Startup India Registration Services
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Startup India Registration Services
Startup India, a governmental initiative in India, aims to cultivate a robust ecosystem conducive to fostering innovation and nurturing startups within the nation. Its primary objective is to fuel sustainable economic expansion and create extensive job prospects. Through this program, the government endeavors to empower startups by fostering innovation and emphasizing design principles to facilitate their growth.
Below are the outlined objectives of the Startup India Movement. The action plan aims to provide support to startups and beyond.
– Facilitation of Intellectual Property Rights (IPR), including streamlining the patent filing process.
– Improved infrastructure, including the establishment of incubation centers.
– Improved regulatory environment, including tax incentives, simplified compliance procedures, easier company formation, faster mechanisms, and more.
– Provision of an extensive networking database for entrepreneurs and other stakeholders within the startup ecosystem.
– Objective to enhance funding opportunities.
Eligibility Criteria
To qualify for the DPIIT Certificate of Recognition, a startup must meet the following eligibility criteria:
– Type of Entity: The certificate is available for Private Limited Companies, Limited Liability Partnerships (LLPs), or Registered Partnership Firms.
– Period of Existence: The company’s operations should not exceed 10 years from its date of formation.
– Annual Turnover: The firm must have achieved an annual turnover of at least Rs. 100 crore for any fiscal year since its inception.
– Originality: The company must not have been formed by splitting up or recreating an existing entity.
– Innovation & Scalability: The entity should be focused on developing or enhancing a product, process, or service. It should possess a scalable business model with the potential to generate significant wealth and employment opportunities.
Procedure to Obtain DPIIT Certificate:
To acquire the DPIIT certificate of recognition, the entity should follow the simple steps outlined below:
Business Incorporation:
The entity must initially incorporate the business as either a Private Limited Company, a Partnership firm, or a Limited Liability Partnership (LLP).
Registering Business with the Startup India Scheme:
To obtain the DPIIT certificate of recognition, the business must be registered with the Startup India Scheme.
Apply for Startup Recognition:
To apply for the DPIIT Certificate of Recognition for Startups, the applicant unit must access the Startup India Recognition portal and register with Startup India.
Provide the following details in the Startup Recognition application:
– Entity Details: Nature of Entity, Industry, Sector, Categories, Company Incorporation Number, and Registration Date.
– Full Address of the Entity.
– Details of the Authorized Representative.
– Details of Directors or Partners.
– Details of Intellectual Property Rights.
– Details of Funding.
– Recognition received by the entity.
Obtain the Startup Recognition Number:
The DPIIT Certificate of Recognition for Startups will be issued after reviewing the application and submitted documents. Once the ministry approves the application and assigns the unique startup recognition number, the startup becomes eligible for registration with tax benefits.
Benefits for DPIIT Recognized Startups:
After obtaining the DPIIT Certificate of Recognition for Startups, startups can avail the following benefits:
Self-Certification:
Upon obtaining the DPIIT Certificate of Recognition for Startups, the entity will have the privilege to self-certify compliance under 3 Environmental Laws and 6 Labour Laws.
Startup Patent Application:
DPIIT-recognized startups are entitled to pay only 80% of the fees for Patents, trademarks, copyrights, and designs. Additionally, fast-tracking of patent applications will be accessible for startups.
Easier Public Procurement Norms:
– DPIIT-recognized startups will have the opportunity to list their products on the Government e-Marketplace.
– DPIIT-recognized startups are exempted from submitting Earnest Money Deposit.
– Exemption from Prior Experience/Turnover requirements is provided for startups in all Central Government ministries and departments.
Easy Winding up of Company:
In accordance with the Insolvency and Bankruptcy Code, 2016, the company can be wound up within 90 days of applying for insolvency.
Funds of Funds:
Startups will be eligible for Rs. 10,000 crore funds of funds from Alternative Investment Funds.
Credit Guarantee Fund:
Startups can avail Rs. 2,000 crore Credit Guarantee fund through the National Credit Guarantee Trust Company or SIDBI over 4 years.
Tax Exemptions:
– After obtaining the Certificate of Recognition, the startup can apply for Tax exemption under section 80 IAC of the Income Tax Act.
– DPIIT-recognized startups can apply for Angel Tax Exemption.
– Upon obtaining clearance for Tax exemption, DPIIT-recognized startups are exempted from income tax for 3 consecutive fiscal years out of their first ten years since formation.
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FAQS on Startup India Registration Services
Startup India Registration is a government initiative aimed at fostering entrepreneurship and promoting startup ventures across various sectors. It provides startups with benefits such as tax exemptions, funding opportunities, and access to various resources and support networks.
Transmission is the process of transferring the ownership of shares from one person to another, without the involvement of the company’s registrar or transfer agent. In this process, the transferor is the one who transfers the shares and the transferee is the one who receives the shares.
Any entity that meets the criteria of a startup, as defined by the Government of India, can register under Startup India. This includes entities that are in the early stages of development, are innovative, and have the potential for scalability and growth.
Registered startups are eligible for a range of benefits including tax exemptions, self-certification compliance, access to funding schemes, networking opportunities, and various other support services provided by the government and partner organizations.
To register your startup, you need to visit the Startup India portal (www.startupindia.gov.in) and fill out the registration form with the required details about your venture, team, and business model. Once your application is verified, you will receive recognition as a Startup India-registered entity.
No, there is no registration fee for startups applying for recognition under the Startup India initiative. The process is entirely free of charge.
