Startup Registration

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A startup is basically a small newly established business. It may have single individual or group of individuals. It is differentiated by other  form of business as startup is being  formed on the basis of new product or services only, which must not be given anywhere else. For a startup, there must be “Innovation”. Startup may develop a new product or service, or may redevelops the existing product or service into better one. 

In India, startups has became more popular with time. It helps in developing Indian economy and in  attracting entrepreneurs. Under the leadership of PM Narendra Modi and Government of India, has started the concept of Startup and promoted this initiative named “Startup India” which is used to recognize and promote startups.

If one needs a patent for his innovation or trademark for his startup business, then one may get 80 percent reduction in fees. He will have to bear the statutory fees only by applying through the list of facilitators which are issues by the government. 

Though startup is a new business, it does not have much experience and it results in not attracting more investors. To solve this problem, Government has set up a fund system to provide funding support with an initial corpus of INR 2,500 crore and a total corpus of  INR 10,000 crore over a period 4 years.

 


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  • Registration

    Step 1 : Incorporation of business as Pvt Ltd Company or Partnership Firm or Limited Liability Partnership by following the normal procedures of incorporation. 

    Step 2 : Visit Startup India Website and fill the form to register with Startup India, along with necessary documents and business details. 

    Step 3 : Certain documents must be uploaded along with form. (in PDF format only) 

    • A letter of recommendation/ support

    • Incorporation certificate

    • Description of  business in brief 

    Step 4 : Startups has been provided some benefits, like they are exempted from income tax for the period of 3 years. But this benefit can be availed only if they are certified by Inter-Ministerial Board (IMB). If a startup is recognized by DIPP, Government of India, can avail IPR related benefits directly without any additional certification from IMB.

    Step 5 : One must self- certify that you are satisfying the following condition :

    • Turnover must be less than 25 crores per year

    • There must be an Innovation, it must not be splitted business or reconstruction of existing business

    • Business must be incorporated 

    Step 6 : After applying you are provided with a recognition number for your startup 


     

  • Advantages

    1. The entire process is very simple and is completely online as Government of India has launched a mobile app for easy registration of startups and there is a website also. 

    2. Reduction in 80 percent of cost in terms of filing patents

    3. Funds are easily accessible as Government has set a fund system.

    4. Exemption of tax for period of three years

    5. Startups can apply for Governments tenders

    6. Seven new Research Parks will be set up regarding facilities for startups in R & D sector.

    7. There is no time- consuming compliances

    8. Startups gives the power to choose your own investor

    9. Government has proposed to hold 2 startup fests annually, it may be national or international to provide huge networking opportunities. 

    10. A startup can close its business in the period of 90 days from the date of application of winding up. 

     

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