Schemes, Striking Features & Perks Of Startup Registration In India

The age of the applicant must be in between 18-65 years

The eligibility criteria entail whether the company is a private limited, registered partnership, or limited liability partnership.

The annual turnover of the startup must not exceed INR 100 crores. The business entity will retain the status of a startup till the point annual turnover remains below 100 crores in the coming ten years. Currently, the Government of India has elevated the turnover to the threshold of INR 25 Crores.

Any firm will be qualifying in form of startup and this is for the starting of 10 years once registration date is over. Also, an organization qualifies for startup category .

The Indian government has increased that from seven to ten years in order to provide chances and tax advantages for businesses in the long run. Applicants should not have defaulted with any financial institution in the past.

The firm should acquire necessary approval from officials from DIPP

The incubation funding/ Angel fund/ Private Equity are most imminent of funding within the organization and all details with regard to funding must have registration with authorities.

The business entity will be qualifying as a startup for the initial 10 years following the date of registration. The government of India has increased tenure from 7 to 10 years to extend the chance as well as leverage tax benefits for the business in the long run.

The business entity that qualifies as a startup for the start of the 10 years, after the registration date. The Indian Government will be increasing the duration from 7-10 years and this will provide the chance to leverage all the tax advantages for the businesses to the long run.

The incubation fund/ angel fund/ private equity fund needs to be funded by the startup. So, all the details must be registered with SEBI.

What is process of startup registration in India?

The interested party needs to pay visit to MCA portal on internet and apply for initiating startup registration procedure:

Step 1

Setting up business

This is the first step and you are required to incorporate the business in the form of a PLC, private limited company/ partnership firm/ LLC, or limited liability partnership. You need to adhere to the protocol which will include the form for getting your company registered.

Also, applicants need to seek a PAN card, incorporation certification, and registration for partnership. Also, there has to be the inclusion of the DIN, director identification no., DSC, the digital signature certificate as well as submission of documentation to the company's registrar.

Step 2

Registering business under the startup India scheme

The next is to register your business entity in terms of the startup India scheme, brought forward by Governmental authorities. So, you need to visit the official site and fill out the application form online and this is followed by entering all the business details along with uploading documentation. Once you create a website profile, then the business will gain the capability of applying for several of the acceleration provisions, mentorship initiatives, as well as all the challenges featured on the platform.

Also, you will have access to the most valuable of resources which will include learning, and development programs, state provisions for startups, and much more.

Step 3

Uploading requisite paperwork in PDF format

This is to ensure that you will be uploading all the requisite paperwork within the PDF format. So, make sure to carry upon the selection of the recommendation letter provisions, as you will be requiring the same in combination with the application form.

Step 4

Seeking recognition number

After completing the startup India registration, and submitting the requisite paperwork, seek a recognition number with regard to immediate impact. Be careful while uploading information. Any wrong documentation may lead to a fine up to 50% of the total paid up capital of the business or a minimum penalty of INR 25, 000