In this article, we will know how a trader can apply for udyam registration online.
Can Udyam registration be applicable for traders?
Can business owners apply for MSME registration?
Is it possible for a trader to apply for Udyog Aadhaar?
How to get Udyog Aadhaar for Traders
udyam registration for traders
The Government of India and the Ministry of Micro, Small, and Medium Enterprises provide a twelve-digit Unique Identification Number, viz. Udyog Aadhaar Memorandum Number (UAM).
The central government of India has recently introduced policies and incentives including low-interest loans to help small enterprises (MSMEs). In order to give many MSME benefits, the government introduced udyam registration.
udyam registration is for manufacturing and service industries that are eligible and fall under the category of Micro, Small, and Medium Enterprises investment and business criteria.
Earlier, these registration processes were known as SSI Registration or MSME registration.
But now, as per the latest update from the MSME department, the Udyog base has changed to the enterprise.
So now any trading business company and firm will have to register on the new portal of Udyam registration.
The administration of the present government has changed the definition of Micro, Small and Medium Businesses (MSMEs).
According to the MSME Minister of India, retailers and wholesale dealers will now be given MSME status.
This decision will help 25 lakh retail and wholesale traders in the country. This implies that they will be given access to the benefits of this sector.
The government under the present leadership is dedicated to promoting MSMEs and transforming them into engines of economic growth.
It will also update the standards and help 2.5 crore retail and wholesale traders.
Earlier, retail and wholesale trade commerce was classified as MSME.
However, such operations were removed from the category of micro and small-medium enterprises by the previous government in 2017.
It justified this by claiming that they are neither manufacturing nor service units.
They were consequently unable to obtain the Udyog Aadhaar Memorandum (called MSME Registration).
Retailers and wholesalers will now be eligible for registration on Udyog Aadhaar/Enterprise Registration Portal as per the revised norms.
As the basis of small business, businessmen used to obtain it by any means necessary, regardless of whether such registration was actually required for their trading firm or not.
Also read: Udyam Registration benefits
MSME Udyam Registration for Wholesale Retailers
As per the notification of the MSME department, not every trading business firm has access to Udyam registration.
Only eligible trading businesses that are classified as Micro, Small or Medium Enterprises are eligible to apply for Udyog Aadhaar on the basis of investment and turnover incurred on machinery and plant.
Since the introduction of Udyog Aadhaar, practically every bank and other government department has requested a Udyog Aadhaar memorandum acknowledgment for business verification.
Every financial bank requires MSME/Udyog Aadhar to open bank accounts even for small-owned enterprises, without understanding whether MSME Udyog Aadhar registration is applicable to traders or not.
How to apply for the Udyam registration for Traders?
Traders can easily apply for Udyog Aadhar Certificate online by following the below given 5 steps.
Step 1: Visit the Udyam Registration Portal.
Step 2: Fill in all the details of your trading business on the Udyam Registration Application Form.
Step 3: Make online payment for the udyam Registration Service Fee.
Step 4: The registration executive will check all the information provided by you on your application and start the process.
Step 5: Your Udyam registration Certificate will be delivered to your registered email address.
Note: During the process, you will have to share the OTP.