Startup Registration: Startup is a useful term in today’s era to lift up the environment of business in a very beautiful way. It is the term or scheme used under DPIIT which is the initiative by our government of India which is in consonance with the Make in India Concept which altogether aims to help and support the entrepreneurs and creates the opportunity worldwide via the Startup portal.
This portal benefits us in many ways where we need to fill the application online due to which startup can take a number of benefits and services provided by the government to do the business. This scheme aims in encouraging unique and innovative startups in the country.
STARTUP REGISTRATION in INDIA
BENEFITS UNDER STARTUP RECOGNITION
Tax exemption- Can take the tax exemption on investment and capital gain above the fair market value;
Earnest Money Deposit- Can take the exemption from the requirement of earnest money deposit in government tenders;
Exemption on Income tax- Income tax exemption for a period of 3 consecutive years;
Availment of funds- Fund by the government to help the startups;
Reduction in fees- In case of patent filing and trademark filling there is 50% rebate;
Self-certification and no inspection for three years;
Time and Money- Save the money as well as time.
PRE-REQUIREMENT FOR STARTUP RECOGNITION
First requirement is that startup need not be old then ten years from the date of incorporation.
Startup must be private limited company, Registered Partnership or LLP (Limited Liability Partnership).
From the date of incorporation in any case, turnover must not be increased Rs. 100 crore for any financial years.
There is no reconstruction in the formation of the entity either by way of splitting or merging into a new entity.
The innovation, improvement in the already existing product or process, it should solve the some existing problem in any unique way along with the employment and wealth creation in the economy.
It is not compulsory to get applicant entity to get its trademark filled prior applying to the application for the startup recognition, but yes the trademark already filled always upgrades the chances of the approval of the application from the department.
Website is must for the applicant entity before filling of the application. The website must have all the information about the company, products, process, services etc.
Certificate will be issued the DPIIT in the hard copy manner by the name called as startup recognition certificate along with the login credential of the startup portal formed by the Government of India.
DOCUMENTS AND DETAILS REQUIRED FOR STARTUP
Certificate of Incorporation or LLP Certificate and PAN card of the entity;
URL Link of the website of the entity;
If there is any mobile app , link of the mobile app is required then;
MSME registration number in case if entity have MSME;
Trademark, patent or any other IPR filing number and logo (filed or registered E-mail id and phone number of the company).
Profile of the directors in the very manner and authorized representative along with its email and contact details and address.
Answer to every question like what is the problem the startup will solve and how to solve the problem (manner of solving), what is the uniqueness of the solution and most importantly revenue generation by the help of startups.
No government cost involved in the filling of this application. Only our professional cost is involved.
Innovation is the key requirement the applicant entity has to keep in mind. The business must be working towards innovating something new or significantly improving the existing used technology, than only one can accept the approval from the department.
STEPS ARE INVOLVED IN STARTUP RECOGNITION UNDER DPIIT
Formation of the business- As the Registered Partnership, Private Limited company and LLP (Limited Liability partnership);
Need a fully formed website of the company to get recognized;
Need to file the application with the startup by filling the form online with the help of required details;
Need to upload mandatory documents in the pdf format like – Any award received by the entity, Questionnaire prepared in the brief manner, MSME Certificate and Certificate of Incorporation of the organisation.
The DPIIT certificate of recognition for startups will be issued after full scrutinizing of the documents and details by the department. If the application has been marked incomplete according to the department, the applicant needs to edit the same application and submit it with the department. The department has given only three chances of editing at startup portal. If the requirements are not fulfilled then the application would be rejected by the department. Once application is rejected then the editing cannot be made further and new application can be filed by the applicant only after completion of 3 months from the date of rejection of application by the department.
If all the required documents and criteria are fulfilled like the applicant is a registered entity and have fully developed website, then the time involved will be 12 to 15 days in case no query is being raised by department. In case of query raised by department, then the time can be increased to 1 month also.
To wrap up Startup registration has become the important registration for the early startups to enjoy the benefits of the government startup scheme. Choose NeuSource, your compliant partner. Team of efficient and skilled experts of NeuSource is always there for your help and guidance.
Email Id Swati@neusourcestartup.com and Phone Number 9540026175.
The NeuSource Startup Mind is the finest business startup consultant that offers various services of registration like Proprietorship Firm Registration, Partnership Firm Registration, LLP Registration, Company registration, GST Registration, Copyright Registration, ISO Registration Trademark registration and other FSSAI License etc.
CS Jagriti Mehndiratta
Success usually comes to those who are too busy to be looking for it and there’s no shortage of remarkable ideas, what’s missing is the WILL to execute them. Neusource will help you out in flourishing you idea into remarkable ones.