A startup is a new business entity that advocates innovation. These entities are more likely to rely on unique business goals, which set them apart from the competition. Nearly all startups initiate with a unique business idea, but most of them last for months due to inadequate resources.
Documents Required For Startup India Registration Online
Startup India Registration ProcessThe entity should be a DPIIT recognised startup – It should be a Private Limited Company or Limited Liability Partnership Firm – The startup should have been incorporated after 1st April, 2016.
Yourself, friends, family, angel investors, and venture capitalists can be sources of startup funding.
Six types of startups
Benefits if Registration under the Startup India InitiativeRebate in IPR Filing: All the businesses that have been registered under the Startup India Initiative can get a discount on the government fees they pay to file for a trademark, Copyright, Design or Patent. The discount is 50% of the trademark fee, and you can get up to 80% off the cost of patent applications, apart from having the patent application fast-tracked.
Government Tenders: Startups can apply for government contracts by registering as DIPP Startups. The requirement of prior experience/turnover for filing government tenders is not applicable to Startup India enterprises. Startups recognized by DIPP are excluded from providing EMD when submitting government tenders.
Fund of Funds for Startups: Startup India’s fund of funds initiative allows startups recognized by the DPIIT to raise money. This initiative proposes to grant Rs.10,000 crore for Startups, and the SIDBI will fund Startups approved by Implementing Agencies.
Tax Exemption: The companies and LLP that has been incorporated on or after 1st April 2016 and before 31st March 2022 can enjoy three tax-free years within the first ten years since the date of incorporation U/s 80IAC subject to approval by the DPIIT. A separate application is required to be filed for Tax Exemption apart from Startup India Recognition certification.
An entity will be considered a startup for a period of ten years from the date of incorporation or registration if it is incorporated as a limited liability company or registered as a partnership or corporation. limited liability in India.
Revenue is expected to be less than INR 100 crores in any previous financial year. An entity must be considered a startup for a maximum of 10 years from the date of incorporation.
Accordingly, there are two best forms of registration for startup businesses: private limited company and limited liability partnership (LLP).
The main goal of a startup is to develop the new business and turn it into a sustainable and profitable business. Every venture-backed startup has to keep an eye on long-term growth, but the most successful startups have a plan for how they intend to achieve that growth.
