Overview
There are various business structures in India to start a business. But only a suitable business setup can help you grow your business. Start-up India registration is a major project promoted by the government of India to support innovation, create jobs, and boost economic growth by helping start-ups thrive and innovate.
What is Start-up India registration?
The Start-up India initiative is a significant step by the Government of India to promote innovation and entrepreneurship among the youths of India. This initiative has the potential to create a number of jobs and boost the Indian economy. The initiative aims to reduce the regulatory burden on start-ups, provide access to funding and mentorship, and connect start-ups with investors and customers.
Benefits of Start-up India registration
Some of the most prominent benefits of start-up India are discussed below
Tax exemptions: Government provides many benefits and tax exemptions to the businesses under this initiative of Start-up India. They get a three-year tax holiday period on their profits and a deduction of up to 100% on investments made by angel investors.
Government funding: Start-up India registration are eligible to get benefitted from many schemes of the government. Government offers various schemes, like the Start-up India Seed Fund Scheme and the Atal Innovation Mission. These schemes provide start-ups with the capital to help them grow their businesses.
Regulatory relaxation: The government has simplified the process of various regulations for online registration for start-up India in order to enable them to operate and comply with the regulations easily. Government launched various schemes for this, like the Start-up India Mobile App, where you will get all the information about government schemes and regulations for the start-ups.
Market access: The government is providing market access to start-ups by partnering with various organisations, like e-Marketplace and the India Mart. All these platforms facilitate Start-up India registration to sell their products and services directly to the government agencies.
Mentorship and training: The government offers numerous mentorship and training programs for start-ups, like the Star-up India Mentorship Program and the Start-up India Incubation Program. Experienced mentors and trainers access is provided to start-ups through these programmes.
Choosing the Right Corporate Structure for Start-Up Company Registration in India
Once you decide to start a business then you will surely face a problem related to business structure of your business. Generally, business owners are left with the options to choose between a private limited company or an LLP (Limited Liability Partnership). One can also consider the option of the sole proprietorship or OPC (One Person Company). After considering all these options, Start-up India registration emerges as the best option for starting a business, because it is the best business structure conducive for attracting investment to the company. Also, in the case of a sole proprietorship, the proprietor is liable for unlimited personal liability. So, it is the final conclusion that Start-up India is the best businesses structure in India which requires less compliance, best for attracting investors, and various relaxation in taxes.
Documents required for online registration for start-up India
Following is the list of the documents needed for start-up registration
Authorization Letter: Authorisation letter of the authorised representative of the company, LLP or partnership firm.
Aadhar Card Copy: Copy of the Aadhar Card.
Contact Information: All the details for contact information.
Registration Proof: Proof of registration of the business.
Partners complete information: All the information about Directors or Partners of the company.
Business Activity Details: Information about business details of the company is also needed to register a start-up company.
Intellectual Property Information: Furnish all the details about patents and trademarks of the company.
Process of online registration for start-up India
Below is the complete process-
Business Registration
First of all, register your business as a Private Limited Company, Partnership, or LLP. Complete all the process of registration and get a Certificate of Incorporation/Partnership registration.
Register with Start-up India
Go to the Start-up India website and click on 'Register’ button. Fill in all the required details and create a profile.
DPIIT Recognition
After completing above step, apply for Department for Promotion of Industry and Internal Trade (DPIIT) Recognition to register a start-up company. You can apply online through your Start-up India profile.
Recognition Application
Fill in all the details, like address, authorized representative information, and start-up business activities. Read and accept all the terms and conditions.
Documents for Registration and Recognition Number
Provide incorporation certificate, proof of funding, authorization letter, Proof of idea, patents/trademarks, awards, and PAN number to register a start-up company. After submitting all the documents, you will get a recognition number. Certificate will be issued normally within 2 days after document examination.
Proprietorship Registration
