From the time the Prime Minister of India, Mr Narendra Modi introduced the Startup India Program, a tremendous surge in the number of startups is being witnessed every year. Tax exemptions and several other benefits have pushed many young Indians to start their venture in different niche areas.
But what is a startup? It is a business that is set up by a group of people that intend to solve a problem by making a few changes or implementing new ones that can make lives easier for the common man.
A startup can also come into existence if the founders have a great idea. One of the biggest benefits of setting up a startup is that it is a boon from the aspect of generating employment in the country. It also fosters economic development and sustainability.
So, how to register a startup in India? This is what we will discuss here in the write-up.
How to register a startup – Know the steps
Let us find out more about the same under the following sub-heads-
1. What makes you eligible for Startup India Program?
To be eligible for the Startup India program, you must fulfil the following conditions-
- The firm you are setting up must be a private limited company or a limited liability partnership
- The company that you set up will continue to be a startup for the first 10 years from the date of registration.
- It continues to be a startup if the turnover per year fails to cross the INR 100 crore mark in any of 10 years. But the moment the attains the mark, it is no longer a startup.
- You must have earned approval from DIPP or the Department of Industrial Policy and Promotion.
- The company must be funded by an Angel Fund, Incubation Fund, or Private Equity Fund.
- It is necessary to obtain a patron guarantee from Indian Patent and Trademark office.
- The startup must have innovative schemes and plans
- A recommendation by an Incubation is a must.
2. The course of action for registering a startup in India
Now that you learned how to start a company in India after meeting the eligibility criteria, let us go through the registration process in brief.
- Step-1 Incorporating your business
- Step -2 Registering the business under Startup India Program
- Step- 3 Documents required that must be uploaded in PDF only
- Step-4 You will have to clarify whether you are looking for tax-exemptions
- Step-5 Self certification for a few conditions that require to be fulfilled
- Step-6 Earn your recognition number
It takes a lot of patience, perseverance, and positivity to be part of the revolution that boosts socio-economic growth in the country.
Also Read: How to Register a Company in India?