Summary
We at VGC can help you to register your startup India Registration.
The Government of India, under the leadership of PM Narendra Modi ji, has started and promoted the Startup India initiative to develop the Indian economy, recognize and promote startups and attract talented entrepreneurs. A startup is a company or organization in its early stages, typically characterized by high uncertainty and risk. A startup is a business that offers innovative products or services that provide solutions to a problem existing in society. A startup may also redevelop a current product or service into something better. The most positive thing about a startup is that it increases the employment rate in the country as it directly results in the upcoming of more and more companies
Startup India is an Indian government initiative, headed by the Prime Minister of India, Narendra Modi, to promote the growth of startups in India. The initiative was announced on 16 January 2016 in New Delhi.
Startup Eligibility criteria
- Any Indian citizen aged 18 or above can apply for the scheme.
- To apply under this scheme a company should be private limited company, partnership firm, Limited liability partnership.
- The annual turnover of these business entities should not exceed Rs. 100 crores.
- The firm must come up with innovative ideas and schemes.
- The firm should have approval from the Department of Industrial Policy and Promotion (DIPP)
- The company's overall age can be five years or less.
Procedures
Procedure for Startup India registration
1. Incorporate your Business= The first step is to incorporate your startup as Partnership firm, a Private Limited Company, or a Limited Liability Partnership.
2. Startup Registration India= The second step is visit the startup India official website and registering for sign up India. Fill the simple form upload documents to complete the registration process.
You are now eligible to apply for following
- Learning and Development Program
- Incubator/Mentorship programs
- Website Challenges
- Government Schemes
- State Policies for Startups
- Pro-bono Services
3. GST Registration= GST Registration is required on all goods and services except Petroleum products. Goods & Service Tax (GST) is a combined tax, meaning that State and Central Indirect taxes have been merged. As a result, the entire country now operates under a uniform tax system. It replaced service tax, excise, VAT, entertainment tax, luxury tax, octroi, CST etc.
4. DPIIT Recognition= Startups need recognition from the DPIIT - Department for Promotion of Industry and Internal Trade. This step is done once you have completed the entire identity creation process on the website of Startup India. To get the recognition from DPIIT, you need to hit the 'Dashboard' button and further hit the 'DPIIT Recognition' option if you have an existing profile.
Benefits provided by DPIIT are:
- Three years Tax Exemption
- Premium level Intellectual Property Services
- Effortless Company Winding
- Self-certification in Environment & Labor Laws
- Funds Access
- Investing higher than the Market Value can lead to Tax Exemption.
- Public Procurement Norms Relief
5. Application of Recognition= you can now view the 'Recognition Application Detail.' The 'View Details' section is required on this page. This section is located just below the 'Registration Details' category. Look for the 'Startup Recognition Form' and carefully fill it out. To proceed, fill out the form, verify it once, and click the 'Submit' button.
Characteristics
BENEFITS AND CHARACTERISTICS OF STARTUP INDIA REGISTRATION
1. Straight Registration Process
The government of India has launched a mobile app and a website for easy registration for startups. Anyone interested in setting up a startup can fill up a simple form on the website and upload certain documents. The entire process is completely online.
2. Cost Reduction
The total cost of patents has been reduced by 80%. According to one of their statements, the Indian government will bear the entire cost of the facilitators. The startups are expected to handle only the remaining statutory fees. The government provides a frightening list of the patent's facilitators and trademarks. The cost of providing services under the 'Intellectual Property Right' is expected to be reduced. At a low cost, it includes a quick patent examination.
3. Applying to Tender Facility
Startups of India are given the Oroville to apply for the government tenders with ease. The most satisfying part is that these startups are withdrawn from the extensive monotonous criteria where turnover or prior experience is asked.
4. Choosing of Investor
You, as a startup, will be given the exclusive right to choose your investor based on multiple parameters. Thus, you can easily choose between several VCs. This liberty shall make you happier about staying in your new business.
5. Government Funding Opportunity
The Indian government has set aside a budget of INR 10,000 crore for venture capital to assist India's startups. Banks and other financial institutions have assured lenders that they will support venture capital.
6. Tax saving for investors
People investing their capital gains in the venture funds setup by the government will get exemption from capital gains. This will help startups to attract more investors.
7. Simple Exit Process
Following the complicated paths to exiting the business is one of the main issues that startups face today. You no longer have to be concerned about it, thanks to the Startup India Scheme. If you plan to retire for a variety of reasons, you can apply for a winding process. You will have 90 days from the start date of this application to complete everything.