Startup India Scheme: Registration, Procedure & Eligibility
Overview of Startup India Registration
Startup India Registration is a process by which a startup can register itself with the Startup India program to avail various benefits and incentives offered by the government. The program was launched by the Government of India in 2016 to promote and support startups in the country.
The registration process involves eligibility check, registration on the Startup India portal, submission of required documents, self-certification, submission of application, and evaluation and approval by the Startup India team. Once approved, the startup is issued a recognition certificate and can avail benefits such as tax exemptions, funding, incubation support, and access to networking opportunities.
What is Start up?
A startup is a new company or organization that is in the process of developing a business model around a new or innovative product, service, or technology. Startups are typically characterized by their focus on growth, innovation, and disruption of established industries and markets.
Documents required at the time of Startup India Registration Process
Certificate of Incorporation/Registration: This document proves that the startup is a registered legal entity, such as a private limited company, registered partnership firm, or a limited liability partnership (LLP).
PAN Card: The Permanent Account Number (PAN) card of the company is required to verify the identity and existence of the startup.
A brief write-up about the business: The write-up should provide an overview of the startup’s business model, products or services, and its value proposition to customers.
Details of Directors/Partners: The details of the directors or partners of the company, such as name, address, contact information, and their roles in the company.
Bank Account Details: The bank account details of the company, such as the name of the bank, branch, account number, and IFSC code.
Ownership/Shareholding Pattern: The details of the ownership or shareholding pattern of the company, such as the percentage of shares held by each shareholder, and the number and types of shares issued.
Eligibility for Startup India Registration
To be eligible for Startup India registration, a company must meet the following criteria:
Entity Type: The startup must be registered as a private limited company, registered partnership firm, or a limited liability partnership (LLP).
Age: The startup must be less than 10 years old from the date of incorporation.
Turnover: The startup must have an annual turnover of less than Rs. 100 crore in any previous financial year.
In addition to the above criteria, the startup must also be working towards innovation, development, deployment, or commercialization of new products, processes, or services driven by technology or intellectual property. The startup should also aim to generate employment or create wealth, and have the potential for scalability and growth.
It is important to note that the eligibility criteria may be subject to change, and startups should check the latest eligibility criteria before applying for Startup India registration. Once the startup is registered with Startup India, it can avail various benefits and incentives offered by the government to support its growth, such as tax exemptions, funding, incubation support, and access to networking opportunities.