Introduction: Launched in January 2016, the Startup India initiative by the Government of India aims to bolster entrepreneurship across the nation. Designed to fuel job creation, innovation, and support the growth of startups, this scheme offers a multitude of benefits for newly established businesses. By registering under the Startup India program, startups gain access to financial assistance, tax exemptions, incubator programs, and a nurturing ecosystem conducive to growth. This comprehensive guide outlines the eligibility criteria, registration procedure, and the myriad benefits associated with the Startup India scheme.
Eligibility Criteria For Startup India Registration:
Eligibility requirements for Startup India Scheme are:
1. Age of applicant should be above 18 years of age
2. Type of company is registered as a partnership with limited liability, private limited company, or partnership firm
3. Age of firm should not yet have passed the ten-year mark following the date of registration or incorporation
4. Annual turnover of the company has not surpassed Rs. 100 crore in annual turnover during any of the fiscal years since registration or incorporation
5. Scope for innovation
6. Company should have original entity
Procedure For Startup India Registration:
Step 1: Incorporate Your Business
Your company must initially be established as a sole proprietorship, limited liability Partnership, Private Limited Company, or Partnership firm. In order to register any firm, one must adhere to all prescribed processes, which involve completing the registration application and obtaining the Certificate of Incorporation/Partnership registration.A Limited Liability Partnership (LLP) or Private Limited Company might be incorporated by presenting a registration application to the local Registrar of Companies (ROC). By filing an application to the local registrar of firms for registration, you can establish a partnership firm.
Step 2: Register with Startup India
Everything regarding the process is online and straightforward. Click “Register” after inputting your full name, login credentials, username, email address, and your cell phone number. Click the “Submit” button after providing the OTP that has been stipulated to you via email and any additional details, including the user type, name, startup stage, etc. The Startup India profile has been created after these facts have been entered.
Startups can apply to multiple acceleration and incubator/mentorship programmes on the website after generating a profile. They additionally have access to government schemes, funding possibilities, instructional materials, and market access.
Step 3: DPIIT Recognition
This endorsement helps the startups to avail benefits like access to high-quality intellectual property resources and services, relaxation in government procurement norms, self-certification under labour and environment laws, easy extending of company, access to Fund of Funds, tax exemption for 3 consecutive years and tax exemption on investment above equitable market value.
To be considered for DPIIT Recognition, visit the Startup India website, log onto it with your registered credentials, and choose the ‘Apply for DPIIT Recognition’ option accessible under the ‘Recognition’ page.
Choose “Apply Now” on the subsequent page. The National Single Window System (NSWS) website will be rerouted. In order to get DPIIT recognition, companies and limited liability partnerships (LLPs) have to register on the NSWS website, add the “Registration as a Startup” form, and fill out the “Startup Recognition Form.”
Step 4: Application of Recognition
You need to finish up the “Startup Recognition Form,” which consists of fields pertaining to the entity, designated representative, directors, and partner data, and it also includes information about necessary startup activities and self-certification. Enter every component of the form by clicking the + symbol that appears on the right side of the form. After you click “Submit,” you confirm that you agree to the terms and conditions.
Step 5: Documents for Startup Registration
Mentioned below is the list of documents absolutely necessary for registering into Startup India Scheme:
- PAN Number
- Declaration of authorization from the the organisation’s, partnership firm’s, or LLP’s authorised representative
- Proof of concept in the kind of format of a sales pitch deck, website, or video
- Proof of funding, if any
- Details of any trademarks and patents
- Declaration of awards or certifications that are available if any
You will immediately obtain a recognition number after completing an application for registration. After the government has examined all of the documents you uploaded, your certificate of registrations or organisation is issued.
If the business you run meets the necessary criteria and registration requirements, it may apply to be a member of the Startup India program and get government-sponsored perks.
Benefits of Startup India Scheme:
The Startup India Initiative offers multiple benefits to startups. Even so, an entity must be identified by the DPIIT as a newly established business in order to receive these benefits.
It is acceptable for startups to self-certify that their businesses abide with three regulations pertaining to the environment and six labour regulations. This is allowed for a total of five years post the entity’s date of incorporation or registration. In addition to the greatest intellectual properties services and resources created specifically to assist startups in protecting and monetizing their intellectual property rights (IP startups are granted a three-year tax exemption).
Conclusion: The Startup India initiative represents a significant step toward fostering an entrepreneurial spirit within India. By simplifying the registration process and offering a broad range of benefits, the program encourages innovation and risk-taking among aspiring entrepreneurs. With the right idea and compliance with the eligibility criteria, startups can leverage this initiative to scale new heights and contribute to India’s economic dynamism. For entrepreneurs looking to dive into the startup ecosystem, understanding and participating in the Startup India scheme can be a game-changer.
To discuss in detail you can contact the author at 8302480939.
Author Bio
