Explore all the details you need about Startup India Registration, tailored for your needs.
Are you ready to launch your startup in India? The Startup India initiative, a flagship program by the Indian Government, is designed to empower and support entrepreneurs like you. By obtaining Startup India Registration, you can access many benefits, including tax exemptions, simplified compliance processes, and various funding opportunities. This registration not only establishes your business legally but also connects you to a robust network of resources and support systems, helping you scale and succeed in a competitive market.
Solocorp Verifocus legal LLP is here to assist you with a quick and efficient Startup India registration process, enabling you to embark on your journey toward success.
Startup India is an initiative by the Indian Government designed to boost the growth and development of startups across the country. Launched in 2016, the primary aim of the Startup India scheme is to cultivate a thriving startup ecosystem, positioning India as a global leader in innovation. By obtaining startup registration in india, startups gain access to myriad benefits.
DPIIT recognition allows startups to avail various benefits under the Startup India scheme.
Eligible companies can be recognized as startups by the Department for Promotion of Industry and Internal Trade (DPIIT), part of the Government of India.
To register a startup in India, and to be eligible for DPIIT registration and receive benefits under the Startup India scheme, a startup must meet specific criteria. These include structural, operational, and legal requirements to ensure the business aligns with the initiative's objectives.
The startup must be incorporated as a private limited company, a limited liability partnership (LLP), or a partnership firm.
The startup should be at most ten years from its incorporation. However, startups in the biotechnology sector are allowed up to 15 years.
The startup's yearly turnover must not exceed INR 100 crores in any fiscal year since its inception.
The startup must aim to innovate, develop, deploy, or commercialize new products, processes, or services driven by technology or intellectual property.
The startup must acquire a Startup India certificate from the Department for Promotion of Industry and Internal Trade (DPIIT).
The startup must comply with all relevant legal requirements, such as the Companies Act, Income Tax Act, and Goods and Services Tax Act. Additionally, it must maintain a bank account in the business's name and provide these details during DPIIT registration.
The startup should either contribute to job creation or have the potential to do so in the future, aligning with the Startup India scheme’s objective to stimulate employment within the country.
Startups can access government-approved facilitators for securing patents and trademarks with an 80% fee reduction, covering only statutory charges.
The government has set up a fund with an initial corpus of Rs. 2,500 crore, aiming for Rs. 10,000 crore, to provide financial support through SEBI-registered venture funds.
Startups can self-certify compliance under six labour laws and three environmental laws for three to five years post-incorporation, reducing compliance costs.
Startups in 36 industries categorized as 'white' by the Central Pollution Control Board are exempt from certain environmental clearances for up to three years.
DPIIT-recognized startups can avail income tax exemptions for three consecutive financial years within their first ten years and apply for angel tax exemptions.
Startups can wind up operations within 90 days of applying, ensuring a hassle-free exit strategy for businesses.
DPIIT-recognized startups can participate in public procurements without prior turnover and experience requirements, opening business opportunities with government departments and PSUs.
To complete the registration of a startup in India and obtain DPIIT recognition, the following documents are necessary:
This step-by-step guide explains how to register your startup with Startup India and obtain the necessary DPIIT recognition.
Start by incorporating your business. You can choose a Private Limited Company, Partnership Firm, or Limited Liability Partnership (LLP). Submit the required documents and fees to the respective authorities. Obtain a Certificate of Incorporation or Partnership Registration to confirm the legal formation of your business.
Once your business is incorporated, register it as a startup on the Startup India website. Fill out the registration form and upload documents, including details about your business structure and product/service offerings.
Set up your profile on the Startup India portal and apply for recognition from the Department for Promotion of Industry and Internal Trade (DPIIT). Log in and choose the appropriate registration type. Follow the process on the National Single Window System (NSWS) for Company or LLP recognition.
After submitting your application, you will receive a DPIIT recognition number immediately. The official Startup India Certificate of Registration will be issued after a detailed review of your application by the authority.
With the DPIIT certificate, apply for benefits like tax exemptions under the Income Tax Act, IPR services, and patent filing. Ensure you follow the guidelines to access these advantages seamlessly.