- To register as a startup under the Startup India program, the entity should be incorporated as a private limited company, partnership firm, limited liability partnership, or a registered partnership. The entity must also fulfill certain eligibility criteria defined by the program.
- It is important to note that the specific details and benefits of the Startup India Registration program may change over time. Therefore, it is advisable to visit the official Startup India website or consult with relevant authorities for the most up-to-date and accurate information.
Who Needs Startup India Registration?
Startup India Registration is primarily designed for entities that meet the following criteria :
- Private Limited Company : A private limited company incorporated under the Companies Act, 2013, or the Companies Act, 1956.
- Partnership Firm : A partnership firm registered under section 59 of the Partnership Act, 1932.
- Limited Liability Partnership (LLP) : An LLP incorporated under the Limited Liability Partnership Act, 2008.
- Registered Partnership : A registered partnership firm under section 58 of the Partnership Act, 1932.
- To be eligible for Startup India Registration, the entity must meet the following conditions :
- Age : The startup should be less than ten years old from the date of incorporation.
- Turnover : The annual turnover of the startup should not exceed INR 100 crore (approximately $15 million) in any previous financial year.
- Innovation : The entity should be working towards innovation, development, deployment, or commercialization of new products, processes, or services driven by technology or intellectual property.
- It’s important to note that the eligibility criteria and requirements may be subject to change, so it’s advisable to refer to the official Startup India website or consult with relevant authorities for the latest information. Additionally, certain benefits and incentives provided under the Startup India program may have specific eligibility criteria beyond registration, and startups should review these criteria to determine their eligibility for specific benefits.
Benefits Of Startup India Registration
Startup India Registration offers several benefits to registered startups. Some of the key benefits include :
- Tax Exemption : Startups are eligible for a three-year income tax exemption, provided they are certified by the Inter-Ministerial Board (IMB).
- Self-Certification and Compliance : Startups can self-certify compliance with certain labor and environmental laws using a simple online process. This reduces the regulatory burden and enables startups to focus on their core activities.
- Faster Patent Examination : Startups can avail themselves of fast-track examination of patent applications, reducing the time and cost involved in securing intellectual property rights.
- Access to Funding : The government has established a Fund of Funds with a corpus of INR 10,000 crore (approximately $1.5 billion) to provide financial support to startups through alternate investment funds (AIFs). This helps startups access capital for their growth and expansion.
- Networking Opportunities : Registered startups get access to a network of mentors, investors, and industry experts through various events, workshops, and networking sessions organized by Startup India.
- Incubation Support : Startups can apply for incubation support through government-recognized incubators. These incubators provide infrastructure, mentoring, and other resources to nurture startups.
- Skill Development : Startup India offers the Startup India Learning Program, an online platform that provides entrepreneurs with access to learning resources, courses, and modules to enhance their knowledge and skills.
- Government Procurement : Startups are given preference in government procurement processes. They can participate in tenders and receive exemptions from prior experience and turnover requirements.
- International Collaboration : The Startup India program encourages startups to participate in international events, exhibitions, and trade fairs to explore collaboration opportunities and gain exposure to global markets.
- Recognition and Visibility : Registered startups receive a Startup India Certificate of Recognition, which enhances their credibility and visibility among investors, customers, and stakeholders.
- It’s important to note that the benefits may vary based on the specific policies and programs implemented by the government. Startups should refer to the official Startup India website or consult with relevant authorities to get detailed and up-to-date information about the benefits available to registered startups.