To fuel the entrepreneurial journey, first step is to register a company and get recognition. Startup registration in India program is designed for entrepreneurs to register business by accessing government initiatives to access many benefits including tax exemption, simplified compliance process and funding opportunities for business to establish a network of resources and support systems, helping to succeed in competitive market.
The initiative startups are free from paying income tax for the first couple of years of their operations as long as they receive a start-up registration certification. The government has established an access of network worldwide that offers training, opportunities and mentorship as well provides a range of benefits and incentives to create a vibrant startup ecosystem in country and a India as a hub for innovation on entrepreneurship.
BENEFITS OF STARTUP IN INDIA
a) Self-Certification
It allows self-certification of compliance through an online process.
b) Simplified Compliance Procedures
The government has streamlined regulatory framework for startups to make registration easy, gets subsidized patent registration and compliance with legal requirements.
c) Networking Opportunities
The Start Up India schemes have set up access to network worldwide. It also offers training and numerous benefits to young entrepreneurs that connect them to investors for their business growth and recognition.
d) Global Market Access
Various Govt. initiative helps startups setup in international market through partnerships, franchise and promotions which gains access to new opportunities and global market.
e) Intellectual Property Right
You can secure subsidized and fast-track of intellectual property rights for filing patents, trademarks and designs as it helps with the protection of invention as soon as possible without infringement.
f) Easy winding up process
It’s high chances that owner’s idea might not turn out to be fruitful and comes up with new idea or innovation so, you can speed up the winding process of the company easily.
ELIGIBILY CRITEARIA TO REGISTER STARTUP IN INDIA
For eligibility to register startup in India and to gain benefits requirements set by the Department for Promotion of Industry and Internal Trade (DPIIT):
- The business must be registered as one of these kinds- private limited company, limited liability partnership, a registered partnership firm or an one person company.
- The business should not be more than 10 years from date of incorporation.
- The turnover of the startup should not exceed Rs. 100 crore in any of the previous financial years.
- The startup must be working on innovation, development or commercialization of a new product manufacturing, process or technology behind the product.
- To avail the benefits by government initiative and it must be certified by DPIIT to become eligible for networking and access of funds.
- It must aim to create jobs or have the ability to create employment in future as it encourages the Indian economy.
REGISTERATION PROCESS FOR STARTUP IN INDIA
- Incorporate business as any of the business entity type with Starup India Scheme as it is necessary for DPIIT certificate of recognition. To get DPIIT certificate of recognition apply for it on Startup India official website or through Lexlevel Services.
- Access the startup recognition portal with registration and register in startup recognition from with basic details required.
- To get information on Incorporation of a start-up, refer our Company Incorporation Article.
- Specify the business entity and provide incorporation number and registration date of the startup.
- Permanent Account Number is required to be provided.
- Proof of the innovation or concept like any product, link, video or business pitch deck for validation process in the initiative.
- Complete address of company has to be provided including the basic information of authorized representative of the business entity.
- Provide the details of any intellectual property right you own over product or the innovation with the details of investors and the funding received by business through their investors.
- After review of the application and documents submitted will be examine by ministry. Once upon approval startup will be provided with a unique startup recognition number. It is a major step for the startup to gets approval to avail initiative benefits as well as incentives.
CONCLUSION
India is a country with robust economies wherein the entrepreneurial strategic platform facilitates start-up registration for entrepreneurs, and supportive government policies and initiatives serve them to reap the benefits from domestic as well as international market exposure. Incentives for entrepreneurship, networking platforms, and funding opportunities come together in this entity to fuel entrepreneurship, investment, and innovation. Hence, the start-up culture in India is substantially contributing to job creation and overall economic development of the country, making India a global hub.
