Startup India Registration
The main elements of how a startup in India can register with the Startup India initiative–a government-backed programme aimed at promoting startups and assisting firms within the Indian borders–is what is known as startup India registration. Below are these elements when it comes to getting Startup India registered:
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INTRODUCTION
What is a Startup India Registration?
This program was known as DIPP registration before, and its objective is to reveal why entrepreneurs should register their company as a recognized startup with DPIIT. The goal of this programme is to make India a country that creates employment opportunities and not one that seeks jobs. Registration for Startup India is only possible to Limited Liability Partnership (LLP), Private Limited Company (PLC) or Registered Partnership Firm. hApplicants have to meet some criteria, and h
ADVANTAGES
Advantages of Startup India Registration
Tax Exemption
Exemption from taxes
Section 80 IAC of the Income Tax Act allows the entity registered under the Startup India Scheme to request an exemption from income tax. If the following requirements are met, such an organization may be eligible for tax exemption for three consecutive fiscal years during the first ten years from the date of incorporation:
((1) The corporation may be a limited liability company or a private limited company.
(2) Effective April 1, 2016, and ending April 1, 2021, consolidated.
Angel Tax Exemption
The monies obtained as angel investment are eligible for tax exemption for the Startup India certified organization. The exemption is only given if, following the proposed share issuance, the total paid-up share capital and share premium do not exceed Rs. 25 crore. The entity must meet certain requirements in order to invest in specific assets and receive this exemption.
Rebate in Trademark and Patent Application fees
Every startup enrolled in this program is eligible to receive a reimbursement for the government expenses associated with submitting a trademark application. Additionally, fast track patent application benefits are available, as well as an 80% refund on patent applications. The government will pay the whole cost of the facilitators for any number of patents, trademarks, or designs that a startup files. Therefore, Startups will only be responsible for paying Statutory Fees.
Interaction platform for Startups
For five years following their incorporation date, startups may self-certify that they are in conformity with three environmental laws and six labor laws.
Government Tenders
Applications for government tenders can be submitted by startups that register as an entity under the DIPP recognition program. StartUp India plan registered enterprises are exempt from one of the conditions of having a minimum prior experience/turnover for filing government tenders. Businesses approved by the DIPP are not required to make an Earnest Money Deposit (EMD) when submitting government tenders.
Government Tenders
Any entrepreneur who wants to be recognized in the market and by other business peers must master networking. Following their registration under the DIPP program, companies are given access to a platform at several government-organized festivals and conferences where they may network with other startups, prominent speakers, investors, and others. Startups that are approved under the DIPP can sign up as sellers on the Government e-Marketplace and offer goods and services to government agencies directly.
Fund of Funds for Startups
Through firm India's fund of funds program, the firm may raise money and cash. Through this program, DIPP has planned to disburse Rs. 10,000 crore for startups. Funds for startups that have been authorized by implementing agencies will be provided by the Small Industries Development Bank of India.
Faster Exit
Fast track winding up will apply to the newly formed companies under the Ministry of Corporate Affairs (MCA), specifically the Private Limited Company and the Limited Liability Partnership. Startups that fit specific income requirements or have a straightforward debt structure may be wound up under the Insolvency and Bankruptcy Code, 2016 within ninety days after filing for bankruptcy.
A LIST OF DOCUMENTS
Documents required for recognition under Startup India Initiative
COI
MCA Certificate of Incorporation and ROF PAN Card Registration Certificate
PAN Card
The entity's PAN card
Constitutional documents
Partnership deed in the event of an LLP or partnership firm, and MOA & AOA in the case of a company
List of Directors, DP's and Members
List of directors, designated partners, and members, together with a photo and contact information for each
Social link
URL of the entity's website and mobile app, if any, as well as the directors', DPs', and members' social media profiles on Twitter and/or LinkedIn.
Fund related
Details about the investor and investment amount will be provided if the organization has received any funding.
IPR Registration
The information pertaining to any IPR applications or registrations that the entity has submitted or filed.
Awards/Certificate
Details on any honors, certificates, or recognitions the organization has earned.
Annual Statements/ITR
Form-1 must be submitted alongside copies of the startup's annual accounts for the past three fiscal years (if applicable) and income tax returns for the same three years in order to claim the deduction under section 80-IAC.
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Eligibility for DPIIT registration
Special Name
Either of these should be the registered business entity for your company: - Limited Liability Partnership; - Private Limited Company; - Registered Partnership Firm
TURNOVER
Your entity's turnover cannot have exceeded Rs. 100 crores in any prior year.
EXISTENCE
Your organization has to be brand-new. It cannot last for more than ten years
INNOVATION
The Startup India Recognition Certificate is exclusively granted to organizations striving to innovate or enhance their current offerings. Additionally, this invention or enhancement need to be able to provide money and profits.
Register as recognized Startup under DIPP in 3 Easy Steps
1. Respond to Quick Questions
- Our questionnaires take less than ten minutes to complete.
- Give the essential information and paperwork needed to convert a proprietorship to a partnership.
- Pay using a safe and secure payment gateway.
2. Experts are Here to Help
- Dedicated Relationship Manager
- Creating an account on the Startup India Portal
- Writing a draft of the article based on an original, improvised product or service element
- submitting an online application
3. Generation of Startup recognition number
Process to register under Startup India Scheme
Day 1
- Consultancy and assistance for conversion
- Collection of basic information & documents
Day 2 - 4
- Review and verification of documents & information provided
- drafting an application with the necessary data
Day 5 - 7
- submitting an online application with the required information
Day 8 – 9
- Time spent by the government processing
Have inquiries? Look Here for Solutions
StartUp Recognition is predicated on a government program that offers unique advantages to start-up companies under certain guidelines.
To apply for a StartUp Recognition certificate, one must be a registered partnership firm, private limited company, or limited liability partnership.
- Applications are open to any organization that supports the development, implementation, or commercialization of novel goods, services, or processes powered by intellectual property or technology. Any company that can generate or contribute value for customers or a workflow through a new product, service, or process, or through a major improvement to a current one, can apply to be registered under this scheme.
Following registration, you can use the Startup India portal’s “ECOSYSTEM” tab to connect with other startups, investors, or incubators, or you can connect by logging in with your account.
Under the Startup India Scheme, there is no government registration charge.
- The length of time depends on how long it takes the government to complete the application because all the information and documents are carefully reviewed by the officers.
