Startup India Registration

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What is a Startup?

A ‘Startup’ is an entity that

  • is into existence for upto 10 years from the date of its incorporation or registration. Provided such an entity is incorporated in India as a:
    • Private Limited Company as per the Companies Act, 2013 or
    • Partnership Firm as per section 59 of the Partnership Act, 1932 or
    • Limited Liability Partnership as per Limited Liability Partnership Act, 2008
  • has a turnover that is not more than Rs 100 crores during any of the financial years since incorporation or registration
  • is working towards innovation, development or improvement of products or services or processes. Or the entity has a scalable business model having a high potential of employment generation or wealth creation

Now, there are a host of benefits provided to the startups under the Scheme. These include:

  • Self Certification under Labour and Environmental Laws
  • Tax exemption for three years
  • Tax exemption on investment above fair market value
  • Startup patent application and IPR protection
  • Easy winding up of the company

However, in order to avail such benefits, it is mandatory for startups to be recognized by DPIIT.

So, if you want to register for the Startup India Scheme, you need to adopt the following Startup India Registration procedure.

Advantage of Startup India Registration

The advantages of Startup India are:

•    Startups shall be allowed to self-certify compliance for 6 Labour Laws and 3 Environmental Laws through a simple online process.

•    For labor laws, no inspections shall be carried out for a period of 5 years. Startups might be inspected only on receiving of reliable and confirmable grievance of infringement that is filed in writing as well as accepted through at least one level senior towards the inspecting officer.

•    For environment laws, the startups that come under the white category would be able to self-certify compliance, as well as only random checks, would be carried out in such matters.

Benefits of startup India scheme

The benefits of Startup India Scheme are Finance support, Government tenders, networking opportunities, etc. Startup India has been launched by Prime Minister Shri. Narendra Modi on 16th January 2016

The benefits of startup India scheme are:

1. Financial Benefits

The majority of the startups are patent-based. It implies they produce or give exceptional products or services. So as to register their patents, they need to acquire a heavy cost which is recognized as the Patent Cost. Under this scheme, the government gives 80% reduction on the patent costs. In addition, the procedure of patent registration and related is quicker for them. Likewise, the government pays the fees of the facilitator towards obtaining the patent.

2. Income Tax Benefits

The startup has a good amount of benefits under the Income Tax Act. After getting recognition a Startup can apply for Tax exemption under section 80 IAC of the Income Tax Act. After getting clearance for Tax exemption, the Startup could avail tax holiday for 3 consecutive financial years out of its first ten years since incorporation. After getting recognition a Startup might apply for tax-exempt under Section 56 of the Income Tax Act (Angel Tax).

Special Benefits

•    Manufacturing business startups are exempted from the criteria of ‘prior experience’ or turnover. However, there is no relaxation in the quality standards or the technical parameters regarding public procurement.

•    National Credit Guarantee Trust Company or SIDBI ensures guaranteed funds for over 4 years.

•     Labor Laws inspections shall not be carried out in the first 3 years of incorporation.

•    Environment law compliances are only compulsory after self-certification.

•    Winding up of the corporation could be completed in just under 90 days under Insolvency and Bankruptcy Code.

3. Registration Benefits

Under the Startup India scheme, an application is there to make easy the registration. A single meeting is arranged towards the Start-up India hub. Also, there is a single doubt and problem-solving window for them.

4. Government Tenders

Under startup India scheme, the startups have the benefit of participating in public procurement job by means of tenders in getting government tenders. Also, there is relaxation in prior experience, EMD or turnover criteria. 

5. Huge Networking Opportunities

Networking Opportunities implies the opportunity of meeting with a variety of startup stakeholders at a specific place and time. The government gives this opportunity through conducting 2 startups fests annually nationally and internationally level allowing various stakeholders of a startup to meet. The Startup India scheme also offers Intellectual Property awareness workshop as well as attentiveness.

FAQ

An entity incorporated as a Private Limited Company, Partnership Firm or a Limited Liability Partnership can register themselves under the startup India scheme. The annual turnover of these business entities should not exceed 100 crores, and they should have been in existence for up to ten years from the date of its incorporation/ registration. Such an entity should be working towards innovation, development or improvement of products or services or processes.

The most preferred business structures for a startup are Private Limited companies and LLPs. A Private Limited company is legally recognized and generally favoured by investors. However, it has stricter compliance and may have a higher cost of incorporation.

Whereas incorporation cost is lower for LLPs and they tend to have relaxed compliance in comparison to Pvt. Ltd. Co. In addition to that, LLPs have limited liabilities and are equally recognised by investors and all over the world.

Any entity that has at least one registered office in India can register itself on the hub, since the location preferences, for the time being, are only created for Indian states. However, soon the government hopes to start registrations for stakeholders from the global ecosystem too.

Any business entity that has completed 10 years from the date of its incorporation/registration, and has exceeded the previous years turnover of 100 crores shall stop to be a startup on completion of 10 years from the date of its registration/incorporation.

Once the application is complete, and the startup gets recognised, you will receive a system-generated certificate of recognition. You will be able to download this certificate from the Startup India portal.

No. This process is completely online and physical presence is not needed.

Basic

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RS.6599

LLP Registration

Two DIN & DSC 2. one name approval , LLP certificate

All Government fee

 
 
Medium

The most popular plan

RS. 7999

LLP Registration

Two DIN & DSC 2. one name approval , LLP certificate

All Government fee

Current Account

GST Registration

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Experience the best accounting service

RS. 12999

LLP Registration

1. Two DIN & DSC 2. one name approval , LLP certificate

All Government fee

Current Account, MSME

Trademark Registration

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