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DIPP Startup Registration

Know the complete registration process, documents required, getting patents registered and availing government scheme benefits under Startup India.

PMalhotra
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DIPP Startup Registration

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  1. Taxolawgy Justice for All! Legal | Financial | Taxation

  2. About Us Taxolawgy is an online marketplace for providing highest quality of Legal and Financial services in the most transparent environment at affordable rates, while opening global business opportunities for experts like Advocates, CA, CS, etc.

  3. How to Register your Startup In India in 2020? Startups are small companies that are currently just starting their operations and almost always without a rigid structure or operation methodology. This business either develops a fresh new product or service or redevelops an existing product or a service into something better. Generally, startup registration is the first step towards beginning your Startup in India.

  4. How to register your startup with Startup India Step 1: Incorporate your business First incorporate your business as a Private Limited Company or a Partnership firm or a Limited Liability Partnership Moreover, the usual company registration processes are followed. In this case, obtaining the certificate of Incorporation or Partnership Registration, Permanent Account Number – PAN, and other essential compliances.

  5. Step 2: Register with Startup India Then the business must be registered as a startup. The entire process is simple and online. To begin with, simply log on to the  Startup India website and fill-up the form with details of your business and upload the required documents.

  6. Step 3: Upload Documents (in PDF format only) a) Recommendation or Support Letter Innovative Business Recommendation Letter  Innovative Business Support Letter A letter of recommendation, from an incubator established in Post-graduate college/institute. Funding Letter with not less than 20% Stake in Equity by any incubation Fund or Angel Fund or Private Fund or Accelerator or Angel Network, duly registered with SEBI who promotes innovative businesses. e. Funding Letter by Government of India or any State Government as a part of a directed scheme promoting innovation, or f. A patent filed and published in the Indian Patent Office’s Journal in areas affiliated with the nature of the business to be promoted.

  7. b) Certificate of Incorporation or Registration You need to upload the certificate of incorporation of your company/LLP (Registration Certificate in case of partnership) c) Description of your business in brief A description of the innovative nature of your Products or Services. Step 4: Would you like to avail tax benefits Startups are exempted from income tax for 3 years. In order to avail these benefits, they have to be certified by the Inter-Ministerial Board (IMB). Start-ups recognized by DIPP, Govt. of India can now directly avail IPR related benefits without requiring any additional certification from IMB.

  8. Step 5: Self-certify your compliance with the following: You must register your new company as a Private Limited Company, Partnership firm or a Limited Liability Partnership. b) Your business must be incorporated/registered in India, not before 5 years. c. The turnover must be Less than 25 Crore every year. d. The business must work for innovating something or simply improving existing technology. e. The business should not be a consequence of splitting up or reconstruction of an existing business.

  9. Step 6: Avail Recognition Number Once applied you will instantly receive the Recognition Number for your startup. The certification of recognition is issued once all your documents are verified. Upload documents very cautiously. During verification, if the required documents are not uploaded, wrong or forged it may result in a fine of 50% of your paid-up capital with a minimum fine of Rs. 25,000/-

  10. Step 7: Other Elements of Startup Registration in India a) Patents, trademarks or design registration If you need a patent for your innovation or a trademark for, then you can easily approach any from the list of facilitators issued by the government. By only paying the Statutory Fees you can get a reduction of 80% in fees for Patent Registration. b) Funding One of the key challenges faced by many startups has been accessing to finance.  Due to Lack of experience, security or existing cash flows many stop entrepreneurs from attracting investors. Similarly, the high-risk nature of startups keeps investors away from them. For proper funding support, the Government has created a fund with an initial corpus of INR 2,500 crore and a total corpus of INR 10,000 crore for a time frame of 4 years (i.e. INR 2,500 crore per year).

  11. The Requirement of Government Recognition for Your Startup Registration Startup India brings benefits for your startup from the government.

  12. Key elements of the Fund of Funds The professional from Industry bodies, academia and successful startups will manage the Funds of Funds under a Board. Life Insurance Corporation (LIC) should co-invest in the Fund of Funds The Fund of Funds must contribute a maximum of 50% of the SEBI registered Venture Funds (Daughter Fund). To get the contribution, the daughter fund must have already raised the balance of 50%. Based on the contribution made the Fund of Funds must have representatives on the board of the venture fund. The Fund shall ensure assistance to a broad mix of sectors such as manufacturing, agriculture, health, education, etc.

  13. Taxolawgy Hope you liked it! To know more about our legal, financial & taxation services write to us at info@taxolawgy.com

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