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| Start-up registration in India |
With the start-up of the Start-up India process, it has become effortless to establish business in India. This robust platform has emerged with several advantages, including tax exemptions and funding. Thus, the registration of the start-up becomes essential for success. It would be important to know about the procedure of start-up registration in India. This blog guide helps you through easy step-by-step procedures to carry out company registration in India.
What is Startup India?
It is an initiative by the Government of India, in the context of innovation and entrepreneurship. It offers a gamut of incentives, which include being exempt from tax payments, regulated compliances, and different forms of funding. These incentives are ideal for entrepreneurs and small to medium-sized businesses so far as registration through the scheme is concerned.
Procedure to Register a Start-Up in India
Here are the steps you should take if you're looking to register a start-up in India under the Startup India scheme:
1. Confirm Eligibility
Before you register your company confirm that it qualifies as a "startup" according to the definition of the government. In order to be eligible for company registration in India under the Startup India scheme, your start-up should satisfy the following criteria:
- The business concern should be registered as a private limited company or partnership firm or LLP.
- Age of the company since the incorporation date must not be more than 10 years.
- Total annual turn-over of the company should not be more than Rs. 100 Crores.
- The company needs to contribute towards innovation, development, or improvement of products or services.
2. Register Your Company
First, one needs to incorporate the business to get it registered. Decide on the business structure that will best suit your needs-LLP, private limited company, partnership, or any other.
It is very easy to register a company through the online portal of the Ministry of Corporate Affairs (MCA). In case of start-ups, while registering in India, ensure to follow MCA guidelines and submit the required documents.
3. Obtain a Startup India Certificate
Once you have registered your company, you will need to seek recognition under the Startup India scheme. Here is how to do it:
- Go to the official Startup India website.
- Click on the "Get Recognized" button and create an account.
- Fill out the application form and input information about your business, such as your business idea, area of innovation, and number of employees.
- Upload documents, including the incorporation certificate of your company and a description of your innovative products or services.
- Submit the application.
Once approved, you will get a recognition certificate under Startup India and will be eligible for the scheme's benefits.
4. Benefits and Incentives
Once you have obtained recognition under Startup India, you can apply for several benefits. These may include:
- Tax Exemption - Avail of tax exemption for the first three years.
- Patent and Trademark Benefits - Find fast-track benefits for patent and trademark applications.
- Funding Access - Access government backed funds or venture capital to scale up.
- Compliance Reliefs - Get relief in compliance.
Why Register a Company in India with Start-up India?
Company registration in India under the start-up India program offers a lot of benefits. Some of the advantages are as follows:
Tax Exemption - The benefit provides income-tax exemption for three years, hence reducing the burden of tax.
Ease in compliance - In Startup India, bureaucratic red tape is reduced, and thus, is simplified for entrepreneurs
Access to mentorship programs, accelerators, access to network of investors and industry experts, and to Government funding and grants for the business.
This will undoubtedly be one of the life-altering ideas made available for the entrepreneurs who wish to register their respective start-ups in the country with Startup India. From straightforward procedure for registration of start-ups in India, you can seize the advantages governments would soon swing to developing and growth stages of your business and make it much more apt for the new set-up of business among other tax expositions, and ease of compliance implies greater access to funding.
Always fulfill all qualification requirements, apply carefully for startup registration in India. Once your Startup India is obtained, realize all these benefits in the lead of success towards business.