Startup India Registration – Eligibility, Documents Required, Procedure

How to Register a Startup in India?

A startup is a business typically established by one person, two people, or a group of people. The primary role of a startup is to offer a new service or product that is not currently available anywhere else, or to uniquely provide a service to other existing organizations in the same domain. As India is the third-largest country and continues to see an increase in startups every year, we have outlined the startup registration process, eligibility criteria, and procedures to help you fulfill your business startup dreams on the hustle freeway.

Startup India Scheme

Startup India is a scheme announced by the Government of India in 2016 to support and motivate innovative startups in India. Through this scheme, the government provides a wide range of options for youngsters to start a business, and the country’s economic growth also benefits. The following are the procedures for registering a start-up for the StarStartupia scheme.

Eligibility Criteria for StarStartupistration

• Should have incorporated as a Private Limited Company under the Companies Act, 2013, or should possess a Limited Liability Partnership certificate under the  LLP Act of 2008.
• Yearly turnover should not exceed 25 crores, as mentioned in the Company Act 2013.
• StarStartupsld focuses on innovating and commercializing new products or services. 
• The start-up should not be older than 5 years.
• Should have got approval from the DIPP (Department of Industrial Policy and Promotion).
• The startup obtained a patent guarantee from the Indian Patent and Trademark Office (IPTO).
• Must possess a recommendation letter from an incubator. 

Documents Required Startuption 

Here is the list of complete documents required for Startup Registration

• Complete profile verification information for the director.
• PAN Card Number.
• Written evidence about your main website, affiliates, or presentation deck. Required for speaking engagements, early momentum, or startup Incorporation or Registration, startup information on patents and trademarks.
• Articles of Association or Incorporation with a Trademark
• Non-Disclosure Agreement (NDA)
• Contracts with Employees and Offer Letters
• Bylaws ShareShareholder’sement
• Contracts for the Assignment of Intellectual Property
• Agreement Between Founders
• Plan of Business/Pitch Deck

Support / Recommendation Letter

The letter of support is a must-have document for registering a startup. A list of documents that can be used as a support letter is as follows, 

1. An incubator from an established postgraduate college should provide a letter stating the original innovative concepts of your business, in a format provided by the Department of Industrial Policy and Promotion (DIPP).  Or
2. A recommendation letter from the incubator that is related to the project, funded by the Government of India.   Or
3. One of the recognized incubators from the Government of India must provide a support letter regarding your distinct business format, as specified by the DIPP.  Or
4. Any Private Equity Fund, accelerator, or Incubation Fund that does not possess less than 20% equity and is registered with SEBI should emphasize the innovative nature of the startup in the prescribed format. Or
5. A funding letter from either the Central Government of India or the State Government of India to promote innovation as a part of specified schemes.
6. You are getting a promotional letter from a patent filed or a person who has published journals (Indian Patent Office) in the domain related to your startup.

SstartupRegister Your Star With Startupup IndStartup

1) Assimilate The Business

Initially, you must incorporate the business as either a Private Limited Company or an LLP. To do so, you should follow the general business registration processes, such as obtaining a private limited registration certificate or LLP, and a PAN.

2) Register For the Startup IndStartupme

The next step to registering the business as a startup is to visit Startuptup IndiStartup. This is one of the easiest processes you can complete from the comfort of your own home. To do so, log in to Startup India, fill out the form with mandatory details and documents, and submit. 

3) Choose Tax Benefits

Generally, every startup is exempt for 3 years. Yet, to avail of this tax benefit, the startup mbe certified by the IMB (Inter-Ministerial Board). Additionally, the Central Government offers this tax benefit even without the IMB certificate if your startup is recognized by the Department for Promotion of Industry and Internal Trade (DIPP). 

4) Self-Certification

1. Make sure you have registered your startup asLLP (Limiteduped Liability Partnership) or a Private Limited Company
2. Your business startup should have been registered in India, not five years prior. Your business should not be formed by splitting up or reconstructing an existing business. Ensure that your startup turns in at least ₹ 25 crores.
3.  Your startup brings innovation to the domain in which the business is engaged, or at least improves existing technologies and provides a better product or service.

5) Recognition Number

On applying all the documents in the web portal, you will get the recognition number for your business startup. However, a recertificate will be issued only after the successful verification of all mandatory documents. 
One of the things to consider when reviewing these documents is that they should be liable if, upon verification, it is found to be forged or faked, and in such cases,  they are  they are subject to treasonous charges as a penalty, starting from a minimum of $5,000res

• Patent / Trademark

To get a Patent or a Trademark for your ideas or innovation, you are required to approach any facilitators issued by the Government of India. Here, you need to pay only the statutory fees.

• Funds

A key challenge faced by many startups is securing fundingg and encouraginggrowths. The Indian Government has formulated a plan with a starting corpus value of ₹ 2,500 crore for ₹to₹ 10,000 crore over 4 years, which is roughly ₹ 2,500 crore. y₹ 2,500 crores is provided in the nature of a Fund of Funds, that is, the government never directly invests in your startup, but invests in the startup capital value of SEBI venture funds.

Startup in Registration Type Procedure

1) First, log in to the Startup India Porthttp://Startupw.startupindia.gov.in/v.in/).

2) Enter your legal entity

3) Enter the registration or incorporation number.

4) Enter the date of incorporation or registration.

5) Enter the PAN Number.

6) Enter your location, state, and PIN code.

7) Enter the Authorized Representative’s information.

8 8Representative’s’s and Partners’ Information Directors, please document your action in the appropriate sequence.

10) Submit the company’s Certificate of Incorporation

Conclusion

The Indian government is currently very supportive of startups! It is the mstartup scene, asphyxiation, and more Indians are starting businesses every day. After all, what could be better than knowing that someone will catch us if we fall? India is the third-largest nation in terms of entrepreneurial spirit, primarily for this reason.

Contact Kanakkupillai, the leading startup company registration service provider in India. Our team of experts can assist you with the entire private limited company registration process, from obtaining the necessary documents to applying with the Registrar of Companies. Contact us now and get your startup company registered for free!