Do you likewise have a thought for your Startup?
Is it unique?
Try not to stress; your innovation can be developed by Start-Up India!
Uncertain about what is Start-up India, We can tackle every one of your inquiries identified with it.
What is Start-up India?
Start-ups are getting exceptionally mainstream in India. So as to develop Indian economy and pull incapable business visionaries, the Government of India, under the administration of PM Narendra Modi, has begun and elevated Startup India activity to perceive and advance new businesses. This initiative was launch on 16th January 2016, since then it has rolled out several programs with the objective of supporting entrepreneurs.
Steps to register your start-up with start-up India
Incorporate your Business
One must incorporate their company as a Private Limited Company or Limited Liability Partnership. It is required o meet all the usual incorporation requirements for any business, such as obtaining the Incorporation /Partnership registration certificate, PAN and other appropriate compliances.
Register with Start-up India
Register as a startup for the company. The whole process is online and easy. All you need to do is log on to the Startup India Website and fill out the form with business information and upload required documents.
- A letter of recommendation
- An incubator recommendation developed in a post-graduate college in India, in a format defined by the Department of Industrial Policy and Promotion (DIPP), concerning the innovative nature of the business.
- Letter of Support from an incubator funded by Government of India ( in relation to the project) as part of any particular innovation promotion scheme; or
- A letter of recommendation from an Incubator, recognised by the Government of India in the DIPP format specified;
- A letter of funding of not less than 20 percent in equity from any Incubation Fund / Angel Fund / Private Equity Fund / Angel Network, properly registered with SEBI,
supporting creative nature of the business
- A letter of funding from the Government of India or any government of any State as part of any given innovation promotion scheme;
- A patent filed by the Indian Patent Office and published in the Journal in areas affiliated with the nature of the business to be promoted.
- Incorporation /Registration Certificate
You must upload your company / LLP Certificate of Incorporation (Registration Certificate for a Partnership)
- Brief description of your company
A brief description of the creative essence of your goods/services
Reply if you would like to make use of tax benefits
Startups will be excluded from income tax for 3 years. But they must be certified by the Inter-Ministerial Board (IMB) to take advantage of those advantages. DIPP acknowledged start-ups, IPR-related benefits can now be directly available from Govt. of India without requiring any additional IMB certification.
Finally, you must nominate yourself that you satisfy the following conditions:
a)You must declare your new business as a Private Limited Company, Partnership Company or Limited Liability Partnership
b) Your business must be incorporated/registered in India, not before 5 years.
c) The turnover shall be less than 25 crores per annum.
d) Development is a must: The business must try to develop something innovative or new and improve the existing technology used.
e) The company shall not be the result of the division or restoration of an existing business.
Get acknowledgement number instantly
That’s it! You will get a recognition number for your startup immediately upon applying. After examination of all your documents, the certificate of recognition will be issued.
Be cautious though while uploading the documents. If it is found on subsequent inspection that the correct document is not uploaded /the wrong document uploaded or that a fake document has been
uploaded, then you will be liable for a fine of 50 per cent of your startup’s paid-up capital with a minimum fine of Rs. 25,000.
- Register of patents, trademarks and/or designs
If you need a patent for your invention or a trademark for your product, you can easily access
any of them from the Government’s list of facilitators. You will only have to pay the standard
fees and thus earn a fee cut of 80 per cent.
Access to funding has been one of the main challenges faced by many startups. Entrepreneurs fail to attract investors due to lack of experience, security, or existing cash flows.
To provide funding support, Government has formed a fund with an initial corpus of INR 2,500 crore and a cumulative corpus of INR 10,000 crore over a 4-year period (i.e. INR 2,500 crore per annum). The Fund is in the form of Fund of Funds, which means it will not invest directly in Startups but will participate in SEBI’s registered venture funds money.
- The Fund shall be managed by a Board of Directors comprising practitioners from business, academia and productive startups.
- The Life Insurance Company (LIC) is a co-investor in the Fund
- A maximum of 50 per cent of SEBI approved Venture Funds (“daughter funds”) shall be contributed by the Company. The daughter fund should have increased the balance by 50 per cent in order to receive the donation. The Fund of Funds shall have investment fund members on board based on the contribution made.
- The Fund will provide funding for a wide mix of sectors such as manufacturing, agriculture, health, education, etc.
Due to the various government initiatives, it is very easy to register as a company. You should focus on your key area while this program can help you get your start-up recognition correct from start to finish.