As per the provision of the Micro, Small & Medium Enterprises Development (MSMED) Act, 2006 the Micro, Small and Medium Enterprises (MSME) are classified into two Classes:

1. Manufacturing enterprise involves enterprises engaged in the manufacture or production of goods pertaining to any industry specified in the first schedule to the Industries (Development and Regulation) Act, 1951) or employing plant and machinery in the process of value addition to the final product having a distinct name or character or use. The Manufacturing Enterprise is defined in terms of investment in Plant & Machinery.
2. Service enterprise - The enterprises engaged in providing or rendering services are defined in terms of investment in equipment.

Udyam is a simplified licensing process for registering MSMEs in India. Launched by the ministry of Micro, Small, and Medium Enterprises, it replaces the earlier system of registering under the Udyog Aadhar Memorandum (UAM). Registered enterprises are rewarded with various government benefits such as subsidies, tax rebates, and easier access to loans. 

Any business entity, including sole proprietorship, partnership, limited liability partnership (LLP), private limited companies, or any other business structure in Punjab is eligible for UDYAM registration. Additionally, both manufacturing and service sectors are eligible. However, the business must fall within the specified investment and turnover limits as per the MSME Classification. Here is a breakdown of the eligibility criteria: 

1. Micro Enterprise

• Investment: Up to ₹1 Crore in plant and machinery. 
• Turnover: The annual turnover must not exceed ₹5 Crore

2. Small Enterprise

• Investment: Up to ₹10 Crore in plant and machinery. 
• Turnover: The annual turnover must not exceed ₹50 Crore. 

3. Medium enterprise

• Investment: Up to ₹10 Crore in plant and machinery. 
• Turnover: The annual turnover must not exceed ₹250 Crore. 

Businesses that meet the above-mentioned criteria can apply for udyam registration and get udyam registration certificate to avail the benefits provided by the Indian Government. 

For a better understanding on the eligibility of UDYAM Registration in Punjab,

refer to the table below:

The Udyam registration in Punjab is completed as soon as the Udyam registration form is filled and submitted on the official Udyam Registration Portal. Usually, the Udyam Registration is completed within 2-3 working day.

No, MSME Registration is paperless and based on self-declaration.

The registration process in Punjab is free of cost on the official Udyam portal, but service providers may charge a nominal fee for assistance    .

The Udyam certificate is valid as long as the enterprise is operational and meets the specific eligibility criteria (annual turnover and investment). No, we don't need to renew Udyam Registration.

Of course! Both existing and new businesses in Punjab can register under MSME. Simply go to the official Udyam Registration website and register your business under micro, small, or medium enterprises.