Startup Recognition for Startup India Scheme

The Startup India programme is a commendable effort to promote entrepreneurship in India. It encourages bank financing, streamlines the incorporation procedure, and exempts entrepreneurs. However, you must qualify as a "Eligible Startup" in order to get all of these perks.

Give Brief answer to following questions for Startup India Registration                   

  •  What's the problem your startup is planning to solve?
  •  How your startup will help in solving that problem?
  •  How the solution provided by your startup is unique?
  •  What's the plan for Market Traction?

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Startup India Registration and Benefits

An Overview- Startup India Registration and Benefits

Prime Minister Narendra Modi announced the Startup India initiative on January 16, 2016. It was founded with the goal of creating a rapidly expanding startup environment for innovators and entrepreneurs. The primary goal of the Startup India initiative is to stimulate job creation, income creation, and innovative development ideas.

There are numerous advantages to registering with Startup India. The government is also granting three years of tax breaks to help startups. The government is also offering Startup India loans with lower interest rates. Startup India registration is available online.

You should have a distinctive and effective business idea before registering as a startup in India. The government is also providing several startup India perks such as reduced compliance, patent fee rebates, tax exemption for three tax years, and so on. The government is establishing a startup India hub to attract entrepreneurs and fresh inventors.

The Startup India Scheme is the country's major initiative to increase employment and income. The Government of India offers an online startup India registration service through the Startup India webpage.

What is Startup

Definition of Startup under Startup India Initiative

Eligibility for DPIIT startup recognition, company must meet the following criteria:-

  • Company Age:- Period of existence and operations should not exceed 10 years from the date of incorporation
  • Entity Type:- Incorporated as a Private Limited Company, a Registered Partnership Firm, or a Limited Liability
  • Annual Turnover:- Annual turnover should not exceed Rs. 100 crore for any of the financial years from date of registration
  • Original organization:-Entity should not have been formed by splitting up or reconstructing an already existing business
  • ]Innovative and Scalable:- Should work on the development or improvement of a product, method, or service, and/or have a scalable business model with a strong potential for income and employment generation. 

How startups can get funding?

  1. Funding is a crucial aspect in achieving a business's vision. Funding and fundraising are two current business scenarios that are crucial to a company's growth. Funding is a crucial aspect in achieving a business's vision. Funding and fundraising are two current business scenarios that are crucial to a company's growth.

The following are some startup funding options:
1) Contributions from the public:-Crowdfunding is gaining popularity since it ensures that other experienced company participants also believe in your idea. Crowdfunding may also help in collecting crucial funds at the concept stage.
2) Self Funding:- Bootstrapping is an excellent method for raising capital for a company, especially if the first investment is modest. Enterpreneur has the opportunity to serve as his own boss. Enterpreneur is not accountable to anyone, yet he may also track the revenue and profits.
3) Venture Capitalists:- ypically, venture capitalists invests in companies with adequate traction and a strong management team. If enterpreneur decide to engage with venture capitalists, he must be willing to accept their advice and adhere to their strict oversight.
4) Angel Investors:- Angel investing has some drawbacks, such drawbacks are higher interest rates and lesser investments than venture capitalists, but it is important to note that Google, Yahoo, and even Alibaba were created as a result of angel investment.
 

Benefit

Benefits for Startups Recognized under the Startup India Scheme

Income Tax Exemption

Eligible startups can avoid paying income tax for three years in a row during the first ten years following formation.

Self Certification

Startups will be able to self-certify compliance with six labour regulations and three environmental rules via a simple online procedure. There will be no inspections of labour standards for the next five years. Startups can only be inspected if the inspecting officer receives a true and verified complaint of a violation, which must be provided in writing and authorised by at least one level above the examining officer.

Tax Benefits on Investment

Section 56(2)(VIIB) of the Income Tax Act exempts Accredited Investors, Non-Residents, AIFs (Category I), and listed enterprises with a net worth of more than 100 crores or income of more than INR 250 crores from paying taxes on investments in qualified startups. Consideration of shares received by eligible startups will be excluded up to a limit of INR 25 crore.

Simply Winding up for the Company

According to the Insolvency and Bankruptcy Code of 2016, startups with simple debt structures or those that meet specific income defined criteria can be wound up within 90 days of submitting an insolvency application.

Startup India Registration Detailed Procedure in India

The Process of Being Recognized as a Startup

  • STEP 1: Register a Private Limited Company, Limited Liability Partnership, or Registered Partnership Firm.
  • STEP 2: Get the Entity's PAN.
  • STEP 3: Apply for the entity's MSME registration.
  • STEP 4- Write summary of the following:

1. What problem is the startup seeking to solve?
2. How does the startup intend to deal with this issue?
3. What sets the startup's solution apart from others?
4. How does the business make money?
5. A list of any awards or distinctions obtained by the startup.

  • STEP 5- Submit an application to www.startupindia.gov.in along with supporting documents, such as a certificate of incorporation or registration.

Document Required to Get Startup India Registration

Document Required to get Registered Under Startup India Scheme

Incorporation/Registration Certificate of your startup

  • Details of the Directors
  • Proof of concept, such as a pitch deck, website link, or video (for a startup in the validation/early traction/scaling stage).
  • Patent and trademark details (Optional)
  • PAN Number

HELP & FAQs

What is Startup India Scheme?

Startup India Scheme has been initiated to increase employment, wealth, and high-quality goods and services. Its primary objective is to create a startup ecosystem for innovation and fresh, effective ideas that are rapidly expanding

How long will my startup registration be valid?

Registration for a startup will be valid for ten years from the date of company formation.

Can I apply for startup registration without a PAN number?

No, without PAN, Startup India Registration can not be applied.

Can a Non-Indian company apply for Startup India Registration ?

No, a non-Indian business cannot be register under Startup India Initiative.

What is the annual revenue cap for startup India registration?

The startup's annual revenue should not surpass Rs. 100 crore in any of its financial years since its registration.

What are the government fees for registering a startup?

There is no government fee for Startup India Registration. It is completely free to register under startup scheme.

What are the benefits of startup registration?

All the benefits under Startup India Scheme are mentioned above.

Can I apply again for a startup registration if application got rejected?

Yes, you may submit another application.

What documents are necessary for Startup India registration?

All documents required for Startup India registration are listed above

Who is eligible to register for the Startup India Scheme?

Entrepreneurs with a novel and effective company growth concept can apply for Startup India registration under the Startup India programme.

What is self-certification during the Startup India registration process?

Startups will be able to self-certify compliance with six labour regulations and three environmental rules through a simple online process. There will be no inspections of labour regulations conducted for five years. Startups may only be inspected if the examining officer has received a valid and proven allegation of violation, which must be provided in writing and be authorised by at least one level above the examining officer.

Who administers the Startup India Program?

Two regulating agencies for Startup India Scheme are the Inter Ministerial Board and the Department of Promotion of Industrial and Internal Trade (DPIIT).

How can I secure my new innovative idea for startups?

By registering for patent rights or a trademark, you may safeguard your creative concept.

Why Knapadvisory.com?

We, at Knapadvisory.com, provide you the opportunity to register your startup under the Startup India Scheme. The entire procedure is conducted online.

India-wide, our team's expertise are reachable with a single phone call. We will assist you in:- 

  • incorporating your firm
  • Startup India file registration
  • Get identification number
  • Assistance and direction after starting registration.

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Legal Info

Knap Advisory : We Care | We Deliver | We Honor

We have been especially crucial in ensuring startups are compliant with India's complex legal structure. We accept responsibility and obligation on behalf of the business owners and co-founders for adhering to all legal requirements. We strive to deliver a wide range of quick, effective, and compliance-focused services to any company or individual with a startup mentality. We are abide by our motto:- We Care, We Deliver, We Honor.