Overview - Start-up India Registration
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Start-up India Scheme is a flagship initiative of the Government of India, intended to build a strong eco-system for nurturing innovation and Start-ups in the country that will drive sustainable economic growth and generate large scale employment opportunities.
Start-up India Scheme is implemented through the Department of Industrial Policy & Promotions (DIPP), Government of India.
A business will be recognised as a ‘Start-up’ under this scheme only after obtaining a Certificate of Registration from Start-up India Hub at.
CONDITIONS FOR RECOGNITION AS A ‘START-UP’
1. To get recognised as a Start-up under the Startup India Scheme, a business entity must full fill the following conditions:
- a. Private Limited Company under Companies Act, 2013
- b. Limited Liability Partnership under the Limited Liability Partnership Act, 2008
- c. Partnership Firm under the Partnership Act, 193
2. The business must be registered must be registered as a
3. The turnover of business for any of the financial years since incorporation/ registration has not exceeded Rupees 25 crores
4. The Business is working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation.
5. The business will be recognised as Start-up is for a period of 7 years from the date of its incorporation/ registration; however, in the case of Start-ups in the biotechnology sector, the period shall be up to ten years from the date of its incorporation/ registration. Any entity formed by splitting up or reconstruction of a business already in existence shall not be considered a ‘Start-up’.
The business entity shall cease to be a Start-up on the following conditions:
- On completion of seven years from the date of its incorporation/registration
- if its turnover for any previous year exceeds Rupees 25 crores.
However, in respect of Start-ups in the biotechnology sector, an entity shall cease to be a Start-up on completion of ten years from the date of its incorporation/ registration or if its turnover for any previous year exceeds Rupees 25 crores.
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Startup India Registration - Requirements
Register business as Company / LLP / Partnership
Apply to 'StartupIndia'
Get Recognised as a ‘Startup’
'Recognised Startups' only can Apply for Tax Exemption
'Recognised Startups' only can Apply for Angel Tax Exemption
Process of Start-up India Registration
Register the business as a Private Limited Company / Limited Liability Partnership / Partnership Firm
Obtain PAN for the Business
Obtain MSME Registration for the Business
Make a brief writeup on the following:
a. What is the problem the startup is solving? b. How does the startup propose to solve this problem? c. What is the uniqueness of solution by the startup? d. How does the startup generate revenue? e. Details of any awards/recognition received by the startup
File application at www.startupindia.gov.in
Submit supporting documents such as Certificate of Incorporation / Registration
Start-Up India Hub will review the application and if the application fulfils the Start-up India guidelines and conditions, will grant recognition as a Startup and will issue the Certificate of Recogn
- Certificate of Incorporation as Private Limited Company Or
- Certificate of Incorporation as LLP Or
- Certificate of Registration as a Partnership
- Permanent account Number (PAN)
- MSME Registration Number
- Details of Directors / Partners
- Profile of Promoters
- A detailed write up on the Start-Up
Benefits of A Recognized ‘Start-up’
Asper the guidelines of DIPP, a recognised start-up gets the following benefits:
- Self-Certification: For Compliance under 9 environmental & labour laws
- Tax Exemption: Income Tax exemption for a period of 3 consecutive years and exemptions on capital gains & investments above Fair Market Value.
- Easy winding up of company: Within 90 days under insolvency & Bankruptcy code 2016.
- Startup Patent Application and IPR protection: Fast track & up to 80% rebate in filling patents.
- Easier Public Procurement Norms: Exemption on EMD and minimum requirements. Get listed as a seller!
- SIDBI Fund of Funds: Funds for investment into startups through Alternate Investment Funds.
Advantages of Start-up India Registration
Income Tax Exemption for 3 Years
After obtaining the recognition as a ‘Start-up’ under the Start-up India Scheme, a Private Limited Company or a Limited Liability Partnership incorporated on or after 1st day of April 2016 but before 1st day of April 2021 can apply for this exemption.
After review of application the Department will issue a Tax Exemption Certificate to the Start-up.
Only after obtaining the Certificate, the Start-up can avail the exemption of Income tax.
Exemption from Angel Tax
After obtaining the recognition as a ‘Start-up’ under the Start-up India Scheme, a Private Limited Company who complies certain specific conditions can apply for exemption of Angel Tax (Tax on Share Premium) Under Section 56(2)(viib) of Income Tax Act
After review of application the Department will issue a Tax Exemption Certificate Under Section 56(2)(viib) to the Start-up. Only after obtaining the Certificate, the Start-up can avail the exemption of Angel Tax.
Faq - Startup India Registration
1. Self-Certification of documents to be submitted to government authorities for various schemes
2. Eligibility for application of Income Tax exemption and exemptions on Angel Tax.
3. Easy winding up of company under insolvency & Bankruptcy code 2016.
4. Fast track & up to 80% rebate in filling patents.
5. Exemption on EMD and minimum requirements for Public Procurement Norms
6. Access to Funds for investment into startups through Alternate Investment Funds.