Startup India registration
The goal of Startup India Registration is to foster a culture of entrepreneurship throughout the country. The goal of this plan is to help new businesses by offering financial assistance and encouraging them with the objective of creating jobs. Prime Minister Narendra Modi announced the campaign on August 15, 2015.
In India, startup companies are becoming increasingly popular. The government of India’s initiative to expedite startup India registration has simplified and streamlined the entire startup India registration procedure. A Public Limited Company, a Private Limited Company, or a Limited Liability Company might form the basis of the business.
Benefits of Startup India Registration
These are some advantages for Startup India Registration
- Nine labour and environmental rules will be made self-certification for startups. There will be no inspections of labour regulations for the next three years.
- Startup India’s mobile application allows businesses to register and upload necessary paperwork. Additionally, there will be single-window clearances for a wide range of permissions, registrations, and filing requirements.
- It will be easier to file a patent application. For the patent application, the Startup is entitled to a refund of 80%. There will be no facilitator fees paid by the startup; the government will cover all other costs.
- Seven new research parks will be established to provide facilities for businesses in the R&D sector as part of the Startup India initiative, which encourages research and innovation among students who are aspiring entrepreneurs.
- Both new businesses and seasoned entrepreneurs will have an equal chance at success. Before, all applicants had to have either “previous experience” or a “previous turnover” in order to be considered. Until recently, the rules of public appropriation for companies have been strict and rigid.
Documents required for startup India Registration
The procedure of startup India registration under Startup India is straightforward and only the submission of a few documents. The procedure is outlined in more detail below.
Startup India Registration process
Step 1: Incorporate the Business
To begin, you must incorporate the business as a Private Limited Company, Limited Liability Partnership, or Partnership firm. Additionally, ensure that you have secured all relevant registrations, such as a certificate of partnership or incorporation, a PAN, and other compliance.
Step 2: Create an account on the Startup India portal
Start by signing up for a startup account on the Startup India website for Startup India registration and providing the details of your firm. Remember that all papers must be in PDF format when you upload them.
Step 3: Determining whether to take advantage of tax benefits
For the first three years, startups are exempt from paying income taxes. The Inter-Ministerial Board must certify these advantages before they can be used (IMB). It is now possible for Indian start-ups to directly benefit from Intellectual Property Rights (IPR) related benefits without the need for extra certification from the Inter-Ministerial Board (IMB).
Step 4: Make sure you meet the following requirements
- It is necessary that your business be set up as either a Limited Liability Company (LLC) or a Private Limited Liability Company (PLLC).
- Your business should not be incorporated/registered in India before five years.
- The annual turnover shall not exceed 25 crores.
- Innovation or significant upgrades to existing technologies must be the primary goal of the firm.
- The specific new company should not be the result of an existing business being remodelled Startup India registration.
Step 5: Obtain your recognition number right away
The certificate of recognition will be issued once all of your documents have been examined, and you will receive a recognition number. Uploading documents might be dangerous, so be careful. Anyone who does not submit a needed document, uploads an incorrect document or simply uploads an unauthenticated document will be fined 50 percent of their startup’s paid-up capital with a minimum fine amount of Rs. 25,000. As a result, be sure to upload all documents in the correct format.
These are the steps involved in registering a startup in Startup India, as well as the short-term advantages of doing startup India registration. With this campaign, Indian startups will be enlisted to make people’s lives easier by providing affordable and comfortable services, but they will also serve as a significant supporter of India’s economic development and expansion.
Thanks to several government programs, it’s fairly simple to register as a startup. As a result, you’ll be able to concentrate on your primary focus while we at Egniol assist you in every step of the process, from incorporation to startup recognition. If you’re interested in learning more about our startup services, feel free to check out our website (www.egniol.co.in). And if you need any kind of help for startup India registration, don’t forget to Contact Us.