There are some vital steps taken by India's government for building a dynamic startup ecosystem under the Startup India scheme. Startup India has the vision to make India a country of job creators from a country of job seekers. The Department manages startup India registration for Industrial Policy and Promotion (DPIIT).
Overview of Startup India Registration
The Startup India scheme was introduced in 2016 by the government of India; the main objective of this scheme is to promote the growth of start-ups in India. The startup India registration has widened the scope of developing big businesses in India and creating more India's job opportunities.
Under the startup India scheme government has kept in mind the difficulties a new business faces, so the compliance for Startup India registration is not very complicated. This scheme's primary focus is to make India a country of job creators from a country of job seekers. The Department manages startup India registration for Industrial Policy and Promotion (DPIIT).
A startup is a newly established business, commonly a small business, started by an individual or by a group of individuals. Start-ups are separate from new organizations, and the difference is shown by the services offered by start-ups as they are not common, similar instead, they are innovative and never seen before. Startup India Registration gives new and creative minds opportunities to make the living standards better for society by offering new and innovative services without facing difficulties in starting the business.
Benefits of Startup India Registration
The government of India provides various benefits after the Startup India Registration to the start-ups under the scheme. The benefits provided under the startup India registration scheme are mentioned below.
Tax Benefits
Start-ups formed under the startup India registration scheme can have a benefit of tax exemption for three years.
Self-Certification
Under the startup India registration scheme, the benefit of compliance self-certification with different environments and labor laws.
Rebate in Patent Filing
Under the startup India scheme, the start-ups avail a significant benefit of getting a rebate of 80% at the time of patent filing.
Rebate in Trademark Filing
India's government under the startup India registration scheme has given a 50% rebate to the new start-ups filing for trademark registration.
Business Opportunities
Under the startup India scheme, there are various opportunities, support, and recognition that are working to develop the economy and create jobs in India.
Necessary Documents Required for Startup India Registration
Letter of Recommendation
It is vital to submit a letter of recommendation, along with a registration form. Any of the below-mentioned document can be accepted as a letter of recommendation:
1. A recommendation in respect to the innovative nature of business from an incubator recognized in a post-graduate institution in India, in a particular format prescribed by the Department of Industrial Policy and Promotion (DIPP); or
2. A letter showing support by an incubator that is funded in respect to the project by the government of India as a part of the particular scheme to encourage innovation; or
3. A letter of recommendation in connection to the innovative nature of the business, by the incubator in the specified format from the Department for Industrial Policy and Promotion (DIPP); or
4. A funding letter that states funding of not less than 20% in equity, from any incubation fund/angle Fund/Private Equity Fund/Accelerator/Angel Network, is appropriately registered with the SEBI that encourages innovative business; or
5. A funding letter from any state government or from India's government as a part of any particular scheme to encourage innovation; or
6. For promoting the nature of the business in affiliated areas, a patent has to be filed and published in the Journal by the Indian Patent office.
Incorporation Certificate
The applicant has to submit the incorporation certificate of the company or LLP. In case of partnership registration certificate must be submitted.
Description of the Startup
The applicant has to provide a brief and quick description of the innovative nature of the startup.
Startup India Registration Procedure
Business Incorporation Stage
This sequence is for establishments that are neither incorporated nor registered as a proprietorship form of business establishment.
The applicant must get registered the startup as a private limited company or registered partnership firm or a limited liability partnership.
However, there are no extra or additional registration steps required under the startup India registration scheme while starting any of the above-mentioned business forms
Initiate the Startup India Registration Process
The next step is to register the proposed business as a startup. The process of registering a startup has been made extremely easy under the startup India registration scheme as it is an online process and can be done by the applicant sitting at home.
The applicant has to login to the official online portal of the startup India website owned by the Ministry of Labour and Employment and fills the application form. In the application form, the applicant has to provide details of business activities in detail. The applicant has to submit the earlier mentioned necessary documents on the official startup India portal.
Other Relevant Details about the Startup
The applicant has to provide a to the point description of the activities in which the business will be involved, such as product, service, etc. The applicant has to demonstrate a business idea in a way that it proves that the proposed business is innovative. The proposed business must be comprehensive & innovative and is involved in problem-solving work. The business must have the capability to improvise the existing service or product.
Conclusion
The Startup India scheme was introduced in 2016 by the government of India; the main objective of this scheme is to promote the growth of start-ups in India. The startup India registration has widened the scope of developing big businesses in India and creating more job opportunities in India. Start-ups are separate from new organizations, and the difference is shown by the services offered by start-ups as they are not common, similar instead they are innovative and never seen before