India now has one of the world’s fastest-expanding startup ecosystems. The startup culture has developed in India thanks to a policy that is favorable and the availability of finance. To encourage innovation and entrepreneurship in the nation, the Indian government introduced the Startup India initiative in 2016. With this initiative, we want to foster an environment where startups can flourish and grow. In this article, we’ll go over the processes of the Startup India registration procedure in India.
The Startup India project provides registered entrepreneurs with a number of advantages, including tax exemptions, financial access, and other incentives. Startups must register on the Startup India website in order to take advantage of these benefits.
Who can register in Startup India?
Those who want to register with Startup India must meet the following requirements:
- The startup should be incorporated as a limited liability partnership (LLP), a private limited company, or a partnership business.
- The startup’s incorporation must have taken place within the previous ten years of the registration date with Startup India.
- In none of the prior fiscal years, the startup’s revenue should have exceeded Rs. 100 crore.
- The Business of the startup should be to innovate, create, implement, or commercialise new goods, procedures, or services that are supported by intellectual property or technology.
- The startup shouldn’t have been created through the dissolution or reorganization of an existing company.
- The startup shouldn’t be a division of an established company.
The following documents must be submitted by startups in order to register with Startup India:
- Certification of Incorporation / Registration
- PAN Card for the Business
- Address Proof for the Business
- Information about the Promoters/Partners/Directors
- Brief Business Description.
- Startups must obtain a Letter of Recommendation (LoR) from an incubator, accelerator, or industry association recognized by the Government of India.
1. Visit the Startup India Portal
Visit the Startup India website (https://www.startupindia.gov.in) to begin the registration procedure. Select the register button.
2. Create a New Account
Visit the Startup India website (https://www.startupindia.gov.in) to begin the registration procedure. Select the register button.
3. Fill out the application form
You must fill out the application form after making an account with the necessary information, including company information, director or partner information, business model information, Video with business explanation, and funding information.
4. Submit the Necessary Documents
After completing the application form, you must upload the necessary files, including the certificate of incorporation, PAN card, and address verification.
5. Send the Application in Review
Review the application form after uploading the necessary documents, then press the “Submit” button.
6. Obtain your identification number
You will be given a recognition number after your application has been submitted. You can monitor the progress of your application using this number.
7. Await approval
The Startup India team will analyse your application and check the information you provided when you submit it. If the application I scomplete the startup will be given a certificate of recognition and government certification as a “Startup” if all information is true and correct.
Typically, the verification procedure takes two to three weeks. However, if the Startup India team requires additional data or documents, it might take longer.
Benefits and Incentives for Startups
A startup becomes eligible for several perks and incentives provided by the Indian government after it is recognised by Startup India. Some of the main advantages and motivators are:
Tax Break: Startups that have been approved by Startup India are entitled to a tax break for three years in a row during the first seven years following their formation. This means that the gains made during these three years will not be subject to income tax on the part of the startups.
Faster Exit: By streamlining the winding-up procedure, the government has made it simpler for companies to exit. In contrast to the former process, which used to take many months, startups can now wind up their activities within 90 days.
Financial Support: Startups that have been accredited by Startup India are eligible for a number of government-sponsored financial programmes. A Rs. 10,000 crore fund has been established by the government to assist Indian startups.
Support for Intellectual Property Rights (IPR): Startups that have been approved by Startup India are entitled to a discount of up to 80% on the cost of submitting a patent.
Opportunities for networking: Startup India offers a venue for networking between startups, investors, mentors, and professionals in the field.
Benefits and Incentives for Startups
The Indian startup ecosystem has been fundamentally altered by the Startup India initiative. For entrepreneurs to develop and flourish, a helpful atmosphere has been developed. If you are a startup wishing to take advantage of the advantages provided by Startup India, you can register with the Startup India portal by following the step-by-step instructions explained in this article. Startups can obtain funding, tax breaks, and other benefits by signing up with Startup India, which can aid in their expansion and success.