.

Trade Financing through Discounted Invoicing

The Ministry of MSME has set up a platform to help facilitate trade between MSME Suppliers, Corporate buyers, and Institutional Suppliers. The platform is known as Trade Receivables Discounting System (TREDS). This provides the MSMEs with a seamless as well as a transparent procedure to avail of Corporate orders. It also provides

MSMEs can use TREDS to upload, accept, discount, trade, and set invoices/bills and facilitate both receivables as well as the payables factoring.

Government Job & Training Portal

The Ministry has launched the MSME Sampark portal to provide required human resources to these enterprises. This platform acts as a medium to connect both job seekers as well as the MSMEs who are in search of new employees. Besides that, this platform also provides opportunities to MSMEs by partnering with their Technological Centres to provide training programs in the form of job and classroom training to the new job aspirants.

B2B Portal for MSMEs

MSME Global Portal that the Ministry has launched helps to facilitate trades between different Micro, Small, and medium enterprises in the hopes of promoting business-to-business (B2B) trade all over India. The procedure is as simple as registering their products/services on the portal, which can further be viewed by other MSMEs needing those products/services.

Credit Guarantee Scheme for MSMEs

A trust named Credit Guarantee Fund Trust for Micro and Small Enterprises has been set up by the Ministry, Small Industries Development Bank of India, and the Government of India to provide the MSMEs with required business financing under the Credit Guarantee Fund Scheme.

This fund facilitates collateral-free loans of up to the limit of ₹50 lakh rupees to the needy MSMEs.

Documents and Information Required for This Registration?

For a company that already has a Udyog Aadhar, they only require their Aadhar number for verification. No documents are needed for the process.

Companies that do not possess Udyog Aadhar and wish to register themselves need to fill up a form that asks for various information regarding the applicant, the company, and the company’s bank details.

The Information asked regarding the applicant:

  1. Name of the applicant
  2. Email address of the applicant
  3. Mobile number of the applicant
  4. Social Category of the applicant
  5. Applicant Aadhaar number

The Information asked regarding the Organisation:

  1. Company Name
  2. Registered Address of company
  3. PAN Number of the company
  4. Date of Establishment
  5. Type of Company
  6. Total Number of Persons Employed
  7. Total Investment in the company
  8. Description of Business Activity
  9. GST Number

The information asked regarding the company’s bank account:

  1. Bank Account Number
  2. Bank IFSC Code

How Can You Migrate Your Old Udyog Aaadhar to the New Udyam Registration?

 

Step 1: Open the Udyam Registration website

A simple search on google regarding Udyam Registration will lead to the Udyam Registration Website. Click on the website. Once the website opens, the home page will look like the one shown below:

Step 2: Click on “For those already having registration as UAM”

On this home page, different options are given for different companies depending on whether they have already registered using Udyog, whether they have registered earlier through any Assisted filling or if they are new to Udyam and are registering themselves for the first time. Having registered earlier with Udyog Aadhar, select the “For those already having registration as UAM”.

Step 3: Fill in your Udyog Aadhar number (UAN)

Upon selecting the option, you will be taken to a different page where you will be needed to put your Udyog Aadhar Number.

Step 4: Verify the One Time Password

After providing your Aadhar number, you will be provided with two verification options out of which you can choose whichever is convenient to you.

The first option is to verify your account using your previously provided mobile number. If you select this, you will receive a one-time password which can be used to verify your identity.

The second option is to verify the account using your previously provided email address. If you choose to move forward with this option, you shall receive the one-time password through an email.

The purpose of this step is to identify your account and to make sure no misuse of your account is done.

Once this process is completed, the system will verify all the information provided by you. If no issue is found and your Udyog Aadhar is authenticated successfully, after a couple of days, you will receive a message to revisit the system for the completion of the process. After this, you shall receive your Udyam Certificate.

Once a company receives their Udyam Aadhar Certificate, it can be eligible to avail of the benefits associated with it.

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