Startup India Registration
Benefits of Startup India
There are numerous benefits of Startup India Registration, some are:
1. Startup India Recognition – Under the Startup India initiative, eligible companies can get recognized as Startups by DPIIT, in order to access a host of tax benefits, easier compliance, IPR fast-tracking & more.
2. Startup India Hub – Startup India Registration provides you with various resources such as Learning and Development Programs, Government Schemes, and Networking.
3. Relaxation in Public Procurement Norms – Government of India has authorized its Ministries, Departments, and Public Sector Undertakings to relax norms in all public procurements. Startups are entitled to avail exemption on • Prior Turnover • Prior Experience • Earnest Money Deposit
4. Tax Exemption for 3 years – The recognized Startups that are granted an Inter-Ministerial Board Certificate are exempted from income tax for a period of 3 consecutive years out of 7 years since incorporation.
Eligibility for Startup India
As per the Startup India Action plan, the followings conditions must be fulfilled in order to be eligible as Startup :
- Has not yet completed a period of ten years from the date of incorporation/registration.
- Is a private limited company or registered as a partnership firm or a limited liability partnership.
- Has an annual turnover not exceeding Rs. 100 crore for any of the financial years since incorporation/registration.
- 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.
- It is not formed by splitting up or reconstructing a business already in existence.
Documents Requirement for the Startup India Registration
- Incorporation/Registration Certificate
- Director details
- Proof of concept like pitch deck/website link/video (in case of a validation/ early traction/scaling stage startup) respectively
- Patent and trademark details (Optional)
- PAN Number