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In this blog, we will be discussing about how to do a startup in India and how we apply for this:-
A start-up is defined as a company or a project initiated by an entrepreneur to seek, develop, and validate a scalable business model. Entrepreneurship refers to all new businesses, including self-employment and businesses that never intend to become registered, whereas startups refer to the new businesses that intend to grow large beyond the solo founder.
1.STARTUP STATS IN INDIA:-
Did you know that India is the 3rd largest startup ecosystem in the world India is expected to witness year-over-year growth of a consistent 13-15%.
The Indian government defines a startup as an entity less than seven years young with an annual turnover of less than 250 million rupees and headquartered in India.
2.STARTUP ANNOUNCEMENT AND AMENDMENT:-
Our beloved PM Narendra Modi announced the Start-up India campaign in 2016 to promote and encourage entrepreneurship. This mainly revolves around financing, incorporation, tax exemptions etc, to ease the functioning of startups. With these benefits being provided by the Government, the majority of the start-ups have young owners, this shows the diversity and volumes of talents that India has.
According to the revised announcement on 23rd May 2017, an organization will be considered as a Startup, if it is incorporated in India as a
• private limited company (as defined in the Companies Act, 2013).
• partnership corporation (registered under section 59 of the Partnership Act, 1932).
• limited liability partnership (under the Limited Liability Partnership Act, 2008).
What Are The Eligibility Criteria For Startup Registration In India?
1. 1.Being incorporated or registered in India for less than seven years and for biotechnology startups up to 10 years from its date of incorporation.
2. 2.Annual turnover not exceeding Rs 100crores in any of the preceding financial years.
3. 3.Aims to work towards innovation, development, deployment, or commercialization of new products, processes, or services driven by technology or intellectual property.
4. 4.It is not formed by splitting up or reconstruction of a business already in existence.
5. 5.It can be incorporated as a private limited company, a registered partnership firm, or a limited liability partnership.
What Are The Benefits Of Startup India Scheme?
This scheme supports Startups by providing various benefits to the registered entity. The benefits include financial as well as non-financial benefits. To register under this scheme the entity must fulfill the criteria specified.
• Tax Exemption
• Tender Participation
• Govt. Funding Opportunity
• Participate in various Govt. Scheme
• Participate Startup Grand Challenges
• IPR Govt. Fee Concession50-80%
• Self Certifications
• Easy Winding up
• Connect Networks
• GEM Portal Seller Registration and Bid
Documents required for a startup registration in India:
1. Certificate of Incorporation / Registration Certificate and PAN
2. Email ID and Mobile number
3. Company Details ( Industry, Sector, Category, Regd. Office Address etc)
4. Directors/Partners Details ( Name, Photo, Gender, Mobile No. Email ID, Full Address)
5. Details of Authorised Representative ( Name, Designation, Mobile No. Email ID)
6. A Brief about business and products/services and notes on innovations
7. Revenue model and Uniqueness of the Product
8. Website/Pitch Deck/Video/Patent ( anyone)
Are you looking for Company Registration in India?
India’s fastest growing destination for “Online Legal Services”.We will guide you in getting all necessary documents and registration required to get Trademark Registration in India, Please click on the below link to connect with our team of experts for free consultation of trademark search.
Apply for Company Registration.
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