Many people have great ideas, but just a few understand how to start and grow their business or convert a concept into an achievable venture. However, the registration process for a startup in India is very simple. The government has established the startup India scheme to encourage and offer moderation to the compliances that startup businesses need to follow. Here are five steps to register your startup in India.
1. Incorporate your business
You must first register your business as a partnership company, private limited company, or limited liability partnership. You can accomplish this by following all the regular steps for registering a startup business, including obtaining a certificate of incorporation or partnership deed, acquiring a permanent account number, and meeting other requirements. Depending on the nature and scale of your business, you might require legal help when you first begin.
2. Register with the startup India
Registering your company as a new business is the next step in startup registration. The startup India scheme introduced by the government has made the new private limited Company registration easier, and you can submit your form online from the comfort of your home. You only need to log into the startup India website and complete the startup registration form. After that, enter a one-time password (OTP) and other information, such as the type of user, user name, and startup stage, among other things, and then submit. A startup India profile will generate as soon as you input these details.
3. Get an acknowledgement from DPIIT
After creating your startup profile, you need to get the DPIIT recognition (Department for Promotion of Industry and Internal Trade). This will allow your startup to enjoy benefits like tax exemptions, easier access to license applications and intellectual property protection (IPR), self-certification facilities, access to the fund of funds, easier public procurement rules, and more.
To get DPIIT recognition, log in on the startup India website with your created account and click on the “Get Recognized” button. However, you must first click on the dashboard and choose “DPIIT recognition” from the drop-down menu to use this function.
4. Obtain recognition number
Once you have sent your application, you will receive a recognition number instantly. However, it can take up to two days to process the certificate of recognition. The certificate is subject to vetting all the documents you have submitted.
Be extremely careful when completing the forms and uploading documents. Failing to submit necessary documents, uploading the wrong ones, or submitting forged documents can attract a heavy fine. You can be reliable to pay a minimum fine of ₹25,000 or up to half of your startup paid-up capital.
5. Access your startup India registration certificate
Once you get your system-generated registration certificate in your email, you can access it from your account. You can also download it from the startup India portal for future use and easy access.
Startup registration in India is quite simple if you compute it from the beginning to the end. The benefits available in the registration process have also changed the overall picture of the startups. The Indian government has dramatically strengthened the economy, from startup registration to growth support, tax breaks, and government funding. In addition, startups get an 80% rebate on filing patents and many other investment opportunities.