How to Register a Startup in India
How to Register a Startup in India
How to Register a Startup in India - Startups are important drivers of economic growth and development in India. A startup is a company or an organization at an early stage known for high risk and uncertainty. If you are also puzzled about How to Register a Startup in India Prakasha & Co. has compiled this comprehensive blog for you. We have dug deeper into the registration process of startups in India and how it helps budding entrepreneurs establish a strong presence in the market. With Indian government schemes such as the Startup India initiative coupled with a large pool of young techno-savvy population startups have seen unprecedented growth in India. Read this blog further to know more about How to Register a Startup in India and various other aspects.
Startup India Scheme and Need for Startup RegistrationStartups are launched with a motive to tackle an ongoing issue in society with a revolutionary product or service. To encourage the young minds of India, an initiative was launched to promote the growth of startups in India. Aspiring entrepreneurs are required to register their startups under Startup India registration to get the full advantage of the program. Startup registration in India gives your business legal recognition to increase its credibility and reputation in the market. It also gives offer the benefits of tax exemptions for three years. You also get access to funding and investments for the necessary financial backing for startups. Some of the key reasons for getting startup registration in India are mentioned as follows:
- Recognition and credibility in the market
- Tax benefits and exemptions
- Access to funding and investments
- Enhanced networking and collaboration
Startup Eligibility Criteria for the Registration ProcessThe startup registration process is crucial to avail several benefits and foster innovation, accelerate growth, and contribute to India's thriving startup ecosystem. However, the Indian government has set eligibility criteria for the startups to be able to register a startup in India. The key points that come in the eligibility criteria for the startup registration in India are mentioned as follows:
|Age of the Applicant
|Any Indian citizen aged 18 or above
|Age of the Firm
|The company’s Incorporation date should be at most ten years
|Type of Company
|Partnership Firm, Private Limited Company, or Limited Liability Partnership (LLP)
|The company’s turnover should be at most Rs.100 crore in any financial year since Incorporation
|The entity should have been formed initially by the promoters and not by splitting up or reconstructing an existing business
|Innovative & Scalable
|The startup should have a plan for developing or improving a product, process, or service and have a scalable business model with high potential for creating wealth & employment
Mandatory Documents for Startup Registration Process in IndiaIndia is home to a flourishing startup ecosystem. To successfully apply for the startup registration process you shall submit a range of documents. These documents are important to legally authenticate your business. To avoid any last-minute rush you can also hire our experts to take care of the documentation. The list of documents required for the startup registration in India is mentioned as follows:
- Details of the Authorised Person
- Contact Information of all Partners, Promoters, or Designated Partners
- Details of the Company’s Activities
- Details of Intellectual Properties
- Link to the website;
- Pitch Deck of the business;
- Letter of recommendation from investors (not mandatory)
- Letter of Funding from Angel Investor (if applicable)
Procedure for Startup Registration Process in IndiaRegistering a startup in India is important to establish a legal and credible business in the market. It is important to be aware of the different steps involved in the registration process to ensure compliance with the rules and regulations. The list of steps involved in the registration process of startups in India is mentioned as follows: Step - 1 Get your company converted into a Private Limited Company a Limited Liability Partnership or a Partnership firm. Step - 2 Register your firm or company as a startup in the Startup India scheme of the government. Complete the registration process by filling out the form available on the Startup India website. Step - 3 Submit all the documents needed in a PDF format. Also, get a letter of recommendation along with the registration form. Step - 4 Mention if you need tax exemption or not. In India, startups do not have to pay income tax for the first three years but to avail such benefits, the company must be certified by the Inter-Ministerial Board (IMB). Step - 5 Get self-certification if you are a Private limited company, an LLP, or a partnership firm, and your company’s turnover must not be more than Rs 100 crore. Step - 6 Get your recognition number on the successful registration of startups in India.
Choose Prakasha & Co. as Your Startup Registration Consultants in IndiaAt Prakasha & Co. we focus on the needs and goals of the startup client and provide personalized attention to ensure a smooth registration process. Our experts are highly professional and experienced in helping our clients register their startups in India. Our team adheres to ethical standards and integrity in dealing with clients from diverse backgrounds. We also ensure transparency in all transactions and advice. We have a track record of successfully assisting startups in their registration process, with a portfolio of satisfied clients. Some of the key reasons why you should associate with Praksha & Co. for startup registration in the process are mentioned below:
- In-depth knowledge of the legal requirements and compliance procedures
- An understanding of specific requirements and different regulatory bodies
- Established relationships with relevant authorities, government agencies, and other professionals.
- Competitive and transparent pricing structures.
Reach the Best Startup Registration Consultants in India!Name: Prakasha & Co. Address: 188/1, Sahakarnagar, Bangalore-92 Phone: +91-7019 827 351 Email: Prakashaandco@gmail.com
Frequently Asked Questions (FAQs)
1. Why should I register my startup?You should register your startup to get several legal benefits and recognition in India. It also makes you eligible for various government schemes, tax exemptions and also give access to funding opportunities. Registering your startup also makes your product or services more credible in the market.
2. How can I register my startup as a private limited company?To register your startup as a private limited company you are required to obtain Digital Signature Certificates (DSC), Director Identification Numbers (DIN), name approval, filing incorporation documents, and obtaining a Certificate of Incorporation from the Ministry of Corporate Affairs (MCA).
3. What are the important documents required for Startup registration process in India?For successfully completing the startup registration process in India, you may need identity proof, address proof, PAN cards, and photographs of directors or partners. In some cases a registered office address proof and a No Objection Certificate (NOC) may be required.
4. How can I avail of Government Schemes for my Startup?To get the full advantage of Government schemes for your startup you are required to first register your startup. After the registration is complete you can apply to various government schemes by applying through the Startup India portal. These schemes offer funding, mentorship, and other support programs.
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