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Startup India Registration

Introduction:

If you are new in business and your product/service is unique and have the potential to scale, then you should definitely go for the Startup India registration. This initiative was launched by the Indian Government on 16th January, 2016 to promote and support Entrepreneurship in the country. It has several benefits such as tax exemptions, easier compliance norms, helps in employment generation and funding from Government and investors. All the programs under Startup India are reported to DPIIT (Department for Promotion of Industry and Internal Trade) which comes under the Ministry of Commerce & Industry Government of India.

Eligiblity

An Entity whose:

Period of existence and operations should not be exceeding 10 years from the Date of Incorporation (DOI)
Being incorporated as Private Limited company or LLP or Registered Partnership firm
Annual turnover has not exceeded Rs. 100 crores in any FY since its incorporation.
Objective is development of the product/service and generating employment in the nation.

Benfits

Tax exemption for 3 consecutive years within the first 10 years from the DOI and further benefits u/s 80 IAC.
It is easier to raise funds and get business loans by choosing your Venture Capitalists/Investors as per your requirement.
Establishes credibility and trust
Reduce/save on IPR costs.
Benefits under various Government schemes.
Government aid in Research and Innovation of products.

To apply for the STARTUP INDIA/DPIIT REGISTRATION visit the government website https://www.startupindia.gov.in/ or you may directly go to this link https://www.nsws.gov.in/. Login with Business user ID, sign up your account and enter the details of the entity. Various questions and details need to be answered for the application. It is an arduous process for which you may need the help of a Professional.

Conclusion

As per the reports of the Confederation of Indian Industry (CII), Indian startups are likely to create 50 million new jobs and add $1 trillion to the economy by 2029-30 (FY30). If the reports are to be believed then approximately 20-25% jobs were created and over 100 Unicorns minted by the startups in the last decade. Hence, it's the most desirable registration for new entities. For any doubts and queries the readers may contact the author at sarrahkatawala@connect2comply.com.

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