STARTUP INDIA REGISTRATION
A startup is a newly founded, typically small, company launched by 1 or a group of people. What differentiates them from other innovative companies is that a company provides a new product or service that is not offered in the same manner anywhere. The keyword is innovation. If the company creates a new product/service or it redevelops an existing product/service into something different.
Frequently Asked Questions
An organization that is registered as a Private Limited Company, Partnership Corporation, or Limited Liability Partnership may register under the Indian startup scheme. These company entities' annual revenue should not exceed 100 crores and should have existed from the date of their incorporation/registration for up to ten years. Such an agency may work for the growth, invention, or advancement of products or services or processes.
The Venture India Scheme provides a range of incentives to start-ups. However, in order to take advantage of these incentives, the DPIIT has to set up an agency as a startup.
Six labor laws and three environmental laws allow companies to self-certify compliance. This is allowable for a cumulative period of five years from the entity's date of incorporation/registration. Entrepreneurs are granted a three-year tax exemption with the finest intellectual property facilities with tools developed exclusively to help entrepreneurs secure and sell their IPRs.
Independent Limited partnerships and LLPs are the ideal corporate models for a company. A private limited corporation is lawfully recognized by owners and is usually preferred. It does have a tougher implementation, though, and could have higher integration costs.
Whereas integration costs for LLPs are smaller, and enforcement appears to be comfortable relative to Pvt. Ltd. Ltd .. Co. Co. Besides that, LLPs have no liability and are accepted similarly by customers from all around the world.
Not only do you need a stellar product with a scalable model to draw customers but you still require exposure. Make sure the idea is having good interaction and momentum. You will have to file the company with startup India and proactively search for investors. Be sure you can explain your new plan to the investor successfully, as well as the viability of your business model.
Any organization that has at least one registered office in India will register on the hub as, for the time being, the location preferences are provided only for Indian states. But soon the government plans to launch registrations for global ecosystem stakeholders too.
6 Steps to register your startup
First, you must register your corporation as a private limited company or a corporation or a joint corporation
You must meet all usual registration procedures for any company, such as acquiring an Incorporation / Partnership registration certificate, PAN, and all appropriate compliances.
The company would then have to be registered as a startup. The whole process is online and quick. What you need to do is log in to the Startup India website and fill out the form with company information and upload some papers.
Upload your documents
For 3 years, companies will be excluded from income tax. Although they must be accredited by the Inter-Ministerial Board (IMB) to take advantage of such incentives. DIPP accepted start-ups, Govt. India will now directly benefit from the IPR-related benefits without any extra IMB certification being needed.
A) You must register your new company as a Private Company, Partnership, or Limited Partnership
B) The company must be registered/incorporated in India, not before 5 years.
C) The turnover shall be less than 25 crores per annum.
D) Innovation is a must – the organization must try to invent something innovative or dramatically develop the current technologies used.
(E) The company shall not be the result of the dissolution or restructuring of an existing corporation.
This is it! You will get a recognition number for your startup immediately upon application. A recognition certificate will be issued after all of your documents are examined.
Be careful though while uploading the documents. If it is found on subsequent verification that the required document is not uploaded / the wrong document uploaded or that a forged document has been uploaded, then you will be liable for a fine of 50 percent of your startup’s paid-up capital with a minimum fine of Rs. 25,000.
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