Start-up Registration - The Complete Guide
Start-up means innovation!
It is a newly established firm that usually falls under small-scale units, started by 1 or a group of individuals. Since 2015, the start-up culture in India has been evolving; these units strive to formulate a new product/ service or re-innovate an existing product/service into something better.
Start-up Registration is the flagship initiative by the Government of India, under this, it is offering numerous benefits to the start-ups across diversified sectors.
Benefits of Registering as a Start-up in India
The procedure of Registering Startup with Startup India
The registration for Goods and Service Tax (GST) can be obtained on the GST portal. The applicant is required to apply for GST registration in Form REG-01 by following these outlined steps:
Step – 1 : Incorporate your Business - For the starters, you will have to follow and complete all the steps for registering any business. However, you can only incorporate as a Private Limited Company or a Partnership firm, or a Limited Liability Partnership and will require to follow the incorporation procedure to obtain the Certificate of Incorporation.
Step – 2 : Register with Startup India - Once you are done incorporating your business, you are required to register yourself on Startup India. The entire process is simple and online. Simply provide all the needed details and complete the OTP Validation for creating a profile.
Now you’ll be eligible to apply for various acceleration, incubator/mentorship programs, and get access to resources like Learning and Development Program, Government Schemes, State Policies for Startups, and pro-bono services.
Step – 3 : Get the DPIIT Recognition - The next step is to get the Department for Promotion of Industry and Internal Trade (DPIIT) Recognition as it will permit you to access high-quality intellectual property services and resources, relaxation in public procurement norms, self-certification under labor and environment laws, easy winding of company, access to Fund of Funds, tax exemption for 3 consecutive years and tax exemption on investment above fair market value. For this, just log in with your registered credentials and visit DPIIT Recognition for Startups under the ‘Schemes and Policies’ tab. Now select ‘Get Recognized’ which will lead you to a new page, scroll down and select the ‘Click here for submitting your application for recognition as a Startup’. of it.
Step – 4 : Fill out the Recognition Application - You are required to fill the ‘Startup Recognition Form’. Click on the plus sign on the right-hand side of the form and enter each section, these cover the complete details of the entity, including authorized representative details, startup activities, and self-certification.
After entering all the sections of the ‘Startup Recognition Form’, accept the terms and conditions and click on the ‘Submit’ button.
Step – 5: Obtain the Recognition Number - On completion, you will get a recognition number for your startup. The certificate of recognition will be issued after the examination of all your documents which is usually done within 2 days after submitting the details online.
However, be attentive while submitting the documents because if during the verification, it is found to be obtained that the required document is forged, you will be liable to a fine of 50% of your paid-up capital of the startup with a minimum fine of Rs. 25,000.
Documents Required for GST Registration
How can we simplify the process of Startup Registration?
Amidst the incorporation of a business, it is strenuous to get involved in all these registration processes. Nevertheless, to save your time as well as efforts, we at Muneembhai accomplish the complete process on your behalf.
Our service structure features end-to-end fulfillment under the guidance of our expert.