What is Startup India?
- Government of India has announced startup India scheme in January 2016 to promote entrepreneurship.
- The main focus area of startup India scheme to support innovation, boost startup and Economic development in India.
- Government has taken many steps to promote startup such tax exemption and easy to raise funds.
What is startup India Registration?
Startup means an entity (including (private limited company or LLP or partnership) incorporated or registered in India.
Exclusion of an entity
- Completed 10 years from the date of incorporation.
- Whose turnover exceeds 100 crore in financial year.
- Annual Turnover should not exceed 100 crore in financial year.
- An entity shall not be more than 10 year old.
- Any entity with business model with high potential of wealth creation and employment.
- An entity should not be formed by splitting or reconstruction.
- An entity should be incorporated or registered after April 2016 to claim Tax Exemption certificate.
- Tax Exemption: Startup can claim exemption u/s 80IAC in income tax and Relief on tax on premium u/s 56.
- Concession on Intellectual property Registration (IPR) : In intellectual property registration , concession available ranging from 50% to 80% on government fee.
- Easy to winding up: Start can easily wind up in 90 days under insolvency and bankruptcy code 2016.
- Various opportunities to avail government scheme: Government announces various schemes on regular basis for startup to participate.
Example: – Bank credit facilitation and Raw material assistance.
- Ease to participation in government tender: Government and PSU gives relaxation to startup in many tender.
- Avail the benefits self certification: Startup becomes eligible for Self-certification and compliance under 9 environmental & labour laws.
- Government Fund : Government has announced Rs 10,000 crores funds for investment into startups through Alternate Investment Funds
- Certificate of Incorporation (COI)/ Registration Certificate and PAN.
- Registered address of company or LLP.
- Directors/Partners photograph.
- Email ID and Mobile number.
- Registered address of director /partner.
- Details of Authorized Representative (Name, Designation, Mobile No. Email ID).
- Revenue model and Uniqueness of the Product.
- A Brief notes about your business product/services.
Step 1: Incorporate your business as private limited company or LLP
Step 2: Register your business on startup India
Step 3: submission of documents only in PDF form.
Step 4: satisfy all the eligibility criteria which discussed above.
Step 5: Get recognition number of the startup.