Ultimate Guide To Register Startup In India In 2023

The startup India, is the flagship adopted by the Indian Government, and its goal is to foster innovation as well as the entrepreneurship by extending the platforms for the most aspiring of the businesses for realizing the dreams , creating job opportunities, driving economic growth as well as accessing the governmental funding, guidance as well as the support.

The startup India serves as the initiative of the Governmental authorities which is meant for the creation of the strong of foundation for nurturing talent, innovation and budding businesses for driving sustainable of the economic growth along with generation of employment opportunities on wide scale.

Read also this -: Startup Registration In India- Its Definition, Eligibility & Step By Step Procedure

What is startup India initiative?

The startup India Is the government of India initiative which has been intended towards the building of the extremely strong of the eco system for the purpose of nurturing innovations as well as starting new businesses within the nation for driving the sustainable of the economic growth as well as generating the wide scale of the employment opportunities. So, through this particular of the initiative, the aim of the Governmental authorities is to empower the startups for growth and through the innovation as well as the designing.

What is goal of Startup India Program?

The goal of the startup India program is already enlisted below. So, the action plan will be envisaging the support to the startups and much more.

Improvement in the infrastructure which includes incubation centres

Facilitation of IPR, which includes convenient of the patent filing

Better of the regulatory environment, which includes taxation advantages, convenient compliance, improvement in setting up company, quicker mechanism as well as much more

Goal for increasing opportunities for funding

Extending networking database for the business owners as well as the stakeholders within the startup system

What is eligibility criteria for startup Registration in India?

The startup must be capable of meeting the eligibility criteria which is mentioned below for taking the DPIIT recognition certification

Duration of entity existence

The existence duration as well as the company’s operations should not be greater than 10 years of time from inception tenure

Entity type

The DPIIT recognition certification is extended for the organization which is having the incorporation as the PLC, LLP or the registered of the partnership firm

Annual turn over

For seeking DPIIT recognition certification, the company will be having the annual turn over of greater than Rs 100 crores during any of the fiscal years since the federation

Original entity

For seeking DPIIT recognition certification, there should not have been incorporation of the business through the splitting up or recreation of the existing of the entity.

Innovative & scalable business entity

The business entity would be working with respect to the development/ improvement of the product/ processes or the services. The entity should be having the scalable of the business model with high of the potential in the creation of the wealth as well as employment. So, the firm should be having the potential of generating the employment or the creation of the wealth.

Read also this -: Understanding Startup Registration In India, Its Benefits & Process

What are steps to register startup in India?

Choosing right business structure

This is the foremost step in choosing the most appropriate of the corporate structure. So, in the Indian country, corporate structures for the startups will be including the sole properiterships, partnershops, LLC, LLPs as well as the private limited companies. So, each of the business stcuture will be having the benefit as well as the legal needs. Thus, make sure to carefully consider your unique business reequirements before taking the decision.

Seeking digital signature certification(DSC)

Seeking digital signature certification from the recognized of the authority for making it convenient of submitting the documentation online. The DSC will be guaranteeing the authenticity as well as the documentation integrity which will be communicated electronically during the process of the registration.

Applying for DIN( Director identification number)

The company director candidates must be seeking the DIN( director identification number) from the DCA( department of corporate affairs). So, the DIN will be serving as the unique identification number meant for the board of directors and this is also needed for the purpose of the startup India registration.

Reserving unique name for startup

The director of the company must seek the DIN( director identification number) and this is from the MCA which is the department of the corporate affair. So, DIN will be serving as the unique identification number meant for the board of directors and this is needed to register startup in India.

Preparation & Submission of incorporation documentation

Collection of the requisite of the paperwork which will be including the identification, address proof, passport images of the directors/shareholders. So, there needs to be the preparation of the MOA( memorandum of association) as well as the AOA( article of association) and this will be outlining the goals, regulations as well as the rules of the business. So, submission of the paperwork as well as the requisite of the fees needs to be done while filing form on MCA portal.

Seek PAN( Permanent account Number) & Taxation registration

Once you setup your startup, there needs to be the application to be filed for the PAN. So make sure to register the business which will be needing the GST( Goods & service) tax. Also, make sure to comply with the tax obligations as it is crucial for maintaining the regulatory compliance along with the conduction of the smooth business operations.

Complying with annual returns & legal formalities

Once registration is done, this will be ensuring the compliance along with meeting the annual submission needs as well as the other of the legal obligations which are compulsory by the MCA along with the relevant of the regulatory authorities. So, this will be including the submission of the annual accounts, holding the general meetings annuals, maintenance of the legal registers along with tax obligations compliance.

Register startup in India

Now, you are required to register firm/ company in terms of the startup India scheme of the Government. So, you are required to fill the form which is present on the site. Also, you are required to fill all the details along with uploading documentation.

What all paperwork you require for uploading in PDF format?

You will be requiring the recommendation letter as well as the registration form. So, make sure to seek the recommendation letter from the below mentioned of the authorities.

Government of India funding as the component of the specified of the scheme for the promotion of innovation

Recommendation letter from incubator and this will be the post graduate college within nation in format that has already been approved from the DIPP

Recommendation latter from central/ State Government authorities of India

A patent filing as well as publishing within the Journal, Indian patent office in all the areas which have been affiliated with the business which is being promoted.

Mention about tax exemption

In India, startup India registration is not required to pay their income tax for the first of the three consecutive years. However, for availing the benefits, the business needs to be certified through IMB( inter ministerial board).This is where the businesses are required to register themselves with DIPP , for seeking relaxation with startup registration in India for getting enough of the benefits.

Here are the things you need to enter into the self declaration:

Whether entity is PLC, LLP or partnership firm

The business must be having the incorporation/ registration in the country & not before tenure of 5 years

The turnover of the company must not be greater than 100 crores

The business needs to innovate something new or make existing of the system better in their own manner

The business needs to be the fresh idea as well as not splitting up/ reconstructing & redefining existing system in better way.

Acquire recognition number

Once application for the startup India registration is done, you will be acquiring the recognition number with the immediate of the impact. So, you will be acquiring the certification of registration/ incorporation only when the authorities will be going through the uploaded of the documentation.

Now that you know the eligibility and registration criteria for a startup, enrol your company as well into the Startup India scheme and reap all the benefits provided by the government.

Also, make sure to be extra careful during the data upload, just like the discrepancy with in the same and this will be leading to the huge fine of 50% of the paid up capital or minimum of Rs 25,000. So, now you will be knowing the eligibility as well as criteria for the registration for the startup , enrolling the company under startup India scheme and reaping all the advantages extended by the Governmental authorities.

How Startup India Registration Consultants Assist In Setting Up Business?

The startup registration India is the Governmental initiative for supporting as well as promoting the startups within the nation. So, this scheme was introduced in the year 2016 and the entire registering process is being governed by the DPIIT( Department for promotion of industry & internal trade). So, through the registration, startups will be in the condition of getting the advantages as well as supporting the measures which are being rendered by the Governmental authorities and this will be boosting the chances of success in the competitive business world of today’s time.Today, Startups are scalable business models that are still in the initial stage of its operations.

Read also this -: A Complete Guide On Startup Registration In India: Benefits, Documentation & Procedure

Thus, there are many businesses that intent to produce innovative products or come up with new services and if they have DPIIT registration, they will be qualified in the form of valid startups. The main goal of the Startup in the country is to foster innovation, economic growth, creation of jobs along with many advantages as well as startup incentives.

Hire startup India registration service provider!

The best business as well as the legal services platform provides the startup India registration service. So, this will be providing the registration facility from the convenience of your place, extending you the most specialized as well as the tailored solutions. Once you initiate new business venture, it is extremely eminent to understand the need of the startup registration in India process. So, the team of consultants is here to support the newly emerging of the businesses, without any sort of the hassle. The company takes all the measures for the completion of the process to register startup in India, with immense care as well as responsibility. The firm has already assisted the startups in seeking recognition with the concerned authority and thus you can also realize your dream of setting up the business.