START-UP INDIA REGISTRATION
BUSINESS START-UP INDIA REGISTRATION
BUSINESS START-UP INDIA REGISTRATION
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STARTUP INDIA
ABOUT STARTUP INDIA
An organization will be regarded as a Startup if it is incorporated as a Private limited company (as defined in the Companies Act, 2013), registered as a partnership corporation (under section 59 of the Partnership Act, 1932), or registered as a limited liability partnership (under the LLP Act, 2008), and for ten years from the date of its incorporation/registration.
If the company’s annual revenue for any of the fiscal years since incorporation or registration has not exceeded Rs. 100 crores, if it is working to innovate, develop, or improve products, or services. An organization formed through the division or reconstruction of an already existing business will not be regarded as a “Startup.” In addition, a business can be at most ten years old to qualify for startup recognition or for a tax exemption certificate if it was not incorporated before April 2016.
Startup India Scheme – The Government of India launched the Startup India Scheme, which aims to promote new businesses, create jobs, and generate income. On January 16, 2016, Prime Minister Narendra Modi formed it.
STARTUP INDIA REGISTRATION
ELIGIBILITY FOR STARTUP INDIA REGISTRATION
- The company must be a limited liability partnership or a private limited company to start the business.
- The company should be brand-new or at most five years old, and its annual revenue should be at most 25 crores.
- The company need to seek Department of Industrial Policy and Promotion permission (DIPP).
- The company must be funded by an angel fund, an incubation fund, or a private equity fund in order to receive DIPP approval.
- The Indian Patent and Trademark Office should have provided patron assurance to the company.
- It needs a letter of recommendation from an incubator.
- The Startup India programme does not impose income tax on capital gains.
- The company must offer innovative items or schemes.
SCHEME BENEFITS:
STARTUP INDIA SCHEME BENEFITS
Economic Advantages: The vast majority of startups are founded on patents. It suggests that they create or provide remarkable goods or services. They must pay a hefty fee known as the Patent Cost in order to register their patents. The government offers an 80% cost discount on patents under this program. Additionally, they benefit from a shorter patent registration process and related processes. The government also covers the facilitator’s fees for getting the patent.
Income Tax Benefits: The Income Tax Act offers the startup a lot of advantages. After receiving recognition, a startup may petition for tax exemption under section 80 IAC of the Income Tax Act. The startup could take advantage of tax holidays for three consecutive fiscal years out of its first ten years of incorporation after receiving approval for tax exemption. A startup may petition for tax-exempt status under Section 56 of the Income Tax Act after receiving recognition (Angel Tax).
Wide Networking Opportunities: Networking opportunities refer to the chance to meet with various startup stakeholders at a specific location and time. The government provides this chance by hosting two startup festivals on a national and international level each year, enabling interaction between different startup stakeholders. Along with attention, the Startup India program also provides courses on intellectual property awareness.
Government Tenders: Startups have the advantage of taking part in public procurement tasks by way of tenders in order to obtain government tenders under the Startup India scheme. Additionally, there are loosened requirements for prior experience, EMD, or turnover.
STARTUP REGISTRATION IN INDIA
PROCESS OF STARTUP REGISTRATION IN INDIA
The processes for registering with Startup India are several and are listed below:
Register your company
You must first register your company as a Private Limited Company, LLP, or Partnership Firm. To obtain the registration, you follow the normal process, which entails filling out a form-fitting.
Sign up with Startup India
The corporation or firm must then be registered with the Indian government’s startup India program. You should complete the form on Startup India’s website by entering all the necessary information, and you can also upload documents there.
You can only upload documents in PDF format
Along with the recommendation letter, you require a registration form. You can obtain recommendation letters from anyone listed below:
- Certificate of Registration or Incorporation.
- A letter of recommendation from any post-graduate institution in India or in a format accepted by the DIPP.
- A letter of reference from an incubator that the Indian government has funded as part of a specific program to encourage innovation.
- A letter of commitment from an incubator fund, private equity fund, angel fund, accelerator, or private equity fund that countersigns with the business' creative nature and commits at least 20% of the equity.
- A later recommendation from the Central Government of India or any Indian State Government
- In addition to providing a brief description of your organization, you must attach the certificate of incorporation for your company, LLP, or partnership company.
Mention tax exemption if necessary
In India, new businesses are exempt from paying income tax for the first three years, although they are still eligible for some perks when they need to be certified by the Inter-Ministerial Board. Here, the company registered with DIPP is given some leeway since registration is sufficient to receive the benefits.
Self-certification
- Your business is a partnership, LLP, or private limited company.
- Your firm must be incorporated or registered in India within five years.
- The annual turnover of your business must not be more than Rs. 100 crores.
- Your company cannot be a collapse or reconstruction of an existing firm; it must be a brand-new concept.
Obtain your identification number
You will immediately receive a recognition number for the application registration. The certificate of registration or incorporation is the only document you receive after the authority has reviewed all of your filed paperwork.Now join your business in the Startup India program and take advantage of all the government-provided benefits.
STARTUP INDIA
REQUIRED DOCUMENTS
- Certification of Incorporation
- MOA & AOA
- List of Directors or Designated Partners
- Contact details of Directors/Partners
- Information related to Awards/certificates
- Details related to the amount of investment & investors.
- Details of Intellectual Property Rights Registration
- Website Link/Mobile App Link
- Udyam Registration/MSME Registration
- Business Plan & Growth Plan
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