Startup Registration

 

 

Are you a potential entrepreneur? Do you have the inordinate idea that is capable of creating an eternal mark across the globe with a problem-solving attitude?

Well, if that’s the case, then you are indirectly wandering in the right place. Initiating a Startup is not as simple as it seems to be. Even after the research, planning, and funding, a startup requires to go through a series of proceedings to be legally recognized by the Government of India.

The first and foremost step includes the Startup Registration. Wondering what it is for? No issues, we have got it all covered for you.

What is the Startup Registration India Scheme?

The Government has recently launched a ‘Startup Registration India Scheme’ to promote the concept of a self-reliant India OR ‘ATMANIRBHAR BHARAT,’ after cutting off major dependencies on China. Under this scheme, companies can be recognized as Startups by DPIIT (Department for Promotion of Industry and Internal Trade) and avail maximum benefits.

What is the eligibility criteria to be eligible for the Startup Registration scheme?

The eligibility criteria include:

1.       Originality of the company

The company should have a fresh origin. Modifications or splitting up an already existing business into a new one is not allowed.

2.       Company’s Age:

The age of the company should not exceed 10 years from the date of formation.

3.       Annual turnover

The company’s annual turnover should not be more than Rs. 100 Crore for any financial year.

4.       Company’s Type

The company should be a Private Limited Company, a Registered Partnership, or a Liability Partnership.

5.       Innovation and Potential

The central theme of the startup idea should contribute towards development, providing employment opportunities, and the creation of wealth to uplift the economy.

 

What are the Benefits involved under the Startup Registration Scheme?

Another major objective of this Startup Registration scheme is to diminish the burden of compliance and regulation costs (tax exemptions), thus allowing the startups to focus solely on heightening their core niche with the help of the government.

Apart from this, the startups receive relaxation in compliance with the 6 labor and 3 environmental laws upon recognition. No inspections would be conducted for as long as 5 years except in case of a credible report filed against the company and approved by at least 1 senior official from the concerned authorities. Also, the companies with a clean chit from the ‘Central Pollution Control Board’ would be free from any air and water checks except for some rare occasions.

The Startup registration process is very simple and can be done online on the Shram Suvidha Portal at your own comfort.

 

NOTE: People should be very clear that only ‘STARTUPS’ are exempted from these regulations and not the typical profit-making ventures. The difference between the two lies in the intention of their formation.

 

Conclusion

The new Startup registration scheme has attracted a lot of young, passionate minds applying their creativity to revolutionize the world. After gaining backing from the government, the fears involved in starting a new venture have been abolished and this is a true indication that India is gradually on the road to becoming a Global Superpower in every aspect through self-sufficiency and economical growth.

 

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