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Register Process Under Startup India Initiative
SAHU & ASSOCIATES:The Government of India announced Startup India Action plan, in order to build a strong eco-system for nurturing innovation and to provide bank finance for the startup, that results in sustainable economic growth and generate large scale employment opportunities. In this article, we will take you through the registration process under Startup India initiative.
Check eligibility of your company
For getting eligibility as a startup, your entity need to satisfy the following two conditions
The Following Entities are eligible for Start-ups:
(i) Private Limited Company registered under the Companies Act, 2013.
(ii) Partnership Firm registered under the Indian Partnership Act, 1932.
(iii) Limited Liability Partnership registered under Limited Liability Partnership Act, 2008.
An entity shall be considered as Startup, if:
- Entity should be incorporated on or after 1 April, 2016.
- Its turnover does not exceed 25 crores in last five financial years.
- It is working towards innovation, development, deployment and commercialization new products, processes or services driven by technology or intellectual property, significantly improved existing product or service or process that will create or add value for customers or workflow.
- Further provided that, it should not be formed by splitting or Reconstruction of a business already in existence.
Procedure of Registration:
Step-1: Entity need to register itself with MCA or Register of Firms using the Existing Processes
Step-2: Entity need to get the recommendation letter/copy of patent application from anyone of the following:
(i) Recommendation (with regard to innovation nature of business), in a format specified by Department of Industrial Policy and Promotion, from any incubator established in post-graduate college in India
(ii) Letter of recommendation from Industry association recognized by DEPARTMENT OF INDUSTRIAL POLICY AND PROMOTION
(iii) Recommendation (with regard to innovative nature of business), in a format specified by Department of Industrial Policy and Promotion, from any Incubator recognized by Government of India
(iv) Letter of funding of not less than 20 percent in equity by any Incubation Fund/ Angel Fund/ Private Equity Fund/ Accelerator/ Angel Network duly registered with Securities and Exchange Board of India that endorses innovative nature of the business. Department of Industrial Policy and Promotion may include any such fund in a negative list for such reasons as it may deem fit
(v) Letter of support by any Incubator which is funded (in relation to the project) from Government of India or any State Government as part of any specified scheme to promote innovation
(vi) Letter of funding by Government of India or any State Government as part of any specified scheme to promote innovation.
(vii) Patent filed and published in the Journal by the India Patent Office in areas affiliated with the nature of business being promoted.
Step-3: Entity need to register in Startup India portal.
Upon login, need fill the following details:
1. Type of legal entity.
2. Entity Incorporation/registration number.
3. Entity incorporation/registration date.
4. Entity PAN Number (optional).
5. Entity address with postal code & state.
6. Entity authorized representative details.
7. Entity director(s)/partner(s) details.
8. Upload supporting documents and self-certification (as detailed in step 2)
9. Upload of Incorporation/registration certificate of company/LLP/Partnership.
10. Upload brief note on innovativeness of products /services offered by the entity.
11.Confirmation on availing tax benefits under start up India Initiative.
12.Self-Certification and submission of Form.
Let's discuss for a deeper discussion on the process of registration and how this might affect your business.