The Startup India Scheme was established a few years ago to enhance the country’s startup development. This scheme helps individuals to become job creators instead of job seekers.
The startup ecosystem has been growing gradually, and this government initiative makes entrepreneurs’ lives easier. As an entrepreneur, you will have a lot on your plate. From production to finding talent and attracting customers, there are several tasks to accomplish daily.
Under the instruction of the prime minister of India, the startup India registration program encourages the growth and extension of startups in the country. Similarly, several programs will elevate the development of every startup company.
Knowing that these schemes will benefit your company is essential if you desire to register your business. Moreover, starting an organization in the country requires you to register the business under the Companies Act 2013. A company can avail of innumerable benefits if it satisfies certain conditions.
Startup India is the most popular and beneficial scheme, which requires business owners to proceed with registration. This article helps you to understand how a startup business can be registered under this scheme.
Startup companies – Overview
An organization in its growing phase of operations is quoted under the startup. An entrepreneur who trusts their product or service will establish the company.
For this, an entrepreneur has to evaluate the product/service’s unique value, demand, and market for specific products. In the initial phase, the company depends on the founders for financial support, and they will fund until revenue generation.
Is your company eligible for the Startup India scheme?
A company should be incorporated as a private limited company or registered as a partnership firm. This is the first step to establishing your startup, and the organization is eligible for the government scheme if its inception occurs within ten years. The business’s turnover should be at most one hundred crores, and there should be a scalable business model for wealth generation.
Easy steps to register your company under the Startup India scheme
Firstly, you must incorporate the business as a limited liability partnership, partnership firm or private limited company. The individual must acquire essentials like the company’s PAN, certificate of incorporation, etc.
Before these steps, you must obtain a digital signature certificate and director identification number and create a new registration on the MCA portal. Once the startup registration process is completed, you will attain the incorporation certification.
Registration under the scheme
This step is relatively easy as you must register on the official government website for the scheme. All you have to do is, register your organization as a startup and furnish the details in the form.
Your profile creation will be successful after uploading the necessary documents and proofs. Documents like a letter of recommendation, registration certificate, and business description should only be in PDF format.
Get IMB certification
Startup companies can avail of income tax exemption for the first three years. It is essential to get Inter-ministerial board certification. If DIPP and the Government of India recognize your organization, you can avail of IPR benefits without additional IMB certifications.
A company not older than five years and with a turnover of fewer than twenty-five crores is eligible to be registered as a startup. If all the documents submitted by the applicant are verified, you will get a recognition certificate. Register your business with the help of professionals with years of expertise in the field and acquire all the benefits of unique government schemes.