Setting up the business is quite rewarding for the venture. It is due to the reason that the country is thriving upon the ecosystem of entrepreneurship. Owing to the most extensive of the consumer base, the market will be pushed in the forward direction. However, it is quite hard to navigate to the legal as well as the regulatory norms and this is very challenging as well. This is true for startups because there are many of the steps that need to be adhered to for registering startups in India.
Startup India Initiative
Contents
The Government of India introduced the Startup India program in the year 2016. This is the startup initiative that was launched to assist the new business owners in the creation of the most thriving startup invent as well as transforming the whole of the country into the creators of employment rather than seeking jobs. Also, the DPIIT, department for industrial policy & promotion will be receiving the reports from the team of Startup India which will be overseeing this program
Read Also This – How Can I Register A Startup In India In Easy And Affordable Way
What all perks Startup India registration scheme provide?
The startup setup will be working as a distinct of legal entity from the business owner. As a consequence of, you will be in the condition of doing business, hiring employees as well as signing the agreement in the name of your company. Also, it will protect from civil/criminal liability.
So, when you register a startup in India, it simply acts as the most distinct legal entity from the owner of the business. As a result of, you will be in the condition of conducting the business, and employment along with signing an agreement within the company’s name.
Also, it is important to register the startup as well as meet all the eligible needs for receiving the advantages. The Government of India has introduced several of the incentives along with the programs for setting up your own startup.
When you register your startup, you will gain the chance to seek funds from investors. And this is extremely crucial for the expansion along with the company’s development. Also, the investors will prefer to invest in the registered startups as it will impart an immense sense of security as well as transparency.
With startup registration in India, you will be holding the eligibility for several of the tax benefits along with the exemptions with regard to the U/s 801AC as well as the U/s 56 relief in terms of the Angel tax relief. So, this is going to improve profitability through payment of less taxation.
The startup registration in India makes it extremely convenient for selling or departing your business in the future. So, it becomes quite convenient for transferring the ownership or selling a business whenever it is registered as they will have transparency of the ownership structuring.
Who all are eligible for Startup India registration?
Age
All the applicants interested in the Startup India registration must fall within the age group of 18-65 years.
Business entity type
Also, the applicant must be capable of registering as a private limited company, registered partnership, or limited liability partnership.
Annual turnover
The annual turnover should not be exceeding the limit of INR 100 crores. So, the company will be retaining the startup status for as long as the annual turnover is lying below 100 crores within any of the 10 years of duration. So, it’s worth noting that the Government of India will be increasing the turnover threshold which was Rs 25 Crores earlier.
Read Also This – Schemes, Features, Eligibility Criteria & Process For Startup Registration In India
Duration of startup
Any business qualifying as a startup for the initial of ten years following the date of the registration. The Government of India has already increased the tenure from 7 to 10 years to extend the chances as well as the tax benefits for the organization in the long run. Also, the applicant should not have defaulted with any of the financial institutions in the past.
Approval from authorities
The business should be in the position of seeking approval from the DIPP( department of industrial policy & approval)
Setting up business
This is the first thing that will be required and is the incorporation of the business like the PLC( private limited company)/ partnership firm or the LLP( limited liability partnership firm). Also, you are required to adhere to the conventional processes which will include the form filling & getting your enterprise registered. Also, the startup registration India process will include seeking the DIN( director identification number), and digital signature certification along with the submission of the documents to the ROC( registrar of companies). The applicant will be in the position of visiting the MCA portal and filing their application for the startup registration process.
Startup Registration Procedure under startup scheme
The next is you need to register the business or firm as a startup under the Governmental scheme. Also, you need to pay a visit to the official site of the company. Make sure to fill in all the details in the application along with uploading all the requisite documentation.
Once the profile on site is created, the business will be acquiring the capability of applying for several of the acceleration programs, and initiatives as well as all the challenges that have been enlisted within the platform. Also, make sure to gain access to the most valuable of resources like learning, development programs, start policies for startups, Governmental schemes, and much more.
Also, it is crucial to make sure that you will be uploading requisite of the requisite paperwork in PDF format. So, also carry out the selection of the recommendation letter and you will need the letter in combination with the registration form.
In a country like India, startup businesses are exempted from taxation for the first of three consecutive years. Also, to seek all the advantages, the startups must be in the position of seeking certification through the IMB(inter-ministerial board).
So, all the startups that have already acquired recognition from the DIPP will be gaining the IPR advantages and this is without any additional certification from IMB.
This plays a crucial role in choosing the most appropriate legal structure for business whether you have a private limited company, limited liability partnership LLP as well or a partnership firm
After you have accomplished the startup India registration procedure with the inclusion of all the essentials of the paperwork, make sure to seek the recognition number through immediate impact. Also, you will be seeking the certification of incorporation/ registration when the authority uploads all the papers.
Once you seek the recognition number, you will be in the position of applying for trademarks, and patents along with the designing registration. This is done through approaching the facilitators which are being issued by the Governmental authorities.
Read Also This – How Can I Kickstart My Startup India Registration Process
Seek Assistance From Startup India Registration Experts
Startup India registration is a multi-step procedure and this will need the most careful of planning along with adherence to the legal as well as the regulatory needs. So, make sure to choose the most appropriate of business structure, seeking licensing, and registrations, along with adherence to the labor along regulatory norms. So, this is one of the most crucial as well as the essential steps for starting your startup journey in the country. Also, it is crucial to keep in mind that this article covers all the main features to register startup in India. Thus, it is best to take the help of the startup India registration experts who are specialists in their domain and assist you in navigating through the process smoothly, staying compliant with all the applicable of legal and regulatory norms.
Conclusion
Through careful guidance along with a clear understanding of the procedure to register your new business, get ready to move on your entrepreneurial journey with immense success, determining that the startup is being developed on the strongest of the foundation. Startup Registration India is here to help you on moving towards path of business success.
