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22 July 2023
A startup company refers to a newly set up business, which is usually small. Typically, it is started by one or a group of individuals. This entity mainly focuses on developing a new product/ service. However, it can be associated with launching a refined version of a current product/ service by introducing innovation.
Here are some simple and standard steps to register a startup in India:
Step 1: Incorporate Your Entity
In this step, you should decide the types of company registration from a Private Limited Company, a Partnership Firm, or a Limited Liability Partnership (LLP). To register any of these companies, ensure submitting the application and procuring the Certificate of Incorporation/ Partnership registration.
Fill out the application form and submit it to the Registrar of Companies (ROC) of your region. In the case of establishing a Partnership Firm, the application for business registration will be submitted to the Registrar of Firms of your region. This application process requires a fee together with supporting documents. (We’ll share the checklist of documents below.)
Step 2. Get Registered with Startup India Portal
In this regard, CAAQ provides consulting support for startup India registration online. We help you discover how to get registered online. For this process, follow these guidelines:
Step 3: Get DPIIT Recognition
Step 4. Apply for Recognition
Step 5. Documents Uploading
This step requires uploading documents for registration. Here is the list of all documents:
Step 6: Obtain the Recognition Number
Once submitted the application form, a Recognition Number is issued in the name of your startup company. You get the certificate of recognition once your documents are verified successfully. It hardly takes two working days once you submit your papers online.
Step 7: Miscellaneous Arrangements
This is for registering your innovation or trademark for your business. There would be a list of facilitators that issue it. Hire CAAQ consultancy for startup India registration and trademark. It requires you to pay the statutory fees and save up to 80% of the fee.
Being a startup, it’s no less than a nightmare to find any investor. Here, the government provides support. It has set up a fund with an initial corpus of INR 2,500 crore and a total corpus of INR 10,000 crore for a period of four years. It is the fund of funds, which won’t be directly invested into a Startup directly. But, it shall be included in the capital of SEBI registered Venture Funds.
This self-certification helps reduce the compliance cost of the Startup. It relaxes in compliance under six labour laws and three environmental laws for 3 to 5 years from the date of incorporation. Furthermore, it helps in focusing on the core practices. It also avoids 3 environment-based Acts for 3 years.
Being a startup, your entity will be free from paying income tax for three years. To leverage these relaxations, you must certify with the Inter-Ministerial Board (IMB). It is applicable for fresh businesses incorporated on or after the 1st of April 2016.
Apart from this, there is another method for startup growth and mentorship. It is the MAARG portal. Furthermore, it helps in availing sector-focused guidance, handholding, and assisting startups throughout its running. With it, mentors and their respective mentees can meet easily to leverage expertise and build a result-based business lifecycle.