Udyam registration is essential if you manage a partnership business and wish to register it as an MSME. The Government of India has created an easy online procedure to assist small and medium-sized enterprises in obtaining official recognition and reaping other benefits. This post outlines the benefits of registering with Udyam, the necessary documentation, and the reasons and procedures for partnership firms to do so. Let’s simplify everything for everyone to grasp.
What Is Udyam Registration?
Udyam Registration is the process by which the government identifies a business as a Micro, Small, or Medium Enterprise (MSME). It replaced the earlier version of the Udyog Aadhaar system. This registration is completed completely online and is free of cost using the official Udyam portal. A certificate and a special Udyam Registration Number (URN) are given to your business upon registration, and you can use these to request government aid, including loans, subsidies, and market support.
Does a Partnership Firm Have the Ability to Register for Udyam?
Yes, without question. Partnership firms can register on the Udyam registration portal if they fall under the criteria of micro, small, and medium enterprises. The Ministry of MSME has classified the criteria of micro, small, and medium enterprises based on investment in plant and machinery and annual turnover.
- Micro enterprises: Investment up to 2.5 crores and annual turnover up to 10 crores
- Small enterprises: Investment up to 25 crores and annual turnover up to 100 crores
- Medium enterprises: Investment up to 125 crores and annual turnover up to 500 crores
If your partnership firm falls into any of the three categories classified above, then you can register on the Udyam Registration Portal.
Benefits of Udyam Registration for Partnership Firms
Here’s why Udyam registration is a smart move for your partnership firm:
- Collateral-free loans under the Credit Guarantee Scheme
- Subsidies on patent and trademark registrations
- Priority in government tenders
- Faster approvals for licenses and registrations
- Protection against delayed payments from buyers
- Easier access to government schemes and incentives
- Increases the credibility of the company.
After registering, you have formal recognition and are able to present your Udyam Certificate with assurance to banks, purchasers, and government representatives.
Documents Required for Partnership Firm Udyam Registration
The process is paperless and Aadhaar-based, but make sure you have the following details ready:
For the Partnership Firm:
- PAN Card of the firm
- Partnership deed
- Firm’s address and bank details
- Date of commencement of business
- Number of employees
- Investment and turnover details
For the Authorized Signatory (Partner):
- Aadhaar number of any one partner
- PAN number of the partner (linked to Aadhaar)
- Mobile number linked with Aadhaar
Note: Businesses wishing to register under Udyam must have a GSTIN and PAN.
A Complete Guide On How To Register Partnership Firms On the Udyam Registration Portal?
Here is the step-by-step process on how to register a partnership firm on the Udyam Registration Portal using a very easy method.
Step 1: Visit the Official and authentic Udyam registration portal.
- Go to the Udyam registration portal. It is an authentic website.
Step 2: Select “New Udyam Registration” for Those Who Are Not Registered Yet.
- Fill out the Udyam registration form
- Basic details are asked on this form
Step 3: Enter PAN and Aadhar Details
- Select “Partnership Firm” as your business type and fill in the PAN and Aadhar of the firm and the partner.
Step 4: Validate and Fill Business Details
Once PAN is validated, you’ll need to enter:
- Name of enterprise (as in PAN)
- Type of organization (Partnership Firm)
- Firm’s address and contact info
- Date of business start
- Number of employees
- Investment and turnover details
- Bank account details
Step 5: Enter GSTIN (if applicable)
- If your firm has GST, link it with your PAN. It’s compulsory for businesses with a turnover above GST limits.
Step 6: Submit and Get URN
- After filling the form, click on “Submit and Get Final OTP”. Once verified, you’ll receive your Udyam Registration Number (URN).
Step 8: Download Udyam Certificate
- After successful registration, you’ll receive your Udyam Certificate in your email in a Udyam certificate download PDF form.
Final Words
One of the smartest ways to grow your business in India is to register your partnership firm under Udyam. It is quick, free, and has many long-term benefits. Your company can get loans, subsidies, and better business credibility when it gets official MSME recognition.
Hurry up if you haven’t registered yet. Visit the Udyam portal now to obtain your MSME status!
