What do you need to start a business? 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.:
I.ELIGIBILITY & BENEFITS OF 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 five years.
- The total turnover of the company should not exceed 25 crores.
- 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.
II.BENEFITS OF STARTUPS INDIA REGISTRATION
A company is required to comply with various labor law compliance. Non-compliance with such laws leads to strict liability. Startups being new to the eco-systems end up neglecting them. However, to reduce regulatory liabilities, startups can self-certify compliance with nine labour and environmental laws. In such a case, no inspection will be conducted for a period of three years.
- Patent Protection
If you are someone who has ever registered a patent, you will know the cumbersome process it is. However, several steps are taken under the scheme to protect valuable intellectual property. This includes a fast-track examination of patent applications. The efforts are not just restricted to fast-track patent application. A rebate of 80% of the total value of the patent fee is also granted once the patent is filed.
- An Incubator Setup
The Startup India scheme includes an incubator module. This module endorses the public-private partnership. The module gives the startup the requisite knowledge and support that are required by the start-ups. At the moment, there are 118incubators are powering the startup ecosystem across India, helping the startup ecosystem.
- Networking Options
Under the scheme, startups get opportunities to meet other startup stakeholders at a particular place and time. These meetings are conducted as fests. These fests are conducted twice, annually. The fests are conducted on both national and international levels. This provides startups with a great opportunity to not only seek funding but also grow and develop by looking at other startups. It also provides them with a broader perspective of their day-to-day activities.
- Government Tenders
Government projects are usually large and have higher monetary incentives. However, it is fairly difficult to obtain one. The primary reason being the competitiveness involved in them. However, under this scheme, startups are given incentives to receive government tenders. They are also not required to have any prior experience to be eligible to receive such tenders.
- Research and Innovation Benefits
Finally, the most crucial of them all. Startup India also encourages research and innovation among those, who have an aspiration to be an entrepreneur. Proposals are in place to set up seven new research parks. These parks will ensure that facilities are provided to students and startups to research and develop their products/services.
- 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.
III.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)
It’s very easy to register as a startup thanks to the various government initiatives. We can help you get recognized and assist you right from the incorporation of the company to getting recognition under Startup India.