Start up India Scheme for Company Registration
Did you know there were as many as 167,076 startups company registration in India in the financial year 2022?
The entrepreneurial spirit is high & the undeniable government support to small businesses through multiple government aid and schemes like DPIIT is what has taken this number so up. I’ll discuss one such scheme in this one blog.
What is the Startup India Scheme?
Startup India is a flagship programme of the Indian government, which was introduced back in January 2016. It aims to create a robust ecosystem for nurturing startups and their innovative products, in order to achieve long-term economic growth and large-scale employment in India.
The scheme’s objective is to provide a number of legal, tax and funding benefits to startups and reduce their cost of compliances. The idea with this is to focus on the growth and expansion of their business in the initial stages of their establishment. There are multiple benefits of startup company registration.
The benefits under the Startup India Scheme?
l Self-Certified online compliances
l Income Tax Exemption for 3 Years
l 80% Rebate on Patent Filing
l Wind up in 90 Days under IBC
l Rs. 10,000 crores worth of funds
l No tax Inspection for First 3 Years
l Capital Gains tax exemption for angel investors
l 50% Rebate on Trademark Filing
l Access to Public/Private Incubators
l Credit Guarantee Scheme for Loans
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Here’s is a simple stepwise guide for startups to follow for company registration process in India:
Steps for Startup Company Registration
Incorporate your business: You are first to incorporate your business as a Private Limited Company or a Partnership firm or a Limited Liability Partnership. For this you are required to follow all the normal procedures for registration of any business like submitting the registration application and obtaining the Certificate of Incorporation or Partnership registration.
Register with Startup India: Then the next step for company registration is that the business must be registered as a startup. This process is entirely online and simple. For this visit Startup India website and click register!
Get DPIIT Recognition: Post registration you need to get DPIIT Recognition this will help to access high-quality intellectual property services and resources and all those benefits which we had discussed earlier.
Documentation required: You are required to provide with funding details if any, then an authorisation letter of partner or promoter of the company, patent details or trademarks are to be shared along with list of awards or certification.
Recognition number: This is it! On applying you will get a recognition number for your startup. This will be issued after the examination of all your documents which is usually done within 2 days after submitting the details online.
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