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Expertise in Startup India Registration
The Startup India registration is important for the Indian government drive to help and advance new companies in the country. Startup India was sent off in January 2016 by the Indian Government under the authority of PM Narender Modi. There is an entire Startup India enlistment process represented under the Department for Promotion of Industry and Internal Trade i.e. DPIIT. By registering under the Startup India, startups can avail all the benefits and support measures offered by the Government of India, which can significantly boost their chances of success in this competitive business world.
Today, Startups are scalable business models that are still in the initial stage of its operations. So, all businesses which are working towards an innovation and must obtained DPIIT registration are qualified as a valid 'Startups'. The objective of Startup India is economic growth and job creation, by providing benefits and incentives to startups.
India has become the hub of the 'Start-up' ecosystem in the world. Presently, it has the 3rd rank with 90,000 'Start-Ups' and 107 unicorn companies worth $30 billion. The Indian government has begun and promoted the Startup India Initiative to help aspiring entrepreneurs. There are several benefits of the Startup India Scheme.
After having the Startup India Registration, it becomes an official recognition for Startups by the Government. The entity will be allowed to self-certify compliance and can enhance its credibility as well as reputation in the marketplace.
The DPIIT recognized startups are eligible to pay only about 80% of its total fees on Patents, copyrights, trademark, and design filing. There are also the benefits of a fast-track process for application filing as well as access to support and assistance in managing Intellectual Property Rights.
After obtaining the Certificate of Recognition, any startup can have the benefit of Tax exemption under section 80 IAC of the Income Tax Act. Startups that have Startup India registration can access various tax benefits and exemptions. These include a tax exemption for a period of 3 consecutive years out of the first 10 years of its business operation.
Startups registered with Startup India have an option of a faster and simplified process for winding-up for the company. It helps in reducing the time and effort for closing down the startup in case it fails to succeed.
Startup India registration provides various opportunities for networking and collaboration with other startups, industry experts, mentors, and investors becomes accessible.
Startups have access to various and different government funding schemes such as Credit Guarantee Fund for Startups (CGFS) and the Fund of Funds for Startups (FFS). This can further facilitate easier access to get capital and loans for startups.
Startups having Startup India registration become eligible to participate in government tenders, which are helpful in potential business growth with government departments and agencies.
Startup India registration can benefit from certain regulatory relaxations and exemptions such as self-certification compliance for environmental and labour laws. These simplifications of regulations are helpful to ease of business operations.
Visit the official website: Visit to the website i.e. www.startupindia.gov.in.
Click on "Register" or "Login": Click on tab "Register" button to create a new account for registration or If you have an account already, then you can directly log in.
Fill in the registration form: You must require providing the GST (Goods and Services Tax) number and PAN (Permanent Account Number) details.
Self-certification: As part of the registration, you will need to self-certify that your startup meets the eligibility criteria defined by the government.
Upload the required documents: You will need to upload certain documents as part of the registration process. The documents may include:
Submit the application: Once all the necessary details are filled and uploaded the required documents then review the information once carefully and after that submit an application.
Recognition/Startup India Certificate: After completing the submission of an application, it will be reviewed by the Startup by the authority. When the application meets the required eligibility criteria and all the required information is provided, then you will receive a recognition certificate for your startup. This certificate will now make you eligible for all the benefits and support under the Startup India initiative.
Startups are recognized after having the Startup India registration can avail several benefits, including good tax benefits. Some of the tax benefits available under Startup India Scheme are:
Startups with Registration can avail the benefit of income tax exemption for a certain period of time. According to present regulations, a startup is eligible to claim 100% income tax exemption for 3 consecutive years out of its first 10 years of its business operation. However, this particular benefit is subject to specific conditions and criteria set by the government of India.
Startups with registration can become eligible for exemption from the long-term capital gains tax. This particular exemption applies in accordance with the sale of residential property and investments made in business.
Startup India Registration provides Investors who invest in Startups to have tax benefits. Venture capital funds and angel investors can claim tax exemptions within the provisions mentioned under Section 56 of the Income Tax Act, which exempts them from paying tax upon their investments in startups.
Whizseed being a startup itself understands the requirement of the process of Startup India Registration. The team of professionals here strives to support the newly emerging businesses without any hassles. Hence, we do our best to complete for the startup India registration process with utmost care and responsibility. We are helping startups in getting their recognition with DPIIT, you can be the next!
