ELIGIBILITY UNDER START UP INDIA REGISTRATION |

ELIGIBILITY UNDER START UP INDIA REGISTRATION

In this era, startups are getting very popular in India. Startup is recognised as a measure to transform the country into job providing market rather than seeking one. Startups in India can benefit from the various initiatives and support provided by the Government of India through the Startup India program. There are various types of entities that can register as startups such as Private Limited Company, Limited Liability Partnership (LLP), Partnership Firm, One Person Company (OPC).

Startups are usually small in size, started by few individuals. The major difference between startup and other businesses are start up offers Innovative products, Disruptive technologies, Digital platforms and apps, social impact initiatives, Data-driven insights, Subscription-based models and what not. The business either designs and develop new products or services or made innovation in existing products.

It’s important to fulfil the following criteria to be considered eligible for startup registration:

Age: The startup should be incorporated and registered in India within the last ten years from the date of application to be considered eligible.

Innovation: The startup should be working towards innovation, development, deployment, or commercialization of new products, processes, or services driven by technology or intellectual property.

Scalability: The startup should have the potential to generate employment or create wealth on a large scale.

Certification: The startup should obtain a recommendation from an Incubator established in a post-graduate college in India or from an incubator recognized by the Government of India.

Major benefits of startup India (DPIIT)

GOI grants 50% discount on trademark fee, and 80 % rebate on patent filing fees if startup is registered under the startup scheme.
Startup gets various incentives from govt i.e. GST rebate, taxation rebate are announced by the state government.
Startup can take deposit from it’s member for a period of 5 years from the incorporation date.
Eligible startup can take tax exemption for 3 years.
Market visibility by the government there is an opportunity for startups to list the products on government e- marketplace.

The DPIIT (Department for Promotion of Industry and Internal Trade) registration, also known as the Startup India registration, provides recognition and benefits to startups in India. To be eligible for DPIIT registration, startups must meet the following criteria:

The startup should be registered as one of the following legal entities: Private Limited Company, Limited Liability Partnership (LLP), Partnership Firm, or One Person Company (OPC). Sole proprietorships and public limited companies are not eligible for DPIIT registration.

The startup should be incorporated and registered in India for a period of up to ten years from the date of its incorporation.

The startup should aim to work towards innovation, development, deployment, or commercialization of new products, processes, or services driven by technology or intellectual property.

The turnover should be less than RS. 100 Crores.

Important documents required for registration of startup

Certificate of Incorporation/Registration
Memorandum of Association* (MOA) and Articles of Association (AOA)
Description of the Business
Income Tax Returns
Patent or Trademark Registration (if applicable)
List of directors / designated partners.
Udyam registration
Growth plans / business plans

Start-up India registration procedure:

First and foremost, thing is to incorporate your business as Private Limited Company, Limited Liability Partnership (LLP), Partnership Firm, One Person Company (OPC). We can help you out with this as company solution is finest legal consultancy firm established in India.
We have to register it with startup India, once our company get incorporated, we are ready to apply for startup India registration online. We need to login to startup website and fill up the required details of our business.
After getting resisted as startup, we can further move forward to apply for The DPIIT (Department for Promotion of Industry and Internal Trade) registration. This DPIIT recognition enables the startup to avail beneficial services like Self-Certification and Compliance, Tax Exemptions, Intellectual Property Support, Funding Support, Public Procurement Benefits, International Collaboration, Startup India Learning Program, Tax exemption for 3 consecutive years etc.
Recognition application, after this we can fill out the DPIIT recognition online form with all the required information asked. Like write About start up in brief , current number of employees , what is the problem the startup is solving , what is the uniqueness of your solution? How does our startup will generate the revenue
After submission of this we will get a recognition number immediately for the start up. The certificate will be issued after the examination of all your document with in a week.

Startups offer several advantages compared to established businesses. Here are some key advantages of startups:

Innovation and Agility: Startups are known for their innovative ideas and approaches. They have the freedom to experiment, take risks, and introduce disruptive solutions. Their agility allows them to adapt quickly to market changes, customer feedback, and emerging trends.
Entrepreneurial Spirit: Startups are driven by the entrepreneurial spirit of their founders and team members. They are fueled by passion, ambition, and the desire to create something new. This spirit fosters a culture of creativity, motivation, and determination.
Flexibility and Adaptability: Startups are not burdened by bureaucratic processes or complex hierarchies. They can quickly pivot their strategies, change direction, and embrace new opportunities. This flexibility enables startups to stay ahead of the competition and respond effectively to market demands.
Cost Efficiency: Startups typically operate with lean budgets and limited resources. They find innovative ways to achieve their goals while keeping costs low. Startups often leverage technology, outsourcing, and collaboration to optimize their operations and maximize efficiency.
Opportunities for Growth: Startups have significant growth potential. With the right product-market fit, startups can scale rapidly and expand their customer base. They can tap into new markets, attract investments, and increase their valuation over time.
Creative and Dynamic Work Environment: Startups often offer a dynamic and creative work environment. The flat organizational structure promotes collaboration, open communication, and the sharing of ideas. Startups often foster a culture of continuous learning, personal development, and employee empowerment.
Attracting Top Talent: Startups can attract top talent by offering exciting opportunities, challenging work, and the potential for growth. Startups often provide employees with the chance to make a significant impact, take ownership of their work, and contribute to shaping the company’s success.
Disrupting Established Industries: Startups have the potential to disrupt traditional industries by introducing innovative products, services, and business models.
Social Impact and Purpose: Many startups are driven by a social mission or purpose. They aim to address societal challenges, improve lives, and contribute to sustainable development. Startups with a social impact focus attract like-minded employees, customers, and investors.
Potential for High Returns: While not guaranteed, successful startups have the potential for significant financial returns. Investors who support startups early on may benefit from substantial returns if the startup achieves growth and success.