Startup India Registration

1. STARTUP REGISTRATION A startup is an entity that is in the first stage of its operations. It is basically business model that aims to meet a marketplace need by developing or offering an innovative product, process or service. Under the StartUp India Action Plan, start-ups that meet the definition as prescribed under the relevant notification are eligible to apply for recognition under the program. ADVANTAGES OF STARTUP REGISTRATION: SELF- PATENT FILING INCOME-TAX EXEMPTION Eligible startups can be exempted from paying income tax for 3 consecutive financial years out of their first ten years since incorporation. EXEMPTION FROM EMD DPIIT recognized startups have been exempted from submitting Earnest Money Deposit (EMD) or bid security while filling government tenders. CERTIFICATION Startups shall be allowed to be self-certify compliance for 6 Labour Laws and 3 Environmental Laws through a simple online procedure. Startups shall be provided an 80% rebate in filing of patents vis-a-vis other companies. This will help them pare costs in the crucial formative years EASY WINDING UP Startups with simple debt structures, or those meeting certain income specified criteria can be wound up within 90 days of filing an application for insolvency under the Insolvency and Bankruptcy Code, 2016. ANGEL TAX EXEMPTION Startups are eligible for the Exemption under Section 56(2)(viib) of Income Tax Act.

2. PROCESS OF REGISTRATION: 1. Register on Portal Startup is required to register by creating account on the Startup India portal 2. Filling of Application Basic details need to be filled on the portal for applying for the recognition under the startup India Scheme 3. Submission of Application After filling the necessary details, the application needs to be submitted on the portal. 4. Issuance of Certificate After satisfying, the recognition certificate is issued by the DPIIT. DOCUMENTS REQUIRED AUDITED STATEMENTS Self-certified copy of the audited statements since inception of entity. INCOME TAX RETURNS Self-certified copy of income tax returns. COPY OF PAN CARD Copy of PAN Card of Entity. BUSINESS MODEL Note on Business Model. COI, MOA & AOA Copy of COI, MOA & AOA. PAN & AADHAAR PAN & Aadhaar of directors. MSME REGISTRATION CERTIFICATE MSME Registration Certificate, if any. DETAILS OF NO. OF EMPLOYEES Details of No. of Employees. DETAILS OF IPR Details of IPR, if any. DETAILS OF FUNDING RECEIVED Details of Funding received by entity. EMAIL ID & MOBILE NO. Email ID & Mobile No. for registration.

3. Who should get this registration? Startup satisfying the following conditions can apply for Recognition: Registered as Private limited company or Partnership Firm or LLP. Turnover should be less than INR 100 Crores in any of the previous financial years. An entity shall be considered as a startup up to 10 years from the date of its incorporation. Startup should be working towards innovation/ improvement of existing products, services and processes and should have the potential to generate employment/ create wealth. An entity formed by splitting up or reconstruction of an existing business shall not be considered a “Startup”     Why should you get this registration? Entity should get itself registered for availing various benefits like self-certification, exemption from income-tax, angel tax self-certification, exemption from income-tax, angel tax and reduced fee of patent & trademark etc.    Content Source: https://www.startup-movers.com/startup-india-registration/