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What is Startup India?
Launched on January 16, 2016, the Startup India Initiative has rolled out several programs to support entrepreneurs, build a robust startup ecosystem, and transform India into a country of job creators instead of job seekers. These programs are managed by a dedicated Startup India Team, which reports to the Department for Industrial Policy and Promotion (DPIIT).
Process of Startup India Registration:
Startup India is a flagship initiative of the Government of India, intended to build a robust ecosystem for nurturing innovation and Startups in the country that will drive sustainable economic growth and generate large-scale employment opportunities. We also make sure Startup India registration in Lucknow reaches the best solutions and possibilities to let our clients receive the best opportunities. The Government, through this initiative, aims to empower Startups to grow through innovation and design. To meet the initiative’s objectives, the Government of India is announcing this Action Plan that addresses all aspects of the Startup ecosystem.
The Action plan of the Startup India registration.
The action plan of this initiative focuses on three areas:
Another area relating to this initiative is to discard restrictive States Government policies within this domain, such as License Raj, Land Permissions, Foreign Investment Proposals, and Environmental Clearances. It was organized by The Department for promotion of industry and internal trade (DPI&IT).
A startup is defined as an entity headquartered in India, which was opened less than ten years ago and had an annual turnover of fewer than ₹100 crores (US$13 million).
Under this initiative, the Government has already launched the I-MADE program to help Indian entrepreneurs build 10 lakh (1 million) mobile app startups and the MUDRA Bank’s scheme (Pradhan Mantri Mudra Yojana). This initiative aims to provide micro-finance, low-interest rate loans to entrepreneurs from low socioeconomic backgrounds. The initial capital of ₹20,000 crores (equivalent to ₹240 billion or US$3.0 billion in 2020) has been allocated for this scheme.
Recently Indian Prime Minister announced, “India will celebrate January 16 as ‘National Start-up Day”. Hon’ble PM awarded 48 startups on the eve of the first National startup day. This time from Pune, Maharashtra, four startups got the award.
How to start Startup India registration
Step 1: Incorporate your Business
You must first incorporate your business as a Private Limited Company, Partnership firm, or Limited Liability Partnership. You must follow all the standard business registration procedures, like submitting the registration application and obtaining the Certificate of Incorporation/Partnership registration. You can incorporate a Private Limited Company or a Limited Liability Partnership (LLP) by filing the registration application to your region’s Registrar of Companies (ROC). You can establish a Partnership Firm by filing your firm’s registration application with the Registrar of Firms of your area. You must submit the required documents and fees to the Registrar of Companies or Firms along with the registration application.
Step 2: Register with Startup India
Then the business must be registered as a startup. The entire process is simple and online. Visit the Startup India website and click on the ‘Register’ button.
Next, enter the OTP sent to your email and other details like the type of user, name, startup stage, etc., and click on the ‘Submit’ button. After entering these details, the Startup India profile is created.
Once your profile is created on the website, startups can apply for various acceleration, incubator/mentorship programs, and other challenges, along with access to resources like the Learning and Development Program, Government Schemes, State Policies for Startups, and pro-bono services.
Step 3: Get DPIIT Recognition
The next step after creating the Startup India website profile is to avail of the Department for Promotion of Industry and Internal Trade (DPIIT) Recognition. This recognition helps the startups to avail benefits like access to high-quality intellectual property services and resources, relaxation in public procurement norms, self-certification under labor and environment laws, easy winding of company, access to Fund of Funds, tax exemption for three consecutive years and tax exemption on investment above fair market value.
To get DPIIT Recognition, log in with your registered profile (account) credentials on the Startup India website and click on the ‘DPIIT Recognition for Startups’ button under the ‘Schemes and Policies tab. Click on the ‘Get Recognized’ button on the next page. A new page will open. Scroll down this page and click the ‘Click here to submit your application for recognition as a Startup’ button.
Step 4: Recognition Application
On the ‘Startup Recognition Form,’ you need to fill in the details such as the entity details, complete address (office), authorized representative details, directors/partner details, information required, startup activities, and self-certification. Click on the plus sign on the right-hand side of the form and enter each section.
After entering all the sections of the ‘Startup Recognition Form,’ accept the terms and conditions and click on the ‘Submit’ button.
The process of Startup India Registration in Lucknow is very crystal clear if we follow the method and steps being mentioned.
Step 5: Recognition Number
That’s it! On applying, you will get a recognition number for your startup. The certificate of recognition will be issued after the examination of all your documents which is usually done within two days of submitting the details online.
However, be careful while uploading the documents. If, on subsequent verification, it is found to be obtained that the required document is not uploaded/the wrong document uploaded, or a forged document has been uploaded, then you shall be liable to a fine of 50% of your paid-up capital of the startup with a minimum fine of Rs. 25,000.
Step 6: Other Areas
Patents, trademarks, and/or design registration: If you need a patent for your innovation or a brand for your business, you can easily approach any from the list of facilitators issued by the Government. You will need to bear only the statutory fees, thus getting an 80% reduction in costs.
Funding: One of the critical challenges many startups face is accessing finance. Due to a lack of experience, security, or existing cash flows, entrepreneurs fail to attract investors. Besides, the high-risk nature of startups, as a significant percentage fail to take off, puts off many investors. To support funding, the Government has set up a fund with an initial corpus of INR 2,500 crore and a total corpus of INR 10,000 crore over four years (i.e., INR 2,500 crore per year). The Fund is like a Fund of Funds, which means that it will not invest directly into Startups, but shall participate in the capital of SEBI-registered Venture Funds.
Here is the simplest and most efficient way provided by us at Business Buddy Services to get your Startup India registration in Lucknow. The entire process will be taken care by us for our clients.
Documents for Startup India registration
Documents Which Have Been Waived Off for Startup India registration
Startup India has changed the procedure of registration since its inception. It has exempted most of the previous requirements now. Many documents which were required to be filed previously are waived off.
The process of Startup India registration in Lucknow has now has been made significantly easie after our experts have looked into the correct process and technique.
The list of documents that are not required to be filed at the time of the registration are-
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