How to Register for Startup India Scheme: Step by Step Guide
Startup India is a flagship initiative of the Government of India that aims to build a strong ecosystem for nurturing innovation and entrepreneurship in the country. The scheme provides various benefits and incentives to eligible startups, such as tax exemptions, simplified compliance, patent support, funding access, mentorship and networking opportunities.
If you have an innovative idea or a scalable business model that can create social or economic impact, you may be eligible to register for the Startup India scheme and avail its benefits. In this blog post, we will guide you through the steps to register for the Startup India scheme and explain the eligibility criteria and documents required.
Benefits Of Startup India Scheme
The Startup India scheme, launched by the Government of India in 2016, aims to promote and support startups in the country. Some of the benefits of the Startup India scheme include:
Easy registration process: The scheme offers a simplified and streamlined registration process for startups, reducing the time and effort required to establish a business.
Financial support: Startups can access various funding and financial support mechanisms, such as the Fund of Funds for Startups (FFS) with a corpus of INR 10,000 crore. The FFS provides venture capital funding to eligible startups through alternate investment funds.
Tax benefits: The scheme provides tax benefits and incentives to startups, including a three-year tax exemption for eligible startups. This helps reduce the financial burden during the initial years of operation.
Intellectual Property Rights (IPR) protection: Startups can benefit from fast-track examination and reduced fees for filing patents, trademarks, and designs. This encourages innovation and protects intellectual property.
Self-certification and compliance: Startups can self-certify compliance with various labor and environmental laws for a period of five years, reducing regulatory complexity and improving ease of doing business.
Incubation and mentoring support: The scheme promotes the establishment of incubation centers and provides mentoring support to startups. This helps entrepreneurs gain industry knowledge, access networks, and receive guidance from experienced professionals.
Access to networks and resources: Startups are provided access to a vast network of investors, mentors, and industry experts through platforms like the Startup India Hub. This facilitates networking, collaborations, and knowledge-sharing.
Government procurement: Startups are given preference in government procurement processes, enabling them to access government contracts and opportunities.
Startups recognized by DIPP may list their products on the Government e-marketplace, the largest e-procurement website in the nation. Additionally, the prerequisites for prior turnover, experience, and earnest money deposits will not apply to startups.
If bankruptcy occurs: Startups don’t always run smoothly. “Fast track firms” are startups that have been approved by the Startup India programme. As opposed to other companies, who must complete their operations within 180 days, they can do so in 90 days. Within six months of the application’s submission, the asset liquidation procedure will be facilitated by insolvency specialists hired by the startup, who will also pay off creditors.
Improved IPR protection and patent application speed: Startups participating in the Startup India programme will also benefit from an 80% application cost discount in addition to an expedited patent filing process. In comparison to other businesses, a 50% refund is offered for trademark filing. In addition, the government has a team of facilitators who will offer basic advice on IPR protection and promotion to the companies, and the government will cover the entire cost of their services.
How to Register for Startup India Scheme?
Step 1: Eligibility Check
Before proceeding with the registration, ensure that your startup meets the eligibility criteria outlined by the Startup India scheme. The scheme defines a startup as an entity that is incorporated as a private limited company, partnership firm, or limited liability partnership (LLP). It should be less than ten years old from the date of incorporation and have an annual turnover of less than INR 100 crores in any preceding financial year. Additionally, the goal of your business should be innovation, the creation, introduction, or commercialization of new goods, methods, or services based on technology or intellectual property.
Step 2: Sign up on the Startup India website
The second step is to visit the official website of Startup India at https://www.startupindia.gov.in/ and click on the “Register” button on the top right corner. You will be redirected to a page where you can sign up using your email ID or mobile number. You will also need to create a password and agree to the terms and conditions.
Step 3: Fill in your profile details
After signing up, you will be asked to fill in your profile details, such as your name, gender, date of birth, state, district, pin code, education level and occupation. You will also need to select whether you are an individual or a representative of an entity. If you are an individual, you will need to provide your Aadhaar number and PAN number. If you are a representative of an entity, you will need to provide the entity name, type, PAN number and GSTIN (if applicable).
Step 4: Create your startup profile
The next step is to create your startup profile by providing information about your startup, such as its name, sector, stage, incorporation date, address, website and social media links. You will also need to upload your pitch deck (a presentation that summarizes your startup idea and business plan) and answer some questions about your startup’s problem statement, solution, innovation level, scalability potential and target market.
Step 5: Apply for recognition
Once you have created your startup profile, you can apply for recognition as a startup by the Department for Promotion of Industry and Internal Trade (DPIIT). To do so, you will need to fill in an online application form and upload the following documents:
- A certificate of incorporation or registration of your entity
- A letter of recommendation from an incubator, accelerator, mentor or investor (optional)
- A proof of concept or prototype or patent or trademark (optional)
You will also need to declare that your startup meets the following eligibility criteria:
- It is incorporated or registered in India as a private limited company or a partnership firm or a limited liability partnership
- It is not older than 10 years from the date of incorporation or registration
- It has never had a fiscal year with a turnover of more than Rs. 100 crore.
- It strives for product or service innovation, development, or improvement, or it has a scalable business model with a strong potential for generating income or jobs.
Step 6: Receive recognition certificate
After submitting your application form and documents, you will receive an acknowledgement email from DPIIT. Your application will be reviewed by DPIIT within 7 working days. If your application is approved, you will receive a recognition certificate from DPIIT with a unique recognition number. You can download the certificate from your dashboard on the Startup India website.
Step 7: Avail benefits
Once you receive the recognition certificate from DPIIT, you can avail various Startup India Benefits, such as:
– Tax exemptions for 3 consecutive years out of 10 years
– Exemption from angel tax under Section 56(2)(viib) of the Income Tax Act
– Exemption from capital gains tax under Section 54EE and Section 54GB of the Income Tax Act
– Simplified compliance regime under various labour and environmental laws
– Fast-track patent examination and rebate on patent fees
– Access to public procurement opportunities under relaxed norms
– Access to funding support from various schemes and funds
– Access to mentorship and networking opportunities from various stakeholders
To avail these benefits, you may need to apply separately on the Startup India website or other portals as per the guidelines and criteria of each benefit.
Conclusion
Registering for the Startup India scheme can help you boost your startup journey by providing various benefits and incentives. The process of registration is online and really simple. You just need to follow the steps mentioned above and provide the required information and documents. If you have any queries or doubts regarding the registration process or the eligibility criteria, you can contact the Startup India helpline at 1800115565 or email at [email protected].
FAQs
Q.1- Stand up India scheme launch date
On April 5, 2016, Indian Prime Minister Narendra Modi unveiled the Stand-Up India programmes. Through the provision of loans ranging from 10 lakhs to one crore for the establishment of a greenfield firm in the manufacturing, service, or trading sectors, the plan seeks to encourage entrepreneurship among women and SC/ST groups.
Q.2- What is startup India scheme?
The Indian government unveiled the Startup India programme on January 16, 2016. The programme provides financial assistance and incentives to young people to encourage their entrepreneurialism. The programme is built on three pillars: giving monetary support and incentives to the nation’s start-ups; fostering industry-academia partnerships and incubators; and streamlining and offering support.
Q.3- What is stand up India scheme?
The Stand-Up India project was introduced by the Indian government on April 5, 2016. Through the provision of loans ranging from 10 lakhs to one crore for the establishment of a greenfield firm in the manufacturing, service, or trading sectors, the plan seeks to encourage entrepreneurship among women and SC/ST groups.
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