Startup India Registration in Lucknow

Startup India Registration in Lucknow

Startup India is a prominent program of the Government of India, which was launched on 16th January 2016 as a part of an innovative action plan to promote innovation across the length and breadth of the country. It provides many benefits such as tax exemptions, an effectively implemented business environment, and opportunities for applying for government subsidies and grants for start-ups. As Lucknow is one of the biggest metropolitan areas and is growing in innovation and entrepreneurship, getting registered under the Startup India scheme provides the right tools for entrepreneurs to grow their contemplation into a successful business.

Startup India also has an objective to bring about a reform in the Indian economy to make it more competitive globally through the provision of innovation and job opportunities as well as the development of new technology. This scheme is full of prospects for young entrepreneurs from Lucknow to attract investments, develop their businesses, and receive state support.

What is the Startup India Scheme?

Start-up India is a business facilitation and sustainability program launched by the government of India for startup enterprises. The key goal of this scheme is to make start-ups friendly environment by removing regulations, providing funding and tax benefits, and improving the ease of operations.

The overall goal of the Startup India scheme is to create a favourable environment for generating new business initiatives and to provide early-stage venture funding.

Eligibility Criteria for Startup India Certification in Lucknow

1. Age of the Business: The business should be less than 10 years old since the issuance of its incorporation documents. This means that the businesses that are largely new to the market are the only ones considered under the scheme.
2. Type of Entity: The business must be a Private Limited Company or Limited Liability Partnership (LLP) or a Partnership Firm. This scheme does not allow registration of sole trading businesses.
3. Annual Turnover: The startup should not have crossed ₹100 crore in the revenue earned in any of the years after the commencement of the business.
4. Innovative: Innovation is what the startup should emphasize as the company will be tasked with the improvement or creation of products, services or processes. It should address the need to solve a certain type of problem or offer value addition different from other competitors.
5. New Business: It is important to note that where a business has been split/ reconstructed in any way, the business cannot apply for registration. This helps to make sure that this scheme is directed to real new entrepreneurship as opposed to cases of mergers and acquisitions.
6. Indian Origin: The minimum residency limit for an Indian citizen or a registered Indian company should be 51 percent in any startup firm. This also ensures the scheme's employment to help promote indigenous entrepreneurs.

Benefits of Startup India Registration in Lucknow

1. Tax Benefits:

• Tax Exemption for Three Years: New small businesses are not required to pay income tax for the first three years, thus providing some relief in terms of cash flow constraints that restrict funds for reinvestment.
• Tax Exemption on Investments: Sec 56 of the Income Tax Act provides for deductions of investment from venture capitalists or angel investors.

2. Access to Funding:

• Fund of Funds: Venture capital is provided in the form of financial assistance through a corpus fund of ₹10,000 crore.
• Easier Loans: The government-backed institutions offer lower interest rates on the loans to the startups.

3. Faster Patent Registration: The startups can file patents at 50% of the normal charges, plus they can get fast-track protection for the innovations.

4. Self-Certification: The labour and environmental laws are simplified as the startups are allowed to certify themselves without confronting any regulatory actions.

5. Government Tenders: This means that founders of startups can address government tenders without previous experience, thus expanding the horizons of business.

6. Support from Incubators and Accelerators: Opportunity to get connected to mentors, business connections or technical assistance to grow those businesses.

7. Ease of Doing Business: Less complex and fewer compliance issues, as well as quick approvals.

8. Exemption from Angel Tax: Investors are Angel Tax-Free in registered startups, which simplifies the process of raising funds.

Documents Required to Apply for Startup India Certification in Lucknow

1. Proof of Incorporation: Affidavit and certificate of incorporation for Private Limited Company, LLP or Partnership.
2. Identity Proof: For all directors/partners, any one of the Aadhaar cards/voting cards/ passport/cards issued by the government.
3. PAN Card: PAN of the startup as well as of all the directors involved in the startup.
4. Address Proof: A rental agreement or else a current utility bill - electricity, water or gas, which displays the office address.
5. Business Plan: A formal business plan that covers the nature and objectives of the startup, its market opportunities and the level of innovation.
6. Financial Statements: Ended/ceased activities and their relations to the entity, balance sheets, profit and loss accounts and bank statements.
7. Incorporation Documents: Various documents based on the entity type, Whether the business is a Private Limited Company, LLP or a Partnership.
8. Letter of Recommendation: Optional letter from incubator/accelerator if the company has registered with any and if not, then a letter verifying the registration of the company.

Online Process of Startup India Registration in Lucknow

It is noteworthy that the registration of Startup India is completely online, and the program allows the application to be done remotely from anywhere in the country. Below is the step-by-step process to complete the registration:

1. Visit the Official Startup India Portal: The first thing is to log onto the Startup India website through a web browser at www.startupindia.gov.in and locate the ‘Register’
2. Create an Account: If you have not registered with them before, then you have to follow the given steps to complete your registration, and you have to fill in basic details such as you have to submit your details like your email address, contact number, business name, etc.
3. Fill in the Application Form: Upon login to the portal, follow the steps and input data in the fields of the online application, such as legal status, name, date of incorporation and brief description of the products or services to be provided.
4. Upload Required Documents: Personal information like your ID proof, company registration documents, and the company's business plan shall be submitted to the portal.
5. Submit the Application: If you have filled in the form and attached all necessary documents, you can send the application for consideration.
6. Approval from the Government: After submission, the application is then approved or rejected by the government. On the completion of the process, an acknowledgement number is allotted to the applicant and a Startup India certificate is issued.
7. Receive the Certificate: After getting the certification, you can access the services the scheme offers in relation to the certification.

Why Choose Kanakkupillai for Startup India Registration in Lucknow?

1. Expert Consultation: Kanakkupillai offers professional advice when it comes to the registration exercise and helps explain the provisions of the scheme.
2. Hassle-Free Process: Even in the case of registering a company, the documents, their collection and the process of filing are looked after by Kanakkupillai to ensure that proper registration of the company takes place without hitches and in the shortest possible time.
3. Affordable Services: Undoubtedly, a startup that has a connection with Kanakkupillai will benefit from the transparent pricing strategy, which does not involve hidden charges while charging a fairly reasonable amount for the services offered.
4. Timely Assistance: The team makes sure that they accomplish the set process on time, hence protecting the young entrepreneurs from time wastage and providing timely access to the government incentives offered.
5. End-to-End Support: Other than registration, Kanakkupillai assists with every compliance-related service post-GST registration, which includes GST registration of other structures, tax compliance, etc.