How to Register for Startup India?
In one of the previous pieces, we discussed the importance of registering into Startup India for getting into DPIIT recognition and its various benefits. The benefits of the DPIIT recognition are enshrined in our previous piece. Startups are the new normal. Thousands of startups are coming to India boosting the economy at the max. The government of India is increasingly announcing policies that are helping the startup in getting a more convenient approach concerning registration and other formalities check to pass. The startups should register themselves in the Startup India plan to get DPIIT recognition and benefits.
[Image Source: gettyimages]
Startup India Initiative
With the launch of the Ease of doing business Grand challenge by DPIIT, invited the Startup India initiative for taking part in the flagship program. The aim was to create a robust ecosystem in the country for innovation and startups. The expectation was to promote the investment resulting in economic growth. In 2016, an Action Plan for Startup India was released which covered a variety of topics such as funding support and incentive, partnerships, etc. The objectives of the Startup India Initiative were meant to be fulfilled through all such initiatives. Sparking the entrepreneurship, the recognition will have a strong headway.
Promoting investment and Startup eligibility
For getting recognition in the Startup India Action Plan, one needs to come under the definition of Startup to be eligible. As per the Gazette Notification No G.S.R. 364(E) dated April 11, 2018- An entity shall be considered as a Startup:
-
- Up to a period of ten years from the date of incorporation/ registration, if it is incorporated as a private limited company (as defined in the Companies Act, 2013) or registered as a partnership firm (registered under section 59 of the Partnership Act, 1932) or a limited liability partnership (under the Limited Liability Partnership Act, 2008) in India.
- Turnover of the entity for any of the financial years since incorporation/ registration has not exceeded one hundred crore rupees.
- The entity is working towards innovation, development, or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation.
Provided that an entity formed by splitting up or reconstruction of an existing business shall not be considered a ‘Startup’.
Promoting investment is not an easy task and entails in itself multiple processes and efforts focusing on Ease of doing business, FDI reforms, skill development, infrastructure development, and tax incentives. The Make in India initiative has been putting more and more effort towards making each of the processes easy. All such work is done to make India one of the most attractive investment destinations with an even more effective FDI policy regime, which DPIIT is in charge of. Such factors undoubtedly help in lowering any such departmental paper works and concern itself with the automatic route. The Startup India initiative is coordinated by DPIIT. Those Startups that fulfills the definition of a startup, stated above, are eligible to apply for recognition under Startup India Action Plan
Register for Startup India
After the incorporation of your business as a startup and getting the certificate of incorporation and other compliance-ready, one needs to log on to the Startup India website and fill in the details as mentioned, thereby creating your profile. After this, the applicant can apply to various programs and State Policies. After which, the startup can avail benefits of DPIIT recognition, which the reader can get the information in one of our previous pieces. Getting high-quality intellectual property service and certain tax exemptions are some of the benefits associated. The user needs to go to the option of ‘get recognized’ and can proceed further.
The startup needs to furnish information such as an incorporation certificate, details of directors, patents, and trademark details. . All the supporting documents will be needed for the process of registration. The documents will include, certificate of registration, the work details in which the startup is indulged in, mostly with the work of innovation, and development of product or services and how it generates the wealth. In case, the startup has received any funding, the proof of funding needs to be furnished for DPIIT Certificate. Post the verification of all certificates, the certificate of recognition is issued.
Author: Saransh Chaturvedi an associate at IP And Legal Filings, in case of any queries please contact/write back us at support@ipandlegalfilings.com.
