Benefits Of Start-up India Registration
There are several benefits of the Start-up India registration for the newly started entrepreneurs and some of the benefits are defined as under
Tax Benefits
For the new entrepreneurs if they get their business registered under the Start-up India under a scheme this business can enjoy tax exemption for three consecutive financial years out of their first ten year of accounting since the year of incorporation.
Funding Opportunities
To support the business that are registered as Start-up India the government gives them the access to the funds and venture capital through the FFS (Funds of Fund for Startup) so that they should not face any problem related to the shortage of funds.
Simplified Compliance
The business that are registered as Start-up India they can easily fill the self-certification under the labour and environment law. Means that they can declare their compliance with specific regulatory requirements without going through all the necessary government authorities’ verifications. This approach is based on trust to support the business for Start-up India
Ipr Support
Start-up India registered companies enjoys a benefit of fast tracking of the patent application and the companies enjoys a rebate on the filing fees
Network Opportunities
Start-up India registration helps the new entrepreneur to connect with the investors, mentors, and other entrepreneur so that they can get some expertise and grow their business with the help of knowledge they gain.
ELIGIBILITY CRITERIA
To register under the Start-Up India scheme, your business must meet the following criteria:
Incorporation
The business that is to registered as Start-up India firstly must be registered as a private limited company, partnership firm, or LLP (limited liability partnership) so that the application could be processed
Age
The entity to be registered as Start-up India should not be older than 10 years from the day of incorporation otherwise the process could not be carried forward
Annual Turnover
The third thing is that the annual turnover of the entity should not exceed INR 100 crores in any year of the financial year since the day of incorporation.
Innovation
The business that is to be registered as Start-up India must be working toward development, innovation, or improvement of products or processes, or it should have a bigger scalable business model with a high potential for employment generation or wealth creation so that the government should be interested in investing in them.
DOCUMENTS REQUIRED FOR START-UP INDIA REGISTRATION
Before the registration process for Start-up India begins for the business the documents that are required by the company are as follow:
Incorporation Certificate
The first documents required is the incorporation or the registration certificate and the type of certificate depends upon the type of business as discussed below:
1. PRIVATE COMPANY: Certificate of Incorporation issued by the RoC (Registrar of Companies).
2. PARTNERSHIP FIRM: Partnership deed between the partners.
3. LIMITED LIABILITY PARTNERSHIP: LLP (LIMITED LIABILITY PARTNERSHIP) incorporation certificate issued by the RoC (Registrar of Companies).
Detail Of Partner/ Director
Company must maintain the details of the partners before submission Director Identification Number (DIN) for each director. Photograph of each director/partner. Identity Proof, PAN card and Aadhaar card of the director or partner. Directors or partner’s Address Proof via. Passport, driving license, or voter ID.
Business Details
Business brief is required by the government which states the description of your business, highlighting how it is working towards innovation, development, or improvement of products, processes, or services so that they can register you under the Start-up India scheme.
Proof Of Business Concept
.To proof your business idea the company must explain the government and that can be done through a certain process and it is discussed as
1. PITCH: Prepare a presentation summarizing your business idea, product/service details, business model, market analysis, and financial projections about the business to explain it.
2. WEBSITE LINK: Provide the website link of your business website so that they can visit the website for further information and verification and can understand it further.
3. PRODUCT DEMONSTRATION: company must provide any demo videos or product images of the business idea or a prototype of the product to explain it further.
4. USER’S TESTIMONIALS: Feedback from the customers plays a very important role this helps in improving the chance of approval for the entity.
Business Pan Card
PAN (Permanent Account Number) card issued by the Income Tax Department in the name of the business with the PAN number
Bank Account Details
A cancelled cheque of the bank account registered to the company name and the bank statement of the company for the last 6 month of the financial year.
Intellectual Property Rights
Details of any patents, trademarks, or other IPR filed or granted in the name of your business is to be presented to them.
Other Documents
Other documents such as GST, MSME, AOA, LLP agreements and certificates must be kept for further detailing.
Submission Process For Start-up India Registration
The process for Start-up India registration is as follow
Step 1: Incorporate Your Business
Firstly, make sure that the business is legally incorporated with all the necessary documents such as obtain DSC for directors/partners, and file the incorporation documents with the MCA (Ministry of Corporate Affairs).
Step 2: Register On The Start-up India Portal
The second step is to visit the portal “Start-up India website” after visiting the portal sign up using the business email or personal email id and the mobile number to create an account. After login into website fill in all the details about your business.
Step 3: Upload Required Documents
After login into your account access the dashboard and navigate the “DPIIT recognition” section and submit all the prepare document as per the details. And the self-certify that your business complies with all the eligibility criteria.
Step 4: Application Review And Approval
Once all the documents are uploaded submit the documents and the DPIIT (Department for Promotion of Industry and Internal Trade) receives the application and reviews the documents submitted and make sure that it does not have any errors and omissions in it. after the approval is done DPIIT (Department for Promotion of Industry and Internal Trade) provides you with a recognition number and a certificate of recognition.
