Startup India Registration
Startup India Registration
Unlocking the Power of Startup Registration in India
India's startup ecosystem is thriving, with innovation and entrepreneurship at the forefront of its economic landscape. As the nation fosters a culture of innovation and supports new businesses, one key avenue stands out as a game-changer for startups: startup registration under the aegis of the Department for Promotion of Industry and Internal Trade (DPIIT). This registration, offered by the Government of India, provides a plethora of advantages for emerging businesses.
Why Register as a Startup in India?
Startup registration in India is more than just a formality; it's a strategic move that unlocks a host of benefits, making it an essential step for entrepreneurs and innovators. Here are some compelling reasons why startup registration should be a priority for any emerging business:
- DPIIT recognition enhances a startup's global profile. It can make it easier to attract foreign investments, partnerships, and customers, helping startups expand beyond Indian borders.
Relax don't worry. This is an online process. You just focus on your work and leave the legal intricacies to us.
- Drafting documents
- Filing of forms with Authorities
- Documented Follow-up
- Business hours – CA support
- Purchase of plan
- Upload documents on Vault
- Drafting of documents
- Submission of documents and application with Department
- Receipt of Registration letter
1. Certificate of Incorporation / Registration Certificate and PAN
2. Email ID and Mobile number
3. Company Details (Industry, Sector, Category, Regd. Office Address etc.)
4. Directors/Partners Details (Name, Photo, Gender, Mobile No. Email ID, Full Address)
5. Details of Authorized Representative (Name, Designation, Mobile No. Email ID)
6. A Brief about business and products/services and notes on innovations
7. Revenue model and Uniqueness of the Product
8. Patent, Trademarks and/or Design registration
It usually takes 2 to 4 months.
Frequently Asked Questions:
- Who can register with startup India?An entity incorporated as a Private Limited Company, Partnership Firm or a Limited Liability Partnership can register themselves under the startup India scheme. The annual turnover of these business entities should not exceed 100 crores, and they should have been in existence for up to ten years from the date of its incorporation/ registration. Such an entity should be working towards innovation, development or improvement of products or services or processes.
- What are the benefits of signing up with startup India?There are a number of benefits startups receive by the Startup India Scheme. Nevertheless, in order to avail these benefits, an entity is needed to be set up by the DPIIT as a startup.Startups are allowed to self certify their compliance for six labour laws and three environment laws. This is allowed for a total period of five years from the date of incorporation/registration of the entity. Startups are allowed a three-year tax exemption and the best intellectual property services and resources solely built to help startups protect and commercialise their IPRs.
- What kind of business structure should I choose for my startup?The most preferred business structures for a startup are Private Limited companies and LLPs. A Private Limited company is legally recognized and generally favoured by investors. However, it has stricter compliance and may have a higher cost of incorporation.Whereas incorporation cost is lower for LLPs and they tend to have relaxed compliance in comparison to Pvt. Ltd. Co. In addition to that, LLPs have limited liabilities and are equally recognised by investors and all over the world.
- What can I do to attract investors for a start-up?To attract investors, not only do you need a stellar product with a scalable model, but you also need visibility. Make sure that your product receives healthy engagement and traction. You’ll need to register your startup on startup India and proactively seek out investors. Make sure you are able to effectively communicate your business idea to the investor and the sustainability of your business model.
- Can a foreign company register under the Startup India hub?Any entity that has at least one registered office in India can register itself on the hub, since the location preferences, for the time being, are only created for Indian states. However, soon the government hopes to start registrations for stakeholders from the global ecosystem too.
- What is the difference between an accelerator and an incubator?Startup incubators are typically institutions that help entrepreneurs by developing their business, especially in the initial stages. Incubation function is usually carried out by institutions who have experience in the business and the tech world.Startup accelerators support early-stage, growth-driven companies. These programmes usually have a timeframe in which individual companies spend anywhere between a few weeks and a few months working with a group of mentors who are educated and may also provide financial help.
- For how long is a company recognised as a startup?Any business entity that has completed 10 years from the date of its incorporation/registration, and has exceeded the previous years turnover of 100 crores shall stop to be a startup on completion of 10 years from the date of its registration/incorporation.
- Can an existing entity register itself as a “Startup” on the Startup India Portal?Yes, as per the law an existing entity can register itself as a startup, provided that it meets the prescribed criteria for a startup. They will also be able to avail various tax and IPR benefits that are available to startups. The criteria are the same as those mentioned in the article above.
- How do I know my registration is complete?Once the application is complete, and the startup gets recognized, you will receive a system-generated certificate of recognition. You will be able to download this certificate from the Startup India portal.