Startup Registration in India
Embarking on the dynamic journey of entrepreneurship in India necessitates a nuanced understanding of the startup registration process. In this detailed guide, we unravel the intricacies of startup registration, navigating through schemes, benefits, eligibility criteria, and the step-by-step procedure. Initiated by the Indian government, the Startup India program, overseen by the Department for Industrial Policy and Promotion (DPIIT), aims to foster a robust entrepreneurial ecosystem. LegalRaasta, as a facilitator, plays a pivotal role in assisting startups through the complexities of this scheme, providing invaluable support in legal recognition, credibility enhancement, government incentives, funding opportunities, tax exemptions, and more. Join us on this comprehensive journey, exploring not only the registration process but also the ongoing collaboration between startups and LegalRaasta, ensuring a flourishing future in the competitive Indian business landscape.
Contents
1. Legal Recognition and Protection:
When you register your startup with LegalRaasta, it becomes a distinct legal entity, offering protection from civil or criminal liability.
2. Credibility:
– LegalRaasta’s assistance enhances your company’s credibility, signalling commitment and legal validity to clients and associates.
3. Government Incentives:
– Registering with LegalRaasta opens avenues for accessing various government incentives and programs designed to support startups.
4. Funding Opportunities:
– With LegalRaasta’s support, startups increase their chances of obtaining funding from investors, crucial for expansion and development.
5. Tax Exemptions:
– LegalRaasta ensures startups can avail themselves of tax advantages and exemptions, including relief for Angel Tax.
6. Acquisition and Exit Ease:
LegalRaasta simplifies the process of selling or transferring ownership, providing transparent structures for startups.
Read Also This – What Is Startup Registration Process Online For New Businesses
1. Age Requirement:
Applicants, facilitated by LegalRaasta, must fall within the age range of 18 to 65 years.
2. Entity Types:
LegalRaasta assists in the registration of private limited companies, registered partnership firms, or limited liability partnerships.
3. Annual Turnover Limit:
With LegalRaasta’s guidance, startups can ensure their turnover does not exceed Rs 100 crore annually.
4. Startup Duration:
LegalRaasta facilitates startups to qualify for up to ten years from their registration date.
5. DIPP Approval:
– LegalRaasta ensures the necessary approval from the Department of Industrial Policy and Promotion (DIPP).
6. Funding:
LegalRaasta assists startups in securing funding from Incubation Fund, Angel Fund, or Private Equity Fund registered with SEBI.
Starting a business with LegalRaasta involves a systematic approach to ensure seamless registration under the Startup India scheme.
1. Establishing Your Business with LegalRaasta
The journey begins by incorporating your business as a Private Limited Company, Partnership Firm, or Limited Liability Partnership with assistance from LegalRaasta. This includes obtaining essential registrations such as PAN, DIN, and DSC. LegalRaasta’s expertise simplifies the process, ensuring a strong foundational step.
2. Startup Registration under the Startup India Scheme
LegalRaasta facilitates the online startup registration process on the Startup India website. Startups gain access to various acceleration programs, mentorship initiatives, and challenges featured on the platform. LegalRaasta ensures that startups can leverage valuable resources, including the Learning and Development Program, State Policies for Startups, Government Schemes, and pro-bono services.
3. Document Submission with LegalRaasta’s Support
LegalRaasta guides startups through the crucial step of document submission. This includes uploading necessary documents in PDF format, ensuring compliance with the prescribed formats. LegalRaasta’s expertise in this process ensures startups meet the stringent requirements, including recommendation letters, registration certificates, and comprehensive business descriptions.
4. Indicating Tax Benefits with LegalRaasta’s Guidance
In India, startups enjoy tax exemptions for the first three years. LegalRaasta assists startups in indicating their interest in tax benefits. For startups certified by the Inter-Ministerial Board (IMB), government-recognized ones can receive Intellectual Property Rights (IPR) benefits without additional certification from IMB.
5. Self-Certified Conditions Compliance with LegalRaasta’s Support
LegalRaasta helps startups ensure compliance with self-certified conditions, including:
– Choosing the appropriate legal structure.
– Legal registration or incorporation in India within five years.
– Maintaining an annual turnover between Rs. 25 crore to Rs. 100 crore.
– Demonstrating a commitment to continuous innovation and original business ideas.
6. Recognition Number and Certificate of Incorporation with LegalRaasta
Upon successful completion of the startup registration process, including document submissions, startups receive a recognition number immediately. LegalRaasta guides startups through the subsequent review process to obtain the certificate of incorporation or registration. It emphasizes the importance of accurate data uploading to avoid potential fines.
7. Further Steps with LegalRaasta
Once the recognition number is secured, startups can apply for trademarks, patents, and design registration through facilitators approved by the Government of India. LegalRaasta advises startups to consult with lawyers for any patent or copyright requirements, offering insights into potential cost reductions on registration fees.
Read Also This – A Complete Guide On Startup Registration In India
Startups partnering with LegalRaasta for the Startup India registration process need to provide essential documents and information:
1. A certificate of incorporation or business entity registration.
2. The articles of association or memorandum of association (for partnership firms or LLPs).
3. A filled-out application form with all required information, such as a mobile number and email address.
4. Photos in passport size.
5. PAN and the Certificate of Registration/Incorporation.
6. Information about the company, such as the office address, type of business, industry sector, etc.
7. Details regarding Directors and Partners: names, gender, addresses, photo IDs, etc.
8. The website or social media account of the entity.
9. Information on intellectual property rights (IPR), if any.
10. Information on funds received, should the organization have investments secured.
11. A list of awards or certifications of achievement, if any.
Ensuring these documents are readily available streamlines the Startup India registration process with LegalRaasta.
1. Streamlined Compliance with Self-Certification
LegalRaasta ensures startups benefit from the Startup India Action Plan’s Compliance Regime, relying on self-certification. This minimizes regulatory burdens, allowing startups to focus on core business activities.
2. Centralized Support Hub
LegalRaasta facilitates startups in utilizing the Startup India Hub, serving as a centralized point of contact for the entire startup ecosystem. This hub fosters knowledge exchange and collaboration among startups.
3. Digital Engagement Platform
With LegalRaasta’s assistance, startups engage with government/regulatory institutions through the digital platform, comprising a Mobile App and Portal. This simplifies communication, information access, document submission, and regulatory requirements.
4. Startup Showcases
LegalRaasta supports startups in participating in Startup India-organized events showcasing innovative solutions. These events provide national and international visibility, attracting investors, partners, and customers.
5. Innovation Centres
LegalRaasta guides startups in accessing Innovation Centres established at National Institutes. These centres foster incubation and collaborative research and development efforts, nurturing a culture of innovation and entrepreneurship.
6. Research Parks
LegalRaasta informs startups about seven Research Parks inspired by the successful model at IIT Madras. By bridging the gap between academia and industry, these parks seek to stimulate innovation through incubation and collaborative research and development initiatives.
Given the dynamic nature of the startup landscape, entrepreneurs must stay informed about updates, policy changes, and emerging opportunities. LegalRaasta, as a partner, commits to keeping startups abreast of any alterations in regulations or additional schemes that could benefit their ventures.
Read Also This – Startup Registration In India- Its Definition, Eligibility & Step By Step Procedure
Beyond the initial registration, LegalRaasta emphasizes several key considerations for startups:
1. Trademark and Intellectual Property Protection
LegalRaasta recommends that startups promptly initiate the process of trademark registration to safeguard their brand identity. Additionally, securing intellectual property rights for innovations ensures long-term competitiveness and protection against infringement.
2. Compliance and Reporting
Staying compliant with regulatory requirements is an ongoing responsibility. LegalRaasta provides support in understanding and meeting compliance obligations, including filing annual returns, financial statements, and other regulatory reports.
3. Funding and Investment Strategies
LegalRaasta remains a strategic partner as startups explore funding opportunities beyond the initial stages. Guidance on attracting investors, understanding term sheets, and negotiating funding rounds is crucial for sustained growth.
4. Scaling and Expansion
After the startup registration process, for startups eyeing growth and expansion, LegalRaasta offers insights into scaling strategies. Whether entering new markets, diversifying product offerings, or forming strategic partnerships, our experts assist in navigating the complexities of business expansion.
5. Exit Planning
LegalRaasta provides guidance on exit planning, helping startups navigate processes like mergers, acquisitions, or IPOs. Ensuring a smooth exit is essential for founders and investors alike.
Starting and registering a startup in India involves navigating complex processes, and LegalRaasta serves as a valuable ally in this journey. By choosing the right business structure, obtaining necessary licenses, and adhering to laws, startups can build a strong foundation. While this guide covers the main aspects, staying updated on specific criteria and rules, consulting with legal and financial professionals specializing in startup registration is advisable. LegalRaasta stands committed to aiding entrepreneurs, ensuring they access the necessary finances for their businesses.
Navigating the complex landscape of startup registration and growth in India requires a reliable partner, and LegalRaasta stands as a beacon of support for entrepreneurs. From the initial steps of registration under the Startup India scheme to ongoing strategic guidance, LegalRaasta is committed to empowering startups for success.
In a rapidly evolving business environment, the collaboration between startups and LegalRaasta is not just about compliance; it’s about fostering innovation, sustainability, and growth. As the entrepreneurial journey unfolds, our experts remain a steadfast ally, dedicated to ensuring startups not only survive but thrive in the competitive Indian business landscape.
Embark on your entrepreneurial journey with confidence—partner with LegalRaasta and pave the way for a flourishing future.