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Startup India Registration
What is a Startup?
It’s a newly established Company, generally small, which is started by one or more people. The main purpose behind a startup is to grow faster & provide something to fulfill the market gap in any industry. There are no fixed parameters set for a startup, as they are totally independent to some level. Startups initiate with a product concept & strive to grow at pace. It’s not vital that all Startups make a profit during their initial stage.
Under the Startup India Scheme, eligible companies can get recognized as Startups by DPIIT, in order to access a host of tax benefits, easier compliance, IPR fast-tracking & more. Most startup companies are focused on increasing revenues and maximizing profits by various methods. However, the initial stage involves bootstrapping their organizations out of their hard-earned money. One of the ways to grow earnings is to reduce the cost. The government retains 30% of our income in form of tax which leads to higher costs. A startup is any small business commenced with the objective to solve a problem operated by the founder or a single person.
Benefits of Startup India Registration
Following are the benefits of Startup India Registration:
Easy Access of Funds: Rs. 10,000 crores fund is set-up by the Indian Government to provide funds to the startups as Venture Capital. The Government is also giving guarantees to the lenders to encourage banks & other financial institutions to provide Venture Capital.
Tax Savings for Investors: Individual investing their capital gains in the venture funds set-up by the Government will get exemption from Capital Gains and this will help all the Startups to attract more investors.
Income Tax Exemption: Eligible startups can be exempted from paying Income Tax for 3 Consecutive F.Y. (Financial Years) out of their first 10 years since Incorporation.
Easily apply for Government Tenders: Startups in India can easily apply for Government Tenders and they are exempted from the prior experience or turnover criteria applicable for normal companies answering to Government Tenders.
Rebate in Trademark & Patent Filing: Startups working under Startup India Registration Scheme will get 50% rebate on Trademark Filing and 80% rebate on Patent filing.
Easy Winding Up: The process of winding up of Company becomes very easy & it takes 90 days to wind up under IBC, 2016.
Eligibility criteria for Startup Registration in India
1: The Startup India Registration Certificate or DPIIT Certificate of Recognition is provided for the company which is registered as an LLP, Private Limited Company, or a registered Partnership Firm.
2: To get the Registration Certificate, the firm should have an annual turnover of less than Rs. 100 crores for any of the previous Financial Year.
3: The entity or company should be working towards improvement/development of a product, service, or process.
4: The entity or company should have a scalable business model with high potential for the creation of wealth & employment. The company or firm should have the capability to generate employment or create wealth.
5: The period of Company’s operations or existence shouldn’t exceed 10 years from the date of formation.
6: To get Startup India Registration Certificate or DPIIT Certificate of Recognition, the company shouldn’t have been registered by splitting up/recreating an already existing entity.
7: Applicants shouldn’t have defaulted with any financial institution in the past.
Documents required for Startup India Company Registration
Following is the documents required for Startup India Company Registration:
1: CoI or Certificate of Incorporation;
2: MoA (Memorandum of Association) & AoA (Articles of Association);
3: List of all designated Directors and Partners;
4: Contact details of all the Directors or Partners;
5: Latest Photos of all the Directors and Partners;
6: Details regarding the amount of investment and investors;
7: Details of IPR Registration;
8: Website or Mobile App link (if any);
9: Growth Plan and Business Plan;
10: Udyam Registration or MSME Registration;
11: Brief write-up on how the business is working towards (innovation in the industry, high potential for wealth creation, potential for employment generation).
How can SCPL help you?
SCPL is the best legal services platform for Startup India Registration offering a variety of Company Incorporation services like LLP, Private Limited, Public Limited, Partnership, OPC, Section 8 Company, Producer Company, Indian Subsidiary, etc. SCPL will help you with Startup India Registration from the comfort of your home offering you services that are very specialized & tailored for each individual.