Startup India Registration

A startup is a company incorporated as a Private Limited Company , a Registered Partnership Firm or a Limited Liability Partnership. Since its incorporation/registration, the business has been in existence for ten years.

If its annual turnover has not exceeded In any of the financial years after incorporation/registration; the company has made not more than Rs. 100 crores; if it is working on product development, innovation, or enhancement, procedures, or services, It is a scalable business strategy with a strong potential for job or wealth creation. A company formed by severing or reconstructing current commerce is not called a 'Start up.'

In addition, a startup must be less than ten years old to be recognized as a startup.

Advantages of the Startup India Program

Self-Certification

Obtain self-certification and comply with three environmental laws and six labour laws. For three years, no inspections will be done on labour laws.

a. Labour Laws

  • Another Construction Workers' (Employment and Conditions of Service) Act of 1996 regulates the employment and conditions of other construction workers.
  • The Inter-State Migrant Workers (Employment and Conditions of Service) Act of 1979 regulates the employment and conditions of migrant workers from other states.
  • The Gratuity Payment Act of 1972
  • The Contract Labour (Regulation and Abolition) Act of 1970 regulated and abolished contract labour.
  • Employees Provident Funds and Other Provisions Act of 1952
  • The Employees' State Insurance Act (ESIA) was enacted in 1948.

b. Environmental Laws

  • The Water Prevention Pollution Act of 1974 was passed to protect the environment from contamination.
  • The Air Prevention Pollution Act of 1981 was passed to prevent and control pollution in the atmosphere.
Tax Exemption

Section 80-IAC provides an income tax exemption for three years. And exemption u/s 56 of the Income Tax Act of 1961.

Criteria for applying for the 80-IAC (Income Tax Exemption):

  • The company should be a well-known startup.
  • Only a private limited or an LLP is entitled to a Section 80IAC tax exemption.
  • After April 1, 2016, the startup should have been incorporated.
  • Section 56 of the Income Tax Act establishes eligibility criteria for tax exemption.
  • The entity must be a DPIIT-accredited startup.
  • After the proposed share issue, the startup's total paid-up share capital, and share premium do not exceed INR 25 crore.
Easy Company Winding Up

Under the Bankruptcy Code of 2016 can be wound up in 90 days.

Patent Application & IPR Protection for        Startups

Get a head start on your patent application with a discount of up to 80% on patent filing expenses.

Easier Public Procurement Norms

There seems to be no necessity for an initial deposit, prior turnover, or experience in government tenders.

Fund of Funds of the Small Industries        Development Bank of India

Alternative Investment Funds for investing in startups.

Documents required for the registration of a startup registration

  • A Certificate of Business Registration
  • . A copy of your PAN card
  • Business-related information (e.g., work details, office address, etc.)
  • Photo of the Directors/Partners in passport size
  • A synopsis of the company and its products/services, as well as notes on advances
  • Product's Revenue Model and Uniqueness
  • Website/Pitch Deck/Video/Patent (anyone)