Startup India Registration
Startup India Scheme is a flagship initiative by the Government of India, boosting the startup ecosystem of the nation and transforming India into a Global Innovation Leader. The scheme works with the aim to create an encouraging environment nurturing innovation, spirit of entrepreneurship and assist growth of startups by offering a range of benefits such as assistance in funding, ease is regulatory compliances, Tax exemption and much more.
Benefits
- Simplified Registration
- DPIIT Recognition
- Tax Exemption for 3 Yr
- Section 56 Exemption
- Self Certification
- Easy Winding Up
- Access GeM
- Tender Benefits
- Funding Support
- Networking
Benefits of this program
- Simplified Registration: Easy registration setup for startups on Startup India portal.
- DPIIT Recognition: Eligible startups gain DPIIT recognition and further render various benefits out of it.
- Tax Exemption for 3 Consecutive Years: Recognized startups get income tax exemption for 3 consecutive years within their first 10 years of their incorporation given they are incorporated after April 2016.
- Section 56 Exemption: Investments from listed companies and accredited investors are exempt under Section 56(2) (VIIB) of the Income Tax Act.
-
Self-Certification: Startups can easily self-certify compliance for six labor and three environmental laws. IPR Support:
- Fast-tracked patent applications.
- Expert guidance from facilitators with Government coverage on facilitation costs.
- 80% rebate on patent filing fees. - Easy Winding Up: Operations can be closed within 90 days under the Insolvency and Bankruptcy Code, 2016.
- Access GeM: Recognized startups can register on Government e-Marketplace as seller to government entities.
- Tender Benefits: No prior experience/turnover required for manufacturing startups in government tenders + Exempted from Earnest Money Deposit (EMD).
- Funding Support: Financial assistance via Startup India Seed Fund Scheme.
- Networking: Access to mentorship, networking events, and investor platforms.
Eligibility
To be a part of Startup India Scheme, startup must comply with the following eligibility criteria:
Startup Age: Startup should be operational for no more than 10 years since the date of incorporation.
Company Type: Startup must be registered as a Private Limited Company, Registered Partnership Firm, or LLP company.
Turnover: The annual turnover of the startup must not exceed Rs.100 crores in any financial year since the time of incorporation.
Scalability: The startup must aim to develop and improve a product, process or service, or have a potentially scalable business model with significant capacity to create employment and generate wealth.
DPIIT Recognition: Startup must be recognized by DPIIT in order to render the Tax Exemption and compliance benefits under startup India Scheme.
Startup India Registration Process Breakdown
Here are the detailed steps to register and obtain the Startup India Certificate:
1. Incorporate Your Business
Choose a Structure: Select what suits best for your business. You can register your company as Private Limited Company, LLP, or Partnership Firm.
Submit Application: File registration with the Registrar of Companies (ROC) for Private Limited/LLP or Registrar of Firms for Partnership.
Whatever you choose, as a completion of the registration you will receive a Cerrtificate of Incorporation or partnership registration as a proof of legal establishment of your business. Professionals at BharatEdge can help you navigate through the entire process of company registration.
2. Register with Startup India
Right after your company is incorporated you can choose to register your company on startup India portal by filling out a form followed by uploading mandatory documents along with details of your business and about your product or service.
3. Get DPIIT Recognised
After registering your profile on startup India portal, you need to get recognition from the Department for Promotion of Industry and Internal Trade (DPIIT) in order to reap the full benefits extension schemes under startup India Initiative
4. Recognition number and Certificate: The real Deal
As you complete the above-mentioned processes, it is important for you to obtain DPIIT recognition number (acknowledgement of application) and Official Startup India Certificate post review of eligibility criteria and compliances. This document is crucial for a startup to apply for various benefits such as Tax exemption, patent filing, IPR filing, government grant and funding, etc.
To register a startup in India and obtain DPIIT recognition, the following documents are required:
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