Startup India Registration

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Overview of Startup India Registration

Over the years, business in India has emerged as the top choice for start-ups. Before the startup revolution, the Indian economy was dominated by traditional agriculture, manufacturing, and a huge presence of public sector enterprises. With liberalization, India opened doors to new business opportunities. With the Make in India scheme in 2014 and Startup India in 2016, India eased its strict regulations for startups. With over more than 80,000 startups, India is home to the third-largest startup ecosystem in the world. Startups in India range from technology, e-commerce, fintech, and healthcare to space tech. It is expected that the Indian startups will create more than 50 million new jobs and add 1 trillion dollars to the Indian economy by the end of 2029-2030. The reason for the tremendous growth of startups in India is its youthful population, digital revolution, government support, access to funding, and better infrastructure growth. Therefore, understanding Startup India registration is essential.

What is a Startup?

A startup is a newly established business which is in the initial stage of its operations. It is mostly focused on bringing innovate products or services aimed at solving the problem of market. It is driven by a unique idea or innovation that differentiates from established business enterprises. Startups usually begin with seed capital that mostly come from founders, friends, family, or early stage investors like angel investors.

Why India is the Best Place for Startups?

Over the last decade, startups in India have grown tremendously. With the large consumer market and support of the government, there are several reasons why India has become the best choice for startups in India:

Young Consumer Market:

With more than 1.4 billion population, there are more than 60% people who are under the age of 35 years. This large and youthful population is striving to create new products and services.

Digital Access:

With over 700 million active internet users, India is home to affordable smartphones and cheap mobile data. The digital transformation has opened up the endless opportunities for startups in the sectors like fintech, edtech, heathtech, and e-commerce. This digital transformation has made it very easy for the businesses to reach millions of customers across India as well as globe.

Government Support:

Government of India has been extremely supportive in encouraging the new businesses. With the launch of Startup India in 2016 and Atmanirbhar Bharat that has offered various tax exemptions, easy registration, and access to funding. The government is constantly focused on promoting the self-reliance business.

Easy Access to Funding:

In 20223, Indian startups raised $33 billion in funding from investors. India has more than 200 Venture Capital Firms and a huge number of angel investors. The startups are proven to give high returns to investors.

Improving Infrastructure:

India is a firm believer of sustainable development. Since 2018, India is making progress in sustainability and have invested in developing smart cities. The focus is on clean energy, urban mobility, and e-governance. The sustainable approach is responsible for better investment.

Advantages of Startups in India

The startups in India have the following advantages:

Large, Young Consumer Market

With more than 1.4 billion people, India has a sizable and youthful market, with more than 60% of its consumers under 35. This tech-savvy market offers businesses a robust consumer base since they are keen to try new goods, especially in the areas of e-commerce, banking, and mobile apps.

Booming Digital Economy

India's 700 million internet users, aided by low-cost smartphones and bandwidth, form a large, digitally linked market. With a statewide reach, this accessibility helps firms in industries like fintech, edtech, and health tech expand.

Access to Funding

In 2023, over 200 venture capital firms and a large number of angel investors contributed $33 billion to India's startup ecosystem. With more than 100 unicorns, India has a strong funding environment that helps businesses grow rapidly.

Skilled and Affordable Workforce

Every year, India creates millions of highly qualified workers, particularly in software development, data science, and engineering. It is also less expensive to hire talent than in many other nations, which makes it an affordable place to assemble capable teams.

Startup Infrastructure and Ecosystem

Cities like Bengaluru, Delhi NCR, Hyderabad, and Mumbai are innovation hubs, offering co-working spaces, incubators, and accelerators. These resources help startups grow faster and build networks in a supportive environment.

Concentrate on Infrastructure and Smart Cities.

Opportunities in IT, clean energy, and urban mobility are made possible by government investments in smart cities. As cities become increasingly tech-driven, startups can capitalize on the rising desire for creative solutions.

Simplified Legal and Tax Systems

Reforms like GST, the Insolvency and Bankruptcy Code, and strong IPR protections have streamlined the business environment, making it easier for startups to operate, exit, and protect their innovations.

Startup India Scheme

The Startup India Scheme, inaugurated on January 16, 2016, is a government-sponsored project to promote innovation, entrepreneurship, and job development. By providing a number of advantages, such as tax exemptions like a three-year tax holiday, capital gains tax exemption, and relief from angel tax on investments, it aims to attract businesses. Startups must operate creative, scalable enterprises, be under ten years old, and generate less than ₹100 crores in revenue annually. By facilitating self-certification for labour and environmental regulations and expediting registration procedures, the program also makes compliance easier. It also offers networking opportunities with investors, access to the Fund of Funds for Startups (FFS), and assistance with intellectual property protection, including expedited trademark and patent registrations. The Startup India Scheme fosters a climate that is favourable for enterprises to flourish and contribute to economic growth by lowering regulatory barriers and providing financial assistance.

Eligibility Criteria for Startup India Registration

The business should be incorporated as a Private Limited Company, Limited Liability Partnership (LLP), or Partnership Firm.
The business must not be more than 10 years old from the date of incorporation.
The annual turnover of the business should be less than ₹100 crores.
The business should be engaged in innovation, development, or improvement of products, services, or processes and should not be simply a business in the same domain as existing companies.
The business should not be a re-incarnation of an existing business or a split-up of an existing business.

Documents Required for Startup India Registration

PAN Card, Aadhar Card, Passport, Passport-size photograph, proof of address, and Digital Signature Certificate (DSC) of all the partner(s) and director(s)
Certificate of Incorporation/Registration
PAN and Account Number of the Business.
Proof of Funding from investors
Letter of Authorization by an authorized representative of the company/business
Any video, link, or PowerPoint presentation describing the startup
Trademark and Patent registration certificate(s) (if any)

Online Process of Startup India Registration

With the launch of Startup India, India has opened avenues to foster businesses and recruit skilled entrepreneurs. You will be guided through a step-by-step process to register your startup in India.

Step 1: Choose a Business Structure

The foremost step to registering a startup in India is to choose the type of business structure for your startup. It can be either:

Private Limited Company
Limited Liability Partnership (LLP)
Partnership Firm

Step 2: Register with MCA

After choosing the business structure for your startup, the next step is to register with the Ministry of Corporate Affairs (MCA). You have to do the following:

Obtain Digital Signature Certificate (DSC)
Obtain Director Identification Number (DIN)
Approve the name of your business

Appropriate fees shall be paid at the MCA website along with the required documents.

Step 3: Meet the Eligibility Criteria

After registering the business, the next step is to meet the eligibility criteria as mentioned on the Startup India Website. The criteria are:

The business must be incorporated as a Private Limited Company, Partnership Firm, or Limited Liability Partnership.
The business must be less than 10 years old.
The business must have an annual turnover of less than ₹100 crores.
The business must be working towards innovation, development, or improvement of products or processes.

Step 4: Register with Startup India

The next step is to register your business as a startup online on the Startup India Website. Following the given steps:

Visit the Startup India website at https://www.startupindia.gov.in/
Click on the "Register" button.
Fill in the required details, including your business name, address, and contact information.
Upload the required documents, such as a business registration certificate, PAN card, and Aadhaar card.

Step 5: Obtain a Permanent Account Number (PAN)

After registering your startup, the next step is to obtain a PAN; follow these steps:

Visit the NSDL website
Click on the "New PAN" button.
Fill in the required details, including your name, address, and contact information.
Upload the required documents, such as proof of your identity and proof of address.

Step 6: Obtain a Tax Deduction and Collection Account Number (TAN)

To obtain a TAN, follow these steps:

Visit the NSDL website
Click on the "New TAN" button.
Fill in the required details, which shall include your name, address, and contact information.
Upload the required documents, including proof of your identity and address.

Step 7: Register for Goods and Services Tax (GST)

To register for GST, follow these steps:

Visit the GST portal
Click on the "New Registration" button.
Fill in the required details, including your business name, address, and contact information.
Upload the required documents, including your business registration certificate, PAN card, and Aadhaar card.

Step 8: Obtain Other Necessary Licenses and Permits

After the registration of your startup, on the basis of the nature of your business, you may require additional licenses and permits. These may include:

Why Do You Need a Professional to Register a Startup?

Registering a startup in India can be a complex and time taking process that involves various multiple steps and requiring various documents. Seeking the help of professionals can make a huge difference.

Professionals assist you in selecting the best business structure for your startup, guaranteeing that you maximize all of your opportunities. Professionals can also offer insightful advice on licensing, tax compliance, and other regulatory needs, assisting you in avoiding expensive errors and fines.

Why Choose Kanakkupillai for Startup India Registration?

At Kanakkupillai, we understand that startup registration can be tough and complex. That is why we are here to help you and make things easy for you. From drafting the required documents to apply for the relevant licenses, we ensure that you remain stress free. We handle everything including completing registration forms, giving you clear instructions on the required paperwork, we make sure you maintain compliance with land regulations.

To guarantee that your business is completely compliant, our committed team of experts keeps up with the most recent modifications to laws and regulations. Our objective is to help you avoid the difficulties of legal requirements by providing dependable and reasonably priced assistance at every stage.

At Kanakkupillai, we believe every business is unique. That’s why we offer customized solutions to meet your startup's needs. With our affordable pricing, you can remain hassle-free and confident that your startup registration will be on the right track. For dependable, reasonably priced, and knowledgeable startup registration services that meet the demand of your business, choose Kanakkupillai.

Frequently Asked Questions

What government schemes support startups in India? +

The Government of India offers various schemes like Startup India, Atmanirbhar Bharat, and the Pradhan Mantri Rojgar Protsahan Yojana to encourage and support startups.

How does Startup India help new businesses? +

Startup India provides tax exemptions, easier registration processes, and access to funding opportunities, making it simpler for startups to launch and grow.

Can I get funding through government schemes? +

Yes, through schemes like the Fund of Funds for Startups (FFS), the government helps startups secure funding by providing financial assistance to venture capital funds.

What tax exemptions are available for startups? +

Under the Startup India scheme, eligible startups can benefit from a three-year tax holiday and exemptions on capital gains tax.

Do I need to be in a specific sector to qualify for government benefits? +

No, the government supports startups across various sectors such as technology, healthcare, fintech, and manufacturing, as long as they are innovative.

How does the Atmanirbhar Bharat scheme aid startups? +

Atmanirbhar Bharat focuses on encouraging local manufacturing and self-reliance, offering incentives and grants to startups in sectors like defense, electronics, and renewable energy.

Is there any government initiative for skill development for startups? +

Yes, programs like Pradhan Mantri Kaushal Vikas Yojana (PMKVY) focus on skill development, which can help startups find skilled talent for their operations.