How to do Startup India Registration? Register your Startup

This article aims to explore the concept of how to do Startup India Registration. We acknowledge the current global situation and the challenges posed by the COVID-19 pandemic. The world is experiencing significant economic losses as a result. In order to address this issue, the Prime Minister of India, Mr. Narendra Modi, has introduced a scheme called Atmanirbhar Bharat, which encourages Indian citizens to register startup companies as a means to stabilize the economy.

Registering a startup company in India is a relatively straightforward process. However, it is advisable to seek how to do Startup India Registration consultants, as they possess comprehensive knowledge of each step involved. They can provide appropriate guidance on adhering to legal requirements and government regulations.

What is a Startup?

A startup is a newly established business, typically small in size, initiated by an individual or a group of individuals. What distinguishes it from other business entities is its provision of a novel product or service that is not available elsewhere in a similar manner. The key element is innovation. The enterprise either creates a new product/service or enhances an existing one to make it superior.

How to do Startup India Registration in India?

Let us go through the various steps on how to do Startup India Registration in India.

• Step 1: Incorporate Your Business
  • The initial step is to establish your business as a Private Limited Company, Partnership firm, or Limited Liability Partnership. It is necessary to adhere to all standard practices for registering any business, including obtaining a certificate of Incorporation/Partnership registration, PAN, and fulfilling other required compliances.

• Step 2: Register with Startup India
  • At this stage, your business must be registered as a startup. It can be registered online. To register, visit the Startup India website and complete the form accordingly. You will then receive an OTP via email, which you need to enter along with other relevant business details. Once your profile is registered on the portal, you can avail the benefits of the Startup India scheme, such as the Learning and Development Program, Government Schemes, State Policies for Startups, and pro-bono services.

• Step 3: Obtain DPIIT Recognition
  • The next step in creating your Startup India Website profile is to obtain Department for Promotion of Industry and Internal Trade (DPIIT) Recognition. This recognition enables startups to access services and resources related to intellectual property, relaxation in public procurement norms, self certification under labor and environmental laws, ease of winding up the company, access to the Fund of Funds, tax exemption for three consecutive years, and tax exemption on investment above fair market value.

To obtain DPIIT Recognition, click on the ‘Get Recognized’ button if you are a new user. If you are an existing user, click on the ‘Dashboard’ button and then select ‘DPIIT Recognition.’

• Stage 4: Application for Recognition
  • The page titled ‘Acknowledgment Application Detail’ will open. On this page, please click on ‘View Details’ under the Registration Details section. At the top of the ‘Startup Recognition Form’, click on ‘Submit’.

• Stage 5: Documents to be submitted for Registration
  • Following are the documents required for Startup Registration
    • Fuse/Registration Certificate of your startup
    • Details of the Directors
    • Evidence of ideas such as a try out deck, website interface, or video.
    • Patent and brand name details (Optional)
    • Container Number

• Stage 6: Receipt of Acknowledgment Number
  • Upon submission, you will immediately receive an acknowledgment number for your startup. The certificate of acknowledgment will be issued after the evaluation of all your documents, which is typically done within 2 days of submitting the details online.

However, please exercise caution while uploading the documents. If, upon subsequent verification, it is found that the required document has not been uploaded, the wrong library has been shared, or a forged document has been submitted, you will be subject to a fine of 50% of your paid-up capital of the startup with a minimum fine of INR 25,000.

What are the advantages of Startup India?

Regsitering a Startup in India has various advanatges. Some of major benefits of startup registration are listed below.

• Tax Exemption under 80IAC
• Easy dissolution of the company
• Startups can also network with other startups through this platform.

• Facilitates obtaining funds from investors.
• Easy application for Government tenders.
• Startups will be allowed to self-certify compliance with 6 Labor Laws and 3 Environmental Laws through a simple online procedure.

Conclusion

In conclusion, the Atmanirbhar Bharat initiative, spearheaded by Prime Minister Narendra Modi, aims to mitigate the economic impact of the COVID-19 pandemic by encouraging the registration of startups in India. How to do Startup India Registration outlined offers entrepreneurs the opportunity to formalize their businesses and gain access to a range of benefits, including tax exemptions, networking opportunities, and simplified compliance procedures. Embracing innovation and fostering a supportive ecosystem, the scheme seeks to empower startups as key contributors to economic recovery and growth in India.

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