How to Register your Start-Up under Start-Up India scheme

How to Register your Start-up
Under Start-up India Scheme
https://digest.myhq.in/register-startup-india-scheme/

Introduction
✤ Startups are not just vital for the economic growth but
also play an important role in our day to day life
✤ For example Zomato, BookMyShow, Uber, etc. have
become essential to fulﬁl our daily needs

What is a Start-up
A newly established
business, usually
small, started by a
single person or a
group of individuals

Start-Up India scheme
✤ Due to the growing popularity of startups in India, the
government of India has launched the startup India
scheme
✤ Objective : To promote entrepreneurs while aiming at
increasing Foreign Direct Investment
✤ Allows aspiring Indian Entrepreneurs to register their
start-ups in a simple and less time consuming procedure

How to Create One

STEP 1 : Incorporate your Business
✤ It is important to register your business first as either a
✤ Private Limited Company
✤ Partnership firm
✤ Limited Liability Partnership
✤ Can be done normally with the help of a lawyer and obtaining a
certificate of incorporation and a PAN number for the company

STEP 2 : Registering with the Start-
up India scheme
✤ The process is very easy and
can be done from home
✤ Log in to the start-up India
website and ﬁll up the
registration form
✤ In the form, details of the
business are to be provided
along with certain important
documents

STEP 3 : Documents to be
uploaded
1) Letter of recommendation in the form of :
A. A recommendation regarding the innovative nature of your business from an Incubator established in a post-
graduate college in India, in a format specified by the Department of Industrial Policy and Promotion (DIPP); OR
B. A letter of support by an incubator, which is funded in relation to the project by the Government of India as part
of any specified scheme to promote innovation; OR
C. A letter of recommendation regarding the innovative nature of the business, from an Incubator, recognized by the
Government of India in DIPP specified format; OR
D. A letter of funding of not less than 20% in equity, by any Incubation Fund/Angel Fund/Private Equity Fund/
Accelerator/Angel Network, duly registered with SEBI that endorses innovative nature of the business; OR
E. A letter of funding by the Government of India or any State Government as part of any specified scheme to
promote innovation; OR
F. A patent filed and published in the Journal by the Indian Patent Office in areas affiliated with the nature of the
business being promoted.

2) Incorporation/Registration
certificate:
✤ Along with the registration form, you
are required to upload the certificate of
incorporation of your company/LLP
(Registration Certificate in case of a
partnership).
uploaded

3) Description of your business in brief :
✤ A brief description of the innovative nature of your products/services
is also needed
uploaded

STEP 4 : Certifying yourself
✤ The final step before you could get a recognition number is to certify that you fulfil the
following terms:
• You have registered your new company as a Private Limited Company, Partnership
firm or a Limited Liability Partnership.
• Your business has been incorporated/registered in India, not before 5 years.
• Turnover is less than 25 crores per year.
• Innovation is a must – the business must be working towards innovating something
new or significantly improving the existing used technology.
• Your business is not a result of splitting up or reconstruction of an existing business.

STEP 5 : Immediately get a
recognition number
✤ You will get a recognition number as soon as you apply
✤ The certificate of recognition will be issued after the
verification of documents
✤ However, be careful if a required document is not
uploaded or a forged document is uploaded you will be
fined 50% of your paid-up capital to a minimum of Rs.
25,000

Recognition Certificate

STEP 6 :Tax Benefits
✤ Startups incorporated after April 2016
are exempted from income tax for 3
years in a block of 7 years provided that
their annual turnover does not increase
Rs. 25 crores.
✤ But to avail these beneﬁts, they must be
certiﬁed by the Inter-Ministerial Board
(IMB).
✤ This will also help the start-ups to meet
their requirements of working capital in
their initial operational years.

STEP 7 : Patents andTrademarks
✤ Start-ups recognised by DIPP, Govt. of India can
directly avail IPR related beneﬁts without
requiring any additional certiﬁcation from IMB.
✤ Your lawyer can advise you if you need a patent
for your innovation, or a copyright, or a
trademark for your business, and acquire one
by easily approaching any of the facilitators
issued by the government.
✤ You will need to bear only the statutory fees
thus getting an 80% reduction in fees to register
your intellectual property.

What Next?
✤ One of the key challenges faced by many startups has been
accessing to ﬁnance.
✤ In order to provide funding support, Government has set up a
fund with an initial corpus of INR 2,500 crore and a total
corpus of INR 10,000 crore over a period 4 years (i.e. INR 2,500
crore per year).
✤ The Fund is in the nature of ‘Fund of Funds’, which means that
it will not invest directly into Startups, but shall participate in
the capital of SEBI registered Venture Funds.

Conclusion
✤ We can see that the Government is making efforts in
order to support startups in every way.
✤ This way, it is also helping young entrepreneurs by
providing them with a platform to showcase their
innovative ideas and on the whole aiding to the
development of the economy of the country.

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How to Register your Start-Up under Start-Up India scheme

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How to Register your Start-Up under Start-Up India scheme