STARTUP REGISTRATION

STARTUP REGISTRATION IN INDIA
Startup registration in India is a vital process for any entrepreneur who wants to officially start a new venture and take advantage of the benefits provided by the government under the Startup India scheme. The Government of India introduced the Startup India scheme in January 2016 with the aim of inspiring innovation, nurturing entrepreneurship, and enabling early-stage businesses.
WHAT IS A STARTUP?
A startup is usually a recently formed company that is innovation or technology-led, and seeks to create new products or services. A startup’s mission is to scale up and address real-world issues in a sustainable way. In order to receive recognition and advantages, startup registration with the Department for Promotion of Industry and Internal Trade (DPIIT) is mandatory.
ELIGIBILITY CRITERIA FOR STARTUP REGISTRATION
For startup registration in India under DPIIT, the following criteria must be met by the entity:
– The company must be a startup incorporated for not more than 10 years from the incorporation date.
– Only Private Limited Companies, Registered Partnerships, or Limited Liability Partnerships (LLP) can apply for startup registration.
– The startup should not have an annual turnover of more than ₹100 crores in any of the past financial years.
– The startup should be engaged in innovation, development, or improvement of products, services, or processes.

STARTUP REGISTRATION BENEFITS
There are numerous benefits of startup registration:
– Tax exemption of 3 years under Section 80-IAC.
– Angel Tax exemption under Section 56(2)(viib).
– Government funding and grants.
– Simplistic bank loans under the priority sector lending.
– Self-certification under labor and environment laws.
– Quick exit for startups under the Insolvency & Bankruptcy Code.

STEPS FOR STARTUP REGISTRATION IN INDIA
The following are the main steps to finish startup registration:
– Register your business as a Private Limited Company, LLP, or Partnership Firm by the Ministry of Corporate Affairs (MCA).
– Go to www.startupindia.gov.in and create an account.
– Complete the online application on the portal and apply for DPIIT recognition, which is at the heart of startup registration.
– Upload Mandatory Documents:
Certificate of Incorporation
Directors/founders details
Description of the startup and why it is innovative
Link to the website, pitch deck, and any patents
– You have to self-certify that your startup qualifies under the eligibility criteria.
– On being approved, you will be provided with a recognition number and certificate for startup registration.

CONCLUSION
Startup registration in India is a vital initial step for any entrepreneur. With the completion of startup registration, you become eligible for a excess of benefits from the government in the form of financial assistance, legal concessions, and more visibility. A highly visible startup has a better chance to scale faster and attract more investors. If you are going to start your own venture, make sure you undertake startup registration and utilize the system developed to foster innovation and entrepreneurship in India.