DPIIT RECOGNITION
Startup India Registration
Take your FIRST STEP towards Startup India Initiative. Register your Startup under Startup India Scheme in 7 working days, the fastest registration across India.
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Startup India Registration Online
Online Startup India RegistratioN
Now a days, Startups are getting very popular in India. The government has initiated a Startup India Registration under the leadership of PM Narendra Modi to recognize and promote startups by encouraging innovations & expansion of business. Startup India scheme is started to transform India into a job-providing market rather than a job-seeking market. Only eligible registered entities such as Private Limited Company, Limited Liability Partnership or Partnership firm can get recognition under Startup India Scheme and it can be done online through Startup India official website.
What qualifies as a Startup Entity?
A startup is a newly established entity registered either as a Private Limited Company or as a Limited Liability Partnership or as a Partnership firm. Startups are usually small in size, started by 1 or a group of individuals. The key differentiation between Startups and Other New Businesses is that a Startup offers new innovation-driven products or service that is not being provided by any other existing business in the same way. The business either designs and develops new products or services or made innovations in existing products/services into something better.
BENEFITS of STARTUP INDIA REGISTRATION
Benefits under Startup India
Here are nine of the major benefits provided under the startup india registration online:
Attracts Loan from Foreign Investors (ECB)
Recognised Startups can avail loan facilities from Non-Resident Investors/ Foreign Investors (External Commercial Borrowings-ECB) upto $3 million i.e upto Rs.22.5 Crores every financial year through simple RBI compliance mechanism.
Funding from Rs. 10,000 crore FOF scheme
Indian Government have the remaining balance of Rs. 8,400 crore in their corpus which they are willing to invest in Starups. Till now, Government has already funded more than Rs. 1600 crore in 251 Startups. This is known as FoF (Funds of Funds Scheme).
Procurement Scheme and Priority Govt. Tender
There is an Opportunity for Startups to list products on Government e-marketplace for market visibility. There is an Exemption for Startps registered under Startup India Scheme from prior experience or turnover and Security deposit for filing tenders.
Relaxation in Angel Funding from Income Tax
Under Section 56 (2) (VIIB) of Income Tax Act, 1961, Investments made by an Accredited Investors, Non-Residents, AIFs into eligible Startups are exempted from Angel Tax upto Rs.25 crores
No more Labour Law Inspection for Startups
After getting Startup India Registration, Recognised Startups can manage their PF, Gratuity, ESIC and Environmental Law Compliance through simple self-declaration on their own.
50% rebate in Trademark Fees & 80% rebate in Patents Fees
Government grants 50% discount on Trademark fees, 80% Rebate on Patent filing fees, if Startups are registered under Startup India Scheme.
Income Tax Holiday for 3 Years
Eligible Startups can claim exemption for 3 consecutive financial years out of their first ten years since incorporation from paying income tax.
Deposit from its members
For a period of 5 years from the Incorporation Date, Private Limited can take deposits from its members under the Companies (Acceptance of Deposits) Rules, 2014.
Eligibility for availing Incentives from State Govt
Many Loans, Rebates & Incentives like GST rebate scheme, taxation rebates are announced by the State Governments of India.
STARTUP INDIA REGISTRATION ELIGIBILITY
Who are eligible for Startup India Scheme?
1. Business Structure | Startup must be registered as Private Limited Company or Limited Liability Partnership or as a Partnership firm. |
2. Turnover | Previous year’s turnover should be less than Rs. 100 crores. |
3. Time Limit | An Entity can be considered as a Startup only up to 10 years from the Incorporation Date. |
4. Activity | Objective of a Startup must be innovative. Products or Services offered by a Startup must be innovative or improvement in existing products or services and it must generate Employment and Wealth. |
DOCUMENTS FOR STARTUP INDIA REGISTRATION
How to register a company in Startup India?
For successful completion of Startup India registration process online, following are the documents required for the same:
- Certificate of Incorporation (COI)
- MOA & AOA (in case of Pvt Ltd Companies) or Partnership Deed (for LLP/Partnership firm)
- List of Directors/ Designated Partners
- Contact details of Directors/Partners
- Information regarding Awards and certificates (if received by entity)
- Details related to Investors and their Investments in the Entity (if any).
- Details of Intellectual Property Rights like Trademark & Patent Registration (if any)
- Website Link/Mobile App Link
- Udyam Registration
- Growth Plan & Business Plan
STARTUP INDIA REGISTRATION PROCEDURE
Steps to register under Startup India Scheme
Incorporate your Business
First step is to incorporate your Entity as a Private Limited Company or Limited Liability Partnership or a Partnership firm. We can help you out with the registration process as Vakilgiri is one of the Leading Legal Consultancy Firm in India.
Register with Startup India
Once your Company or Firm is incorporated, you are ready to apply for Startup India Registration online. The entire process is quite simple and online. You need to Login into Startup India website and fill-up the required details of your business. After successful Email OTP verification, user id and password will be sent on your Email.
Once, your profile is created successfully, startups can apply for various acceleration programmes, mentorship or incubator programmes and other opportunities on the website. You will also get access to resources like Various Government Schemes, State Polices for Startups, Learning and Development Program and pro-bono services.
Get DPIIT Recognition
After completion of Step-2, you can move forward to apply for Department for Promotion of Industry and Internal Trade (DPIIT) Recognition. This DPIIT recognition enables the startups to avail beneficial services like access to high-quality intellectual property and other resources, self-certification under labour and environment laws, access to Fund of Funds, relaxation in public procurement norms, easy winding of company, tax exemption for 3 consecutive years and tax exemption on investment above fair market value and other benefits list above.
Recognition Application
Now you can fill out the DPIIT Recognition Online form with all the required information asked. Questions and Information asked are as follows:
• Write about your Startup in brief.
• Current number of employees (including founders)
• What is the problem the startup is solving? (in 500-5000 words)
• How does your startup propose to solve this problem?* (in 500-5000 words)
• What is the uniqueness of your solution? (in 500-5000 words)
• How does your startup generate revenue? (in 500-5000 words)
Recognition Number
After submission, you will get a recognition number immediately for your startup. The recognition certificate will be issued after the examination of all your documents within a week.
NOTE: It is advised to upload documents with utmost sincerity and honesty. During the verification, if the documentation is found to be forged/incorrect, a minimum penalty of Rs. 25000 and a fine of 50% of your paid-up capital of the startup will be charged.
Other Areas
1. Trademark & Patent registration: If you need a trademark or patent for your business, you can easily approach any from the list of facilitators for Trademark & Patent Registration issued by the government. You can claim upto 80% reduction in Government Fees after having Startup India Registration.
2. Funding: Funds is the most important essence for every startup but due to lack of experience, many startups fail to attract their investors. Also, investing in startup involves high risk, this discourages investors from investing.
In order to resolve this problem, Government of India has organised an initial corpus fund of INR 2,500 crore in the 1st year out of total corpus of INR 10,000 crore over a period of 4 years (i.e. INR 2,500 crore per year) to provide Funding Support to Startups. This is in the nature of Fund of Funds. FoF means that government will not directly invest into Startups, but shall invest in the capital of SEBI registered Venture Funds.
3. Self-Certification Under Labour and Employment Laws: Startups can reduce their compliance cost by self-certifying under environment laws and labour laws so that their compliance costs are reduced. Self-certification is required to reduce compliance burden which allows them to focus on other crucial business activities. Startups can self-certify their compliances under 6 Labour Laws and 3 Environment Laws from the date of incorporation for a period of 3 to 5 years.
4. Tax Exemption: Startups can enjoy income tax holiday for 3 years. But in order to avail tax benefits, Inter-Ministerial Board (IMB) must certify them. The Startups incorporated on or after 1st April 2016 can apply for the income tax exemption.
FAQ's
Few doubts important to be resolved quickly
Entities like Private Limited Company or Partnership Firm or Limited Liability Partnership can register itself under the Startup India Registration Scheme. The annual turnover of these startups should not exceed 100 crores & they should have been in existence for upto 10 years from the registration date. Such startup should be working towards development, deployment, innovation, or commercialization of new products, processes or services driven by technology or intellectual property.
Any Foreign Entity that has at least one registered office in India can register itself under the scheme.
Yes. A One Person Company (OPC), being a private limited company is allowed to avail all the benefits under the Startup India Registration Scheme.
Yes, any existing entity can register itself as a startup only it meets the prescribed criteria’s mentioned above to call as a startup. They are also entitled to avail various tax exemptions and IPR benefits that are available to startups.
Any Startup that has completed 10 years from its incorporation date, or the turnover of the previous years exceeds Rs.100 crores shall stop being called as startup.
Once the registration is complete, and the startup gets recognised, you will receive a system-generated certificate of recognition via mail. You can also download the DPIIT Recognition certificate from the Startup India portal.
Funds are the life blood for any business. In order to seek funds, one must need to attract Investors. For this, you need a unique product with a scalable model, visibility and market presence and profitability. Make sure that your product/ services gets healthy engagement and traction. It is very important to effectively communicate your business idea, sustainability and profitability to the investor.
Startup incubators are basically organisations that help entrepreneurs by guiding them and building up their business, particularly in the underlying stages. Startup accelerators are the Development driven organisations that strengthen the Startups by boosting their products and market presence.
1. Handholding and Simplification
2. Funding and Incentives
3. Accelerator, Incubation and Industry Academia Partnership
Know more about Tax Benefits here…
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