How to register under startup India?
Modi Government has always motivated budding entrepreneurs to take initiative and start a venture of their own. To give them a platform our Prime Minister launched StartupIndia initiative on 16th January, 2016. The initiative provides a free-of-cost platform to all the entrepreneurs who wish to start their own venture but cannot find the starting point. The Government is promoting startups and asking youngsters to come forward with their ideas. Listening How to register under startup India?
The Government is genuinely interested in helping startups. Along with a platform where you can share ideas, talk to experts, incubators, other entrepreneurs, venture capitalists the StartupIndia initiative provides you a corpus fund of ₹10,000 crore. You can get single window clearance without any red tape. Then there is exemption on capital gain tax, income tax for 3 years, 90-day exit window, discount in trademark registration fee etc.
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Whats considered a startup
A startup is a company or partnership firm or limited liability partnership that is not more than 5 years old since its incorporation or formation. Within these 5 years its annual turnover must not exceed ₹25 crores. To be considered a startup it must work on an innovative idea, development of new product, process or intellectual property. It must be funded either by Government or incubator/ fund recognized by the Government of India.
Registration procedure
There are two methods by which a startup can get itself registered under StartupIndia initiative. Under the first method an individual can form and register an entity with appropriate authorities, say Registrar of Companies or Registrar of Firms through existing incorporation processes. Then it can register itself at StartupIndia website or Mobile App.
Another way of registration is to go to StartupIndia website or app and registering your company through the portal. This has not yet started but will soon be introduced in the second phase of the initiative. You'll need to login to the portal and choose the type of entity you wish to register. Then you'll need to furnish details like incorporation number, PAN details, name of directors etc. along with various documents.
Once the application is filled and approved, you will be able to avail benefits of StartupIndia.
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