Startups are becoming increasingly well-liked in India these days. Under PM Narendra Modi’s direction, the government launched the Startup India Registration to recognize and support entrepreneurs through fostering innovation and commercial growth. The Startup India Registration initiative aims to change India from a market that primarily caters to job seekers to one that caters to employment providers. The Startup India Registration Scheme only recognizes qualified registered entities, such as Private Limited Companies, Limited Liability Partnerships, or Partnership firms, and this can be done online via the Start-up India website. In this article, we will discuss the process of Startup India Registration in detail.
What is Startup?
Startup is the initiation of new business which is based on a new idea and innovation. Such entities are based on the unique business goals. They can start as any entity like Private Limited Company, Partnership Firm, and LLP etc. They have to take registration for the same. Another registration which every startup needs to take is Startup India Registration under the government of India. In the present time hundreds of startups begin but end soon, because of inadequate resources. After getting the Startup India Registration one can take help from the government. Startups will can both the owner of the starup and the government of India.
What is Startup India Registration?
Under Startup India Registration scheme entities which are eligible can get recoganization as startups by DPIIT that is Department for Promotion of Industry and Internal Trade. This registration will give many benefits for the one who get this Startup India Registration. Some of those benefits are tax exemptions, easy compliances, fast tracking of IPR etc. This can be helpful to the starups in the long run. This can save a newly started entity from closing due to inadequate resources as after this Startup India Registration government will provide many benefits to the owner of the business or the startup.
Process of Startup India Registration
Given below is the procedure to get Startup India Registration-
- Incorporate a Business
First step to start any startup is the incorporation of the business. One who wants to start a new business needs to register it as an legal entity like Private Limited Company, Partnership Firm, Limited Liability Partnership etc. Only then you can move to the next step. You must submit an application and get a Certificate of Incorporation/Partnership Registration, as well as any other required steps for business registration.
- Registration under the Startup India Registration Scheme
After that, the business needs to register as a Startup under the Startup India Registration Scheme. The entire process is simple to follow and one can it finish online. Visit the Startup India website to registration your entity. When you will land on this website, you will get the application for the registration. Before filling the application make sure you will read it carefully at least once.
- Upload the Required Documents
Nevertheless, exercise caution when presenting documents. Because if the necessary document was not uploaded, it was the wrong document, or it was a fraudulent document, you would be fined up to 50% of the Startup’s paid-up capital or a maximum of Rs. 25,000. The required documents for the Startup India Registration are given below-
- Certificate of Incorporation or Registration for your Startup
- Proof of funding, if any.
- Letter of authorization from the authorized representative of the company, LLP, or Partnership Firm
- A proof of concepts, such as a pitch deck, website link, or video, is crucial for Startups in the validation, early traction, or scaling stages.
- Information about any patents or trademarks that may exist
- PAN Number
- Recommendation letter from an incubator.
- Recommendation letter from government incubator.
- Recommendation letter issued by the angel investor.
- A letter from the state or central government.
- To get DPIIT Certificate
After creating a profile on the Startup India website, the Department for Promotion of Industry and Internal Trade (DPIIT) Recognition is the next step. With this designation, companies are now eligible for a number of government perks in India.
- Application of Recognition
The “Startup Recognition Form” must be filled out with details about the organization, including its name, full address (office), authorized representative’s name, directors’ names, required partner information, Startup activities, and self-certification.
- Recognition Number
Soon after submitting your application, your Startup will receive a recognition number. After all of your documentation has been reviewed, which typically takes 2 days after you submit your information online; the certificate of recognition will be delivered.
Conclusion – Process of Startup India Registration
The domestic manufacturing sector of India, which had been stagnant for a long time due to the government’s manufacture in Startup India Registration program, policies for ease of doing business, and large labour pool, has undoubtedly attracted foreign investors in addition to local ones. Many different kinds of business can be effectively conducted in India. The government has also backed this trend by digitizing the procedures for registering a Startup in India. Recently, there has been a tendency for enterprises that can be successfully operated via countless digital & internet channels. This scheme of Startup India plays a very important role when it comes to the economy of India. It helps government to achieve the employment goal of them. After registering under this scheme one will get a number of benefits. Hence it is suggested to get Startup India Registration for your entity. In case of any help you can directly visit BizAdvisors.
Read our article:Benefits of Startup India Registration in India