What do you need to start a business in India? Only three simple things: Know your product better than anyone, know your customer, and have a burning desire to succeed.
These elements would boost initiating a startup but its journey would not be less than a roller coaster ride. But round the clock, the hassle of an entrepreneur on one side and constructive backing from the Government would work as a ladder of success for any Startup.
Every Startup Company with innovation & unique business ideas can apply for the Startup India Certificate issued by DIPP.
Startups will enjoy several privileges offered under Startup India Scheme. Startup India Scheme is implemented through the Department of Industrial Policy & Promotions (DIPP), Government of India.
A business will be recognized as a ‘Start-up’ under this scheme only after obtaining a Certificate of Registration from Start-up India Hub.
ELIGIBILITY FOR THE SCHEME
- The company must be a private limited company, a Limited liability partnership, Registered Partnership.
- The firm must provide innovative schemes or products.
- It should be a new firm and not older than 10 years.
- Should have an annual turnover not exceeding Rs. 100 crore for any of the financial years since its Incorporation
- It should not be a result of any business already in existence, i.e., a company incorporated as a result of the scheme of re-arrangement.
On meeting the above eligibility criteria, a start-up can avail of numerous benefits.
STARTUP INDIA REGISTRATION BENEFITS
1. Funding Opportunities & Other Government Schemes
Startup India Registration Benefits under the Startup India scheme can be availed from various government or semi government-aided schemes such as:
- Venture Capital Assistance Scheme
Under this scheme, the interest-free loan is provided by Small Farmers’ Agribusiness Consortium (SFAC) to projects falling short of capital requirement for project completion.
- Support to MSMEs for International Patent Protection in Electronics and IT
Stand Up India Scheme bank loan from 10 lakh-1 crores to at least 1 SC/ST borrower and at least one women enterprise per bank branch.
- Single Point Registration Scheme (SPRS)
NSIC registers MSEs under the SPRS scheme for participation in Government Purchases.
2. Easier Norms on Tender Participation
Government e-Marketplace [GeM] is an e-commerce portal for public procurement where private sellers including startups can sell products and services to government buyers and participate in government e-tenders.
Get registered as a seller on government e-Marketplace aka GeM portal
A registered startup can enjoy privileges over other private sellers. A Separate scheme launched for a startup named GeM Startup Runway Scheme.
On Gem Startup Runway scheme, Startups are entitled to avail exemption on:
- Prior Turnover
- Prior Experience
- Earnest Money Deposit
- Minimum criteria for govt.
3. Easy Winding Up
Startups registered under the startup India scheme can avail easy exit route for winding up the company within 90 days under Insolvency & Bankruptcy Code, 2016, in case the startup business model failed.
4. Connect Networks
Search and find various startups and connect with them. Get Mentorship, connect with investors and industries.
5. Trademark, Patent, IPR related exemption
On obtaining a startup India certificate, the startups can avail various assistance in applying for intellectual property rights e.g. Trademark registration, patent, and copyright registration.
Recognized startups can avail following reliefs in IPR:
- Fast-track startup patent applications with an 80% government fees rebate.
- A panel of facilitators to assist in IP applications
- 50% Rebate on Filing of Trademark Application
- Research and Innovation Benefits
Startups shall be allowed to self-certify compliance for 6 Labour Laws and 3 Environmental Laws through a simple online procedure.
7. Tax Exemption
Once your company gets Startup recognition, you can further apply for Income Tax Exemption benefits available u/s 80IAC and U/s 56 relief for Angel Tax relief (Tax on Share Premium).
8. Other benefits
The startup is also associated with many businesses that provide some extent of benefits to the recognized startups. Some of the benefits are cloud services – Amazon Web Services, Digital Ocean, Caller Desk, etc. Management Software Services – Zoho, Fresh Works, Stack by, Legal, financial, and other business services.
WHAT ARE THE DOCUMENTS REQUIRED FOR STARTUP INDIA REGISTRATION?
Basic documents/ Documents Requirement for Startup India Registration
- Certificate of Incorporation / Registration Certificate and PAN
- Email ID and Mobile number
- Company Details (Industry, Sector, Category, Regd. Office Address etc)
- Directors/Partners Details (Name, Photo, Gender, Mobile No. Email ID, Full Address)
- Details of Authorised Representative (Name, Designation, Mobile No. Email ID)
- A Brief about business and products/services and notes on innovations
- Revenue model and Uniqueness of the Product
- Website/Pitch Deck/Video/Patent (anyone)
PROCESS OF REGISTRATION UNDER STARTUP INDIA
- Register the business as a Private Limited Company / Limited Liability Partnership / Partnership Firm
- Make a brief writeup on the following:
- What is the problem the startup is solving?
- How does the startup propose to solve this problem?
- What is the uniqueness of the solution by the startup?
- How does the startup generate revenue?
- Details of any awards/recognition received by the startup.
- Then submit the form with startup India along with Certificate of Incorporation and other additional documents, as required.
- All the communication for approval/rejection/modification will be communicated on email by the startup India team within a week.
VALIDITY OF STARTUP INDIA CERTIFICATE
An entity shall cease to be a Startup on completion of ten (10) years from the date of its incorporation/ registration
If its turnover for any previous year exceeds one hundred (100) crore rupees.
Whichever is earlier.
To avail all the Startup India Registration Benefits by getting DIPP Recognition
It is best to apply for this Opportunity with the help of experienced professionals
Udyog Buddy(a DIPP Recognised Startup) will help you with filing Your Startup India Application without any “Hassles or Hiccups”, So you can focus on running your business. You can share your details with us CLICK HERE and our team of experts will get in touch with you.
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Note: Udyog Buddy Advisory LLP is not associated with startup India in any way. We are a team of professionals who can assist you in getting registered under startup India.