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INTRODUCTION

Startup India scheme is an initiative by government of India which aims to support entrepreneurs and create jobs via G2B Portal. This government to business (G2B) Portal is a platform where online applications are filed for access to number of government to business services. The importance of the scheme was to form a strong system for encouraging innovation in the country.


DESCRIPTION

There is a prescribed criteria for the entity to get register itself under the startup scheme. Before proceeding for the DPIIT registration we need to first understand what a startup is? A start up is a small business started with the objective to solve a problem. These are the small business entities like (companies, LLP, firms etc.) which are generally functioned by the promoters or an individual. Startups provide jobs opportunities to the people which help in the economic development of the society. Startup India defines those business that has been newly formed or has been in existence of 10 years or lesser. This has been specified for biotechnology firms that the limit is 10 years of operation from the date of registration in India and for the other industries the limit is 7 years to get recognised under startup.


This initiative of identifying and encouraging the startups are taken by our government of India. This has been done in consonance with the Make in India Campaign. By getting registration under DPIIT, the startup will get benefit of self-certification and compliance under 9 environmental & labour laws. If the entity wishes to wind up the company they can do so under 90 days under Insolvency & Bankruptcy Code 2016. Further there are multiple exemptions and/or rebates available such as:

  • Tax exemption on capital gains & on investments above fair market value.
  • Exemption from requirement of earnest money deposit in government tenders.
  • Income tax exemption for a period of 3 consecutive years
  • In case of patent and trademark filing there is rebate of fee upto predefined limit.

Further while applying for government tenders, the requirement of minimum capital or turnover or experience has to be fulfilled by the entity as specified. But if the business entity is recognised as Start-up by DPIIT then, such entities can apply for tenders as specified even if they don’t fulfil such requirements of minimum capital, turnover etc.


Conditions required to be fulfilled for getting registration under DPIIT

  • It should not be older than ten years from the date of incorporation.
  • It should be incorporated either as a private limited company or a registered partnership firm or a limited liability partnership.
  • Since incorporation, yearly turnover should not surpass Rs. 100 crore for any of the financial years.
  • It should not have been formed by splitting up or reconstruction of already established business. New entity must be formed.
  • It should have innovative business, development or improvement of products or processes or services, or it should be generating employment and creating the wealth for the economy.

Benefits and rewards of the registration

Following are the benefits of getting recognised which will straightaway uplifts the startups:
  • First and foremost is the tax exemption which any recognised startup can claim.
  • There will be lot of income tax benefits for the period of three years.
  • Save the money as well as time
  • Investment exemptions can be availed.
  • Concessions on all the capital gains can be availed.
  • Fund by the government to help the startups.
  • Self-certification and no inspection for three years.

Documents and details required for filing the application

  • Copy of certificate of incorporation / LLP registration certificate and PAN card
  • Brief details about company and products or services
  • Brief profile of directors and authorised representative such as email Id, contact details, and address etc.
  • Detailed answers to the questions as prescribed at portal

Process of startup recognition

  • Business incorporation.

    Firstly, register the entity either in the form of limited liability partnership or a private limited company or a firm.

  • Above mentioned registered entity to be register under DPIIT

    Now, file the application with startup India. For that you just have to fill the form online with few details and documentation.

  • Upload mandatory documents online only in pdf file

    Documents required for uploading while filing the application are.

    Any award received by the entity.

    Questionnaire prepared in brief.

    Incorporation certificate.

  • Self certify your documentation

    You must certify all related documents and details mentioned before filing for the recognition under startup like form of business, turnover etc.

  • Getting recognition number

    The DPIIT certificate of recognition for startups will be issued after examination of the application and documents submitted. All the registered entities are allowed to access the DPIIT G2B portal to file the online applications, enquiries and anyone can raise any questions related to their businesses, file the applications for their licenses and can keep a track on their filed applications history and previously obtained licenses.

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FAQ's

Recognized startup leads to tax exemptions

  • Would a one person company (OPC) be eligible to get DPIIT registration?

    Yes. One person companies are eligible to get DPIIT Registration and avail benefits under the startup India initiative.

  • Can a DPIIT registration be revoked?

    In case if it is found that any certificate has been obtained on the basis of false information, the DPIIT board reserves the right to revoke such certificate or approval.

  • For how long a startup recognition would be valid?

    The company or LLP or any other entity is ceased to be a startup after the expiry of 10 years from the date it is formed or if the turnover of the startup exceeds INR 100 crore.

  • After recognition, will the government sent the certificate by courier?

    Once online filing is done, the certificate would be issued by government online and applicant can download the same on the startup portal. Certificate can be printed and laminated by the entity on its own.

  • If any entity has filled the application for recognition under the startup and the department sent back for editing, what is required to be done in that case?

    If the application for recognition has been marked incomplete, the startup needs to edit the same application and submit it with the department. Only three times editing is possible at startup portal. After that the application would be rejected by the department. Once application is rejected then the editing cannot be made further, new application is required to be filed by applicant only after passing of three months from the date of communication that the application has been rejected with the certain grounds.

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