Yes, Udyam Registration can be done for partnership firms. Udyam Registration, formerly known as MSME registration, is open to a range of business entities, including partnership firms. The Ministry of Micro, Small, and Medium Enterprises (MSME) introduced Udyam Registration to provide various benefits and support to micro, small, and medium-sized enterprises.
To register a partnership firm under Udyam, the following criteria must be met:
- Classification: The partnership firm should fall under the definition of a micro, small, or medium enterprise based on its investment in plant and machinery or equipment, as well as turnover.
- Micro Enterprise: Investment in plant and machinery or equipment should be up to Rs. 1 crore, and turnover should not exceed Rs. 5 crores.
- Small Enterprise: Investment in plant and machinery or equipment should be up to Rs. 10 crores, and turnover should not exceed Rs. 50 crores.
- Medium Enterprise: Investment in plant and machinery or equipment should be up to Rs. 50 crores, and turnover should not exceed Rs. 250 crores.
- Aadhaar Number: The authorized signatory of the partnership firm should possess a valid Aadhaar number.
- Valid PAN: The partnership firm must have a valid PAN (Permanent Account Number) registered in the name of the firm.
- Registration Process: The partnership firm can proceed with the Udyam registration process by providing the required details, such as business name, address, details of partners, and investment and turnover figures.
Once the registration process is complete, the partnership firm will receive a unique Udyam Registration Number (URN) and an e-certificate. This registration facilitates availing benefits and support offered by the government to MSMEs, such as access to credit, subsidies, and various schemes.
It is important for partnership firms to complete their Udyam registration to avail themselves of the advantages provided under the scheme and establish their identity as an MSME.