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Startup India Registration
In order to promote and support startups in their growth journey, the government of India commences an initiative of Startup India Registration. This scheme has been launched in the year of 2016 with an aim of providing a strong ecosystem for aspiring entrepreneurs with numerous benefits, incentives, as well as exemptions. It will enable the startups to grow and succeed in today’s competitive market.
As per this Startup India Scheme, businesses can enjoy the various tax exemptions, government funding access, simplified compliance and many more benefits. The main objective of this initiative is to make India a global startup hub by building innovation and creating a competitive business environment.
What is Startup India Registration?
Startup India Registration is an online process that helps the eligible businesses in registering as startups under DPIIT i.e. Department for Promotion of Industry and Internal Trade. After registration, startups will get the official recognition and can enjoy various government benefits like tax holidays, patent filing support, as well as funding opportunities.
The basic goal of the startup India scheme is to encourage the growth of startups by providing them with necessary resources as well as financial incentives.Once registered with Startup India, you can get the access to tax exemptions, funding support. Compliance relaxation, as well as numeros government schemes that will help him in the growth and development of your business.
Benefits of Startup India Registration
- Startups that have been registered under DPIIT can avail a 100% Income Tax exemption on profits for three consecutive years as per the section 80-IAC of the Income Tax Act.
- Startups registered under Startup India are also eligible for the exemption from the angel tax as per the section 56(2)(viib) of Income Tax Act.
- Registered startups will get a rebate of up to 80% on patent filing fees and a rebate of up to 50% on trademark filing fees.
- You will also get the access to fast-tracked processing of patent applications and free legal assistance for IPR protection.
- Startups can enjoy the benefit of self-certification compliance as per the environmental and labor laws for up to 5 years.
- You can also enjoy easier regulatory procedures in order to comply with the government norms.
- The government has set up a Rs. 10,000 crore Fund of Funds in order to provide the financial assistance to startups.
- Startups can avail the security free loans as per various government schemes including CGTMSE i.e. Credit Guarantee Fund Trust of Micro and Small Enterprise.
- Registered startups will get the priority in government tenders and there is no requirement of any prior experience or turnover limits.
- Government departments as well as PSUs have been encouraged to procure at least 25% of their requirements from MSMEs including startups.
- With startup India Registration, you will get the access to mentorship programs, industry experts, government bodies as well as experts.
- Registered startups can take part in numerous startup events, workshops, as well as incubator programs that have been supported by the government.
Who Is Eligible for Startup India Registration?
The specific entities who have been qualify for the Startup India Registration are as given below:
Business Structure
- Startups have to be registered as a Private Limited Company, LLP i.e. Limited Liability Partnerships, or a registered partnership firm.
Annual Turnover
- The annual turnover of the company should not be more than Rs. 100 Crores in any financial year since the year of its corporation.
Age of the Company
- Your startup should not be older than 10 years from the date of its incorporation.
Not Formed by Splitting or Reconstruction
- The company that has not been formed by splitting or reconstructing an existing entity will be eligible for startup India Registration.
Innovation & Manageability
- For Startup Registration, the company needs to focus on innovation, development, improvement of products, services, or processes and must have a manageable business model with high potential for employment generation or wealth creation.
Step-by-Step Registration Process for Startup India
- Firstly, you need to register your company as a Private Limited Company, LLP, or Partnership Firm under Companies Act, 2013 or LLP Act, 2008 or Partnership Act, 1932.
- Obtain essential registrations including PAN & TAN.
- Visit the official portal of Startup India.
- Click on “Register” and create an account by providing basic details including name, email, & mobile number.
- Log in to the official portal of Startup India and click on the option of “Get Recognized”
- Fill in the Startup Recognition Form by providing details related to business, founders, industry sector, as well as innovation aspects.
- Upload all the requisite documents.
- Review all the filled details and submit the application.
- After the successful registration, you will get an acknowledgement number.
- After submission, the application will be reviewed by the DPIIT officials.
- If all the criteria have met and you will get the approval of DPIIT officials, they will provide you the “Startup Recognition Certificate”
Common Challenges Faced by Startups in India
Limited Access to Funding
Most of the Startups struggle to secure seed funding and venture capital.
Market Competition
Intense competition makes the management difficult.
Regulatory Compliance
Startups need to stick to multiple regulations.
Intellectual Property Protection
It is a time-consuming process to file patents as well as trademarks.
Essential Documents Required for Startup India Registration
- COI i.e. Certificate of Incorporation or Registration
- PAN Card of the Startup
- Details of Directors or Partners
- Brief Description of the Business
- Proof of Concept (if available)
- Website or Product Details (if applicable)
- MSME Certificate (if applicable)
- Financial Statements (if applicable)
- IPR or Patent Details (if applicable)
- Details of Funding (if received)
- Website Link, Pitch Desk, or video demonstrating the vision of startup
Benefits of Startup India Registration
- Startups that have been registered under DPIIT can avail a 100% Income Tax exemption on profits for three consecutive years as per the section 80-IAC of the Income Tax Act.
- Startups registered under Startup India are also eligible for the exemption from the angel tax as per the section 56(2)(viib) of Income Tax Act.
- Registered startups will get a rebate of up to 80% on patent filing fees and a rebate of up to 50% on trademark filing fees.
- You will also get the access to fast-tracked processing of patent applications and free legal assistance for IPR protection.
- Startups can enjoy the benefit of self-certification compliance as per the environmental and labor laws for up to 5 years.
- You can also enjoy easier regulatory procedures in order to comply with the government norms.
- The government has set up a Rs. 10,000 crore Fund of Funds in order to provide the financial assistance to startups.
- Startups can avail the security free loans as per various government schemes including CGTMSE i.e. Credit Guarantee Fund Trust of Micro and Small Enterprise.
- Registered startups will get the priority in government tenders and there is no requirement of any prior experience or turnover limits.
- Government departments as well as PSUs have been encouraged to procure at least 25% of their requirements from MSMEs including startups.
- With startup India Registration, you will get the access to mentorship programs, industry experts, government bodies as well as experts.
- Registered startups can take part in numerous startup events, workshops, as well as incubator programs that have been supported by the government.
Startup India Tax Benefits & Exemptions
Income Tax Exemption (80-IAC)
- Registered startups are eligible for income tax exemption for three consecutive years.
- In order to claim this benefit, startup needs to be DPIIT recognized and must approved by the IMB i.e. Inter-Ministerial Board.
Capital Gains Tax Exemption
- Registered startups can enjoy the benefits of capital gains tax exemption as per Section 54EE and 54GB.
Angel Tax Exemption
- Registered startups are eligible for the exemption from tax on investments that exceed fair market value.
ESOP Taxation Benefits
- Employees of recognized startups can defer tax payments on ESOPs.
Common Mistakes and Solutions in Startup India Registration
Complex Documentation
Just make sure that all the required documents have been prepared in advance in order to avoid any delays.
Meeting Eligibility Criteria
Don’t forget to articulate the innovation aspect in the application clearly as it will improve the approval chances.
Delays in Approval
Remember that application may take a few weeks to process, so follow up periodically.
Understanding Tax Benefits
You may consult a financial advisor in order to optimize tax exemptions.
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- Hassle-Free Process
We will handle all legal and procedural aspects, making sure about a smooth registration of startup India.
- Compliance Assurance
We will make sure that all legal obligations required for Startup India Registration have been met.
- Experienced Professionals
Our dedicated team has in-depth knowledge of company law and regulatory requirements.
- Affordable Pricing
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