STARTUP INDIA REGISTRATION
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STARTUP INDIA REGISTRATION ONLINE
ONLINE STARTUP INDIA REGISTRATION AT JUST RS. 4999/-.
In recent times, there has been a surge in the popularity of startups in India. The government, under the visionary leadership of Prime Minister Narendra Modi, has launched the Startup India Registration to acknowledge and foster the growth of startups, promoting innovation and business expansion. The Startup India scheme aims to reshape India into a market that generates employment opportunities, shifting from a job-seeking to a job-providing economy. To avail recognition under the Startup India Scheme, only eligible registered entities like Private Limited Companies, Limited Liability Partnerships, or Partnership firms can apply. The registration process can be conveniently completed online through the official Startup India website. This initiative opens doors for startups to access a range of benefits, encouraging their progress and success.
WHAT QUALIFIES AS A STARTUP ENTITY?
A startup entity can be broadly defined as a newly established business or company that is in its early stages of development and is focused on introducing innovative products, services, or processes to the market. However, specific criteria for qualifying as a startup may vary depending on the context and country. Here are some common factors that are often considered when determining if an entity qualifies as a startup:
1. Age: Typically, startups are young companies that have been in operation for a limited period, often less than a specified number of years (e.g., 5 years).
2. Innovative nature: Startups are characterized by their focus on developing and introducing innovative products, services, or solutions that bring something new or disruptive to the market.
3. Scalability: Startups are designed to have the potential for rapid growth and scalability. They aim to build a business model that can be easily replicated or expanded to new markets.
4. High-growth potential: Startups are expected to demonstrate the potential for significant growth in terms of revenue, market share, or user base.
5. Risk and uncertainty: Startups operate in an environment of uncertainty and often face higher risks associated with their innovative ventures.
6. Funding: Startups typically rely on external funding sources, such as angel investors, venture capital firms, or government grants, to finance their growth and development.
It’s important to note that the definition and qualifying criteria for a startup can vary depending on the specific programs, initiatives, or jurisdictions involved. Various government schemes and organizations may have their own definitions and eligibility criteria for startups. Therefore, it’s advisable to refer to the specific guidelines and regulations of the relevant programs or entities to determine the qualifications for startup status in a particular context.
BENEFITS OF STARTUP INDIA REGISTRATION
BENEFITS UNDER STARTUP INDIA
Here are nine of the major benefits provided under the startup india registration online:
STARTUP INDIA REGISTRATION ELIGIBILITY
WHO ARE ELIGIBLE FOR STARTUP INDIA SCHEME?
1. Business Structure
- Startup must be registered as Private Limited Company or Limited Liability Partnership or as a Partnership firm.
- Previous year’s turnover should be less than Rs. 100 crores.
3. Time Limit
- An Entity can be considered as a Startup only up to 10 years from the Incorporation Date.
- Objective of a Startup must be innovative. Products or Services offered by a Startup must be innovative or improvement in existing products or services and it must generate Employment and Wealth.
DOCUMENTS FOR STARTUP INDIA REGISTRATION
HOW TO REGISTER A COMPANY IN STARTUP INDIA?
STARTUP INDIA REGISTRATION PROCEDURE
STEPS TO REGISTER UNDER STARTUP INDIA SCHEME
INCORPORATE YOUR BUSINESS
First step is to incorporate your Entity as a Private Limited Company or Limited Liability Partnership or a Partnership firm. We can help you out with the registration process as Vakilgiri is one of the Leading Legal Consultancy Firm in India.
REGISTER WITH STARTUP INDIA
Once your Company or Firm is incorporated, you are ready to apply for Startup India Registration online. The entire process is quite simple and online. You need to Login into Startup India website and fill-up the required details of your business. After successful Email OTP verification, user id and password will be sent on your Email. Once, your profile is created successfully, startups can apply for various acceleration programmes, mentorship or incubator programmes and other opportunities on the website. You will also get access to resources like Various Government Schemes, State Polices for Startups, Learning and Development Program and pro-bono services.
GET DPIIT RECOGNITION
After completion of Step-2, you can move forward to apply for Department for Promotion of Industry and Internal Trade (DPIIT) Recognition. This DPIIT recognition enables the startups to avail beneficial services like access to high-quality intellectual property and other resources, self-certification under labour and environment laws, access to Fund of Funds, relaxation in public procurement norms, easy winding of company, tax exemption for 3 consecutive years and tax exemption on investment above fair market value and other benefits list above
Now you can fill out the DPIIT Recognition Online form with all the required information asked. Questions and Information asked are as follows: • Write about your Startup in brief. • Current number of employees (including founders) • What is the problem the startup is solving? (in 500-5000 words) • How does your startup propose to solve this problem?* (in 500-5000 words) • What is the uniqueness of your solution? (in 500-5000 words) • How does your startup generate revenue? (in 500-5000 words)
After submission, you will get a recognition number immediately for your startup. The recognition certificate will be issued after the examination of all your documents within a week. NOTE: It is advised to upload documents with utmost sincerity and honesty. During the verification, if the documentation is found to be forged/incorrect, a minimum penalty of Rs. 25000 and a fine of 50% of your paid-up capital of the startup will be charged.
1. Trademark & Patent registration: If you need a trademark or patent for your business, you can easily approach any from the list of facilitators for Trademark & Patent Registration issued by the government. You can claim upto 80% reduction in Government Fees after having Startup India Registration. 2. Funding: Funds is the most important essence for every startup but due to lack of experience, many startups fail to attract their investors. Also, investing in startup involves high risk, this discourages investors from investing. In order to resolve this problem, Government of India has organised an initial corpus fund of INR 2,500 crore in the 1st year out of total corpus of INR 10,000 crore over a period of 4 years (i.e. INR 2,500 crore per year) to provide Funding Support to Startups. This is in the nature of Fund of Funds. FoF means that government will not directly invest into Startups, but shall invest in the capital of SEBI registered Venture Funds. 3. Self-Certification Under Labour and Employment Laws: Startups can reduce their compliance cost by self-certifying under environment laws and labour laws so that their compliance costs are reduced. Self-certification is required to reduce compliance burden which allows them to focus on other crucial business activities. Startups can self-certify their compliances under 6 Labour Laws and 3 Environment Laws from the date of incorporation for a period of 3 to 5 years. 4. Tax Exemption: Startups can enjoy income tax holiday for 3 years. But in order to avail tax benefits, Inter-Ministerial Board (IMB) must certify them. The Startups incorporated on or after 1st April 2016 can apply for the income tax exemption.
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