Start Up India Registration

From Idea to Execution: A Guide to Starting Your Startup

Do you have a game-changing idea?

If you're passionate about solving a local or industry problem, you might be ready to embark on the exciting journey of launching your own startup.

Why are startups thriving in India?

The Indian government, under Prime Minister Narendra Modi, introduced the Startup India initiative to fuel economic growth, recognize promising startups, and attract talented entrepreneurs.

How do I qualify for Startup India registration?

To be considered a startup, your company must meet these criteria:

• Registered in India within the past decade.
• Be a private limited company, partnership firm, or limited liability partnership.
• Have an annual turnover not exceeding Rs. 100 crore in any financial year since incorporation.
• Focus on innovation, development, or improvement of products, processes, or services, or have a scalable business model with high potential for job creation or wealth generation.

Are there any exclusions for startups under this program?

Yes, an entity formed by dividing or restructuring an existing business doesn't qualify as a startup. Additionally, a company loses its startup status after 10 years from incorporation or if its turnover surpasses Rs. 100 crore in any previous year.

What perks does the Startup India program offer?

• Reduced Costs: Get high-quality intellectual property services and enjoy an 80% discount on patent filing fees.
• Easy Funding Access: Leverage a Rs. 10,000 crore government fund for venture capital, along with lending guarantees to encourage banks and other financial institutions to provide capital.
• Three-Year Tax Holiday: Qualify for exemption from income tax for three years, subject to certification by the Inter-Ministerial Board (IMB).
• Government Tender Eligibility: Apply for government tenders without needing to meet the "prior experience/turnover" criteria.
• Simplified Closure Process: The Insolvency and Bankruptcy Code, 2016, allows for a streamlined winding-up process within 90 days for startups meeting specific criteria.
• Streamlined Compliance: Self-certify compliance with nine labor and three environmental laws.
• Investor Tax Benefits: Investors can enjoy exemptions under Section 56(2)(VIIB) of the Income Tax Act.
• Sell on Government e-Marketplace: DPIIT-recognized startups can register as sellers on GeM, an online platform for government departments to procure products and services.

Can anyone register for the Startup India program?

Absolutely! Any eligible person can register on the portal themselves or through a professional firm like Taxyaari.

In Conclusion

Launching a startup in India involves steps, but careful planning and guidance can make the process smooth. Following these steps and adhering to relevant laws and regulations will help you lay a solid foundation for your startup's success. Remember to seek professional advice when needed and stay updated on any legal changes that may impact your business. Taxyaari is here to help you on your entrepreneurial journey. Feel free to reach out to them at connect@taxyaari.com. Good luck!