Startup India Registration Nov 30, -0001 0

A Complete Guide to Startup Registration in India
The startup ecosystem in India is taking shape and is steadily growing. As the number of young entrepreneurs is increasing exponentially, the government of India has also taken steps to promote entrepreneurship in the country, helping fuel the growth of this innovative industry. For example, the Prime Minister of India, Narendra Modi, launched the Startup India initiative in September 2016 to support and help startups succeed.

Register under Startup India and get the support you need to create a successful business. Startup India is a program that gives you access to loans, mentoring, and capital for your business. Startup India is a government program designed to encourage entrepreneurship, innovation, and job creation in India. The program offers tax exemption on profits made by startups registered under Startup India until they reach the status of a company. Additionally, the program provides benefits such as a one-time registration fee waiver and an incubator application fee waiver. These benefits make it easier for young entrepreneurs to start their businesses in India.

Nowadays, entrepreneurs have started flocking towards online startup registration and filing applications. The online startup registration process saves money and simplifies doing business in India by giving you one-stop solutions. However, there are many ways to complete the process without going through too much bureaucratic hassle regarding startup registration. Initially, it may appear a tedious process; however, with the proper steps, it is much simpler. This guide will help you understand the process of startup registration in India.

Eligibility Criteria for Startup Registration
Under the Startup India Scheme, the Department of Industrial Policy and Promotion, commonly known as DIPP, can recognize an entity as a “Startup” if it meets the eligibility criteria set by the Government of India.
Here are some of the prerequisites set by the government:

1. An organization will be considered a Startup if it is incorporated in India as a Private Limited Company, a Partnership firm, or a Limited Liability Partnership.
2. Entities created after splitting up or reconstructing existing businesses are not considered startups.
3. A company is considered as a startup for the first ten years from the registration date.
4. The entity remains a startup if the annual turnover does not cross the Rs 100 crore mark in any of the ten years.

Four Steps for Startup Registration

Step 1: Register under Startup India
Startup India is a national initiative to boost entrepreneurship and innovation. It offers assistance to new entrepreneurs, including grants, incubation, mentorship, and other support services. As this program is under the Ministry of Finance and Corporate Affairs, startups need to register under this initiative. Fill the form available online on the Startup India website to register your company as a startup.

Step 2: Upload Documents
After filling the form, you need to upload the required documents.

• A recommendation letter from an Incubator regarding the innovativeness of the business in the DIPP approved format.
• Registration or incorporation certificate.
• Letter of funding which can also act as a letter of recommendation.
• Brief description of your business.

Step 3: Tax Exemption
Companies registered with DIPP can get relaxation as startups in India do not pay income tax for the first three years. After that, however, the company must be certified by the Inter-Ministerial Board (IMB).

Step 4: Get Recognition Number.
Once you apply, you will receive a recognition number with immediate effect. The certificate of registration or incorporation will be issued after the authority goes through all your uploaded documents. While uploading data, you should be careful as any discrepancy could result in fines.

Conclusion
Registering your startup with the government of India is a mandatory process for most Indian startups. It ensures that you are eligible to avail of the benefits offered by the government and improves your chances of getting funded. However, suppose you require any assistance with your startup registration in Noida or anywhere across India. In that case, we at Careful Counting can offer you guidance and help you with the entire process.