Today young Indians have the belief to venture out on their own. In the present scenario, we have a larger number of startups & entrepreneurs than ever before. To promote & enable these startups, the government of India has taken measures to improve the ease of doing business effectively & efficiently by starting a movement “Startup India”. It is a flagship initiative by Government of India to ferment the startup culture, build a strong & comprehensive ecosystem for innovation & entrepreneurship in India. At Fincrat, we lend a hand for the Startup India Registration.
A movement started by the government of India known as “Startup India” is to promote innovation & business, enable knowledge & have access to funding. The Startup India Hub can be a friend, mentor & a guide to the young India
who are fearless to enter in the world of risk. This registration helps the entrepreneurs to walk in this world by holding their hands & hiking through their journey.This movement got in action on 16 January,2016 by the Prime Minister of India, Shri Narendra Modi.
The objective of this movement is to reduce the regulatory burden on the startups, concentrate on their business & to keep compliance cost low.
The movement also focuses on the following points:
Department for Industrial Policy and Promotion (DPIIT) manages the programs under Startup India Scheme. The startup India registration process has broadened the scope of development by creating job opportunities in the Indian economy.
After registering your company you can apply directly for the startup India scheme through the Fincrat team. Our team will initiate the required paperwork and file completely online.
To be eligible for the DPIIT Certificate of Recognition, the startup must achieve the following requirements:
Period of Existence of Entity: Ten years from the date of establishment, the company's existence and operations cannot continue.
Annual Turnover: For any of the fiscal years since its federation, the company's yearly revenue must have been at least Rs. 100 crore to qualify for the DPIIT Certificate of Registration.
Original Entity: The corporation shouldn't have been created by dividing up or creating a new entity that was previously present.
Innovative & Scalable Entity: The organisation should be focusing on the creation or enhancement of a good, procedure, or service.
The organization should have a scalable business plan with a strong potential for income and employment generation.
Certificate of Registrar of Firms and societies
Partners Aadhaar and PAN
Mail Id and MOB of partners
Logo of Organisation/Brand
Working website of Company with all details of products
Trademark Application Number, if any
Details of Industry, Sector and Services provided by the Business.
MSME Certificate
GST Certificate
PAN of Partnership Firm
Details of Authorized Representative, if other than the Partners.
Certificate of Incorporation
PAN card of Company not compulsory as PAN number we can get from COI
Aadhar of Directors
Email Id and MOB of Directors
MSME
Trademark Application number, if any
GST Certificate
MOA and AOA of company
Logo of company/brand name
Details of Authorised Representative, if other than director.
Certificate of Registration
PAN card of LLP
Aadhaar of partners
Email ID and MOB of Partners
MSME
Trademark Application number, if any
GST Certificate
Details of Authorised Representative, if other than the Partners.
The benefits of the Startup India Scheme are as follows:
Income Tax Benefits
Startups are now given an income tax exemption for a period of three years from the date of incorporation provided they are certified as such by the Inter-Ministerial Board of Certification. Also, upon obtaining recognition from the Department for Promotion of Industry and Internal Trade (DPIIT) and if the aggregate amount of paid-up share capital and share premium of the startup after the proposed issuing of shares, if any, does not exceed ₹25 Crore, the startup will also be exempt from capital gains tax under Section 56 of the Income-tax Act, 1961-2014.
Financial Benefits
Startups are given a rebate on intellectual property rights (IPR) costs of 80% on patents and 50% on trademarks and are actively assisted by government-provided facilitators who aid with protecting and commercialising the IPRs. The examination and disposal of the IPR applications are also fast-tracked. The government will also pay the fees of the facilitators.
Registration Benefits
Startup registration in India is still extremely complex, with incorporation and registration being considered more difficult than the actual running of a business due to the extensive requirements. Under the scheme, it provides a portal to create networking opportunities and assistance for startups. A problem-solving window has been provided by the government under the scheme.
Funding Benefits
Certain states provide seed funding to startups certified under the scheme. To know about your state and the requirements in place.
Regulatory Benefits
Under this scheme, startups are allowed to self-certify compliance for six labour laws and three environmental laws through a simple online procedure. For labour laws, no inspections will be conducted for a period of 5 years unless there is a credible and verifiable complaint of violation, filed in writing, and approved by an official who is at least one level senior to the inspecting officer.
In the case of environmental laws, startups that fall under the ‘white category’ (as defined by the central pollution control board) would be able to self-certify compliance, and only random checks would be carried out in such cases
Public Procurement Benefits
Once your startup is certified by the Inter-Ministerial Board of Certification and a DIPP (Department of Industrial Policy and Promotion) number will be issued to you, you can get listed as a seller on the Government of India’s e-procurement portal – Government e-Marketplace – and have the inside track on all Government of India Ministries/Departments/Public Sector undertakings subject to your ability to meet quality and technical requirements. Certified startups under the Startup India scheme will also be entitled to exemptions on the earnest money deposit in your bid as well as in terms of the requirements regarding prior turnover and experience.
Faster Exit Benefits
The government has initiated provisions making winding down operations easier by appointing an insolvency professional to fast-track the closure of operations and facilitate the sale of goods as well as paying creditors, all while recognising limited liability. Startups with a simple debt structure or those meeting the criteria outlined under this scheme will be able to achieve a complete exit within 90 days.