Startup India Registration2022-07-18T12:13:08+05:30

Startup India Registration

Eligible Companies, LLPs, and Partnership firms may apply for Startup India Registration and get recognized as Startups by DPIIT, in order to access a host of benefits such as tax exemptions, easier compliance, IPR fast-tracking, access to funds of funds, etc.

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    Startup India Registration

    The Startup India program is an initiative launched by the Government of India on 16 January 2016 to support people who want to start their own business. The main objective of the Startup India Program is to build a strong ecosystem for nurturing innovation and building Startups in the country that would drive sustainable economic growth and generate large-scale employment opportunities. Under this program, the Government of India provides benefits to all those people who have an idea in their mind and want to implement the same.

    The initiative was taken by The Department for Promotion of Industry and Internal Trade (DPIIT). The success of the Startup India Initiative will eventually make India economically strong and one of the most powerful countries in the world. Under this initiative, Startups are entitled to a number of benefits such as tax incentives including capital gains tax exemption, Governments assistance in funding, prioritisation of Startups in public procurement, entitlement to an 80% rebate in patent registration fees as well as a 50% rebate in trademark filing, faster exit norms etc. The benefits above included a provision for Startups to avail assistance of a self-certification compliance system with respect to labour and environmental laws and exemption from any inspections of their place of business, intends a common platform for stakeholders to interact, facilitation for funding support, and partnership with academia and private sector entities.

    A Startup meeting the eligibility criteria and recognised by Department for Promotion of Industry and Internal Trade (DPIIT) which was previously known as the Department of Industrial Policy & Promotion (DIPP) which comes under the Ministry of Commerce & Industry can avail various benefits under Startup India program and other initiatives of Government.

    Eligibility for Startup India Registration

    • Type of Business Organisation

    The entity should be incorporated either as Private Limited under the Companies Act, 2013 or Limited Liability Partnership under Limited Liability Partnership Act, 2008 or Partnership Firm under Partnership Act, 1932

    • Age of Business

    An entity shall be considered as a startup up to 10 years from the date of its incorporation.

    • Turnover of Business

    The startup should not have an annual turnover exceeding Rs. 100 crores for any of the financial years since its Incorporation

    • Nature of Business Activity

    The startup should work towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation.

    • Original Entity

    An entity formed by splitting up or reconstruction of an existing business shall not be considered a ‘Startup’.

    What are the benefits of Startup India Registration?

    • Intellectual Property Rights (IPR) Benefits

      Startup India program promises to provide high-quality Intellectual Property resources and facilities. The government offers 80% rebate on government fees on filing a patent application and a 50% rebate on applying for a Trademark. Also, the patent application of startups is fast tracked for examination and disposal. It also encourage the Startups to avail the benefits of IPR and commercialize the same.

    • Relaxation in Public Procurement

      All the establishments under the Government of India, the Ministries, Public Departments, and Public Sector Undertakings (PSU) have been asked to relax the norms on the procurement process for Startups. The registered Startups can get exemption on:-

      • prior experience
      • prior turnover
      • earnest money deposit

      Recognised startups can get listed on Government e-marketplace (Gem portal) and CPPP portals and  shall get relevant updates and information regarding the government tenders.

    • Self-certification under Labour and Environment laws

      The government has given an option to the Startups to self-certify their compliance under 6 Labour Laws and 3 environment laws for a period of 3 to 5 years. The Startups which fall under ‘white category’ of Central Pollution Control Board (CPCB) will be able to self-certify compliance with respect to three Environment Laws for a period of three years.

    • Tax Exemption

      • The profits and gains derived by an eligible startup from the eligible business may get a 100% exemption for 3 consecutive assessment years out of 10 years from the year of its incorporation. These benefits are provided in order to ensure the growth and development of the Startups.
      • To avail these benefits, a Startup must get a Certificate of Eligibility from the Inter-Ministerial Board (IMB).
      • Recognized Startups are also exempt from tax under Section 56(2)(viib) of the Income Tax Act when such a Startup receives any consideration for the issue of shares that exceeds the Fair Market Value of such shares. The Startup has to file a duly signed declaration in Form 2 to DPIIT.
      • Startups are exempted from tax on the long-term capital gain if such long-term capital gain is invested in a fund notified by Central Government. The maximum amount that can be invested in Rs. 50 Lakh.
      • Startups are exempted from tax on capital gains arising out of the sale of a residential house or a residential plot of land if the amount of net consideration is invested in prescribed stake of equity shares of eligible Startup for utilizing the same for purchase of a specified asset.
    • Faster Exits

      The government of India has provided the provision of winding up of the business of startups within a period of 90 days while it is 180 days for other companies under the Insolvency and Bankruptcy Code 2016 (IBC 2016).

    • Fund of Funds

      The most tricky part of running or starting a Startup is to search and collect funding. Every other company requires money to make money from. To provide equity funding support for the development and growth of innovation-driven enterprises, the Government has set aside a corpus fund of INR 10,000 crores managed by SIDBI. The fund is in the nature of Fund of Funds, which means that the government participates in the capital of SEBI registered Venture Funds, who invest twice the amount in startups.

    Who can apply for Startup India Registration?

    • Private Limited Company

    • Limited Liability Partnership

    • Partnership Firm

    • One Person Company (OPC)

    What Is Included In Our Startup India Registration package?

    • Consultation on Startup Registration Process

    • Verification of Documents and Submission of Application

    • Certificate of Recognition of Startup and recognition number by DIPP or DPIIT

    Startup India Registration Procedure

    • Check the eligibility criteria

      In the very first step, you have to check whether your business satisfies the Eligibility Criteria provided above. The entity should be a Private Limited Company, LLP, or a Partnership Firm. If your entity is none of these, then you have to register one of these (Private Limited Company, LLP, or a Partnership Firm) and then proceed towards Startup India Registration.

    • Collection of required documents

      Once your business is meeting the eligibility criteria, then the applicant has to send us the required documents as per the checklist. We will then verify the documents and if the documents are fine, then we would proceed with the application process.

    • Submission of Application for Startup India Registration to DIPP/DPIIT

      Once we receive all the required documents, we shall then fill up the relevant forms and apply for Startup India registration on behalf of the Applicant. Once, the application has been successfully applied, you will receive a reference number which has to be preserved for tracking the application status.

    • Get the DIPP Recognition Certificate in 7-10 working days

      Once the Startup India registration application is successfully approved by the respective authority, you shall receive a copy of the DIPP Recognition Certificate along with the DIPP Recognition number within 7-10 working days, subject to the approval of government authorities.

    Documents Required Startup India Registration process

    • Certificate of Incorporation / Registration

    • PAN card of the Company/LLP/Firm

    • Memorandum of Association (MOA) and Articles of Association (AOA) of Company

    • LLP agreement or Partnership deed (For Firm and LLP)

    • Link of website, Mobile Application, Videos, Pitch deck, YouTube Channel, Trademark and Patent details, etc.

    • Annual Accounts of the Startup along with Income tax returns certified by CA (optional)

    FAQ

    How much time is needed for getting a Startup recognition certificate in India?2021-09-15T00:20:30+05:30

    On average it takes 10-15 days for completion of Startup India registration. However, this is also dependent on the approval by Government authorities.

    Do I need to be physically present during this process?2021-09-15T00:20:06+05:30

    No, Startup India registration is a completely online process. All the required documents are filed electronically, so you would not need to be physically present at all. You would just need to send us scanned copies of all the required documents & forms.

    Can a One Person Company (OPC) be eligible for Startup India Registration?2021-09-15T00:19:44+05:30

    Yes, a One Person Company (OPC) is a type of Private Limited company, therefore shall be eligible for Startup India Registration.

    Can a foreign company register under Startup India Program?2021-09-15T00:17:24+05:30

    No, presently only Indian Companies. LLP’s, Partnership firms are eligible to get register under Startup India Program.

    Is Trademark or Patent or any other IPR required for Startup India registration?2021-09-15T00:13:35+05:30

    No, there is no mandatory requirement of having a Trademark or Patent or any other IPR. However, it is always advisable to apply for eligible companies to protect their intangible assets.

    What does innovation and improvement mean?2021-09-15T00:11:55+05:30

    The Startup should prove that it is working towards innovation or improvement of a product, process, or service and/or have a scalable business model with high potential for the creation of wealth & employment

    Who shall approve the Startup India registration certificate?2021-09-15T00:11:33+05:30

    The authority to approve and govern the rules for Startup registration is the Department for Promotion of Industry and Internal Trade (DPIIT) which was formerly known as the Department of Industrial Policy & Promotion (DIPP)

    Will my Company/LLP get tax exemption under Section 80-IAC automatically after I get Startup registered and receive DPIIT/DIPP recognition?2021-09-15T00:11:10+05:30

    No, once your Startup is recognised by DPIIT, you need to make an application in Form-1 along with documents specified therein to the Inter-Ministerial Board of Certification (IMB) and the IMB may after calling for any documents or information or making enquires grant the Certificate under Section 80- IAC for claiming tax exemption or tax holiday for 3 years. Here, only private limited companies or limited liability partnerships are eligible to claim tax exemption whereas Partnership Firm is not eligible.

    Will my Private Limited Company get tax exemption automatically under clause (viib) of sub-section (2) of section 56 after I get Startup registered and receive DPIIT/DIPP recognition?2021-09-15T00:10:38+05:30

    No, once your Startup is recognised by DPIIT, you need to file a duly signed declaration in Form 2 to DPIIT that your Startup meets the prescribed conditions and thereafter you shall get tax exemption automatically under clause (viib) of sub-section (2) of section 56.

    Can I make any corrections or changes to the Startup India registration data?2021-09-15T00:00:56+05:30

    Yes, you can make corrections or changes to the Startup India registration data.

    I have lost my Startup India registration and number, can I get a duplicate Startup India registration?2021-09-14T21:26:59+05:30

    Yes, you can get a duplicate copy of the Startup India recognition certificate.

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