Startup India Registration
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Startup India Registration - An Overview
Startup India is an Indian Government initiative that is intended to build a strong eco-system for nurturing innovation and startups in the country to drive sustainable economic growth and generate large scale employment opportunities. Through this initiative, the government aims to empower Startups to grow through innovation and design.
The objectives of the Startup India Movement are outlined below. The action plan envisages supporting the startups and more:
Benefits of Startup India Scheme
Income Tax BenefitsStartups are now given an income tax exemption for a period of three years from the date of incorporation provided they are certified as such by the Inter-Ministerial Board of Certification. Also, upon obtaining recognition from the Department for Promotion of Industry and Internal Trade (DPIIT) and if the aggregate amount of paid-up share capital and share premium of the startup after the proposed issuing of shares, if any, does not exceed ₹25 Crore, the startup will also be exempt from capital gains tax under Section 56 of the Income-tax Act, 1961-2014.
Financial BenefitsStartups are given a rebate on intellectual property rights (IPR) costs of 80% on patents and 50% on trademarks and are actively assisted by government-provided facilitators who aid with protecting and commercialising the IPRs. The examination and disposal of the IPR applications are also fast-tracked. The government will also pay the fees of the facilitators.
Registration BenefitsStartup registration in India is still extremely complex, with incorporation and registration being considered more difficult than the actual running of a business due to the extensive requirements. Under the scheme, it provides a portal to create networking opportunities and assistance for startups. A problem-solving window has been provided by the government under the scheme.
Funding BenefitsCertain states provide seed funding to startups certified under the scheme. To know about your state and the requirements in place.
Regulatory BenefitsUnder this scheme, startups are allowed to self-certify compliance for six labour laws and three environmental laws through a simple online procedure. For labour laws, no inspections will be conducted for a period of 5 years unless there is a credible and verifiable complaint of violation, filed in writing, and approved by an official who is at least one level senior to the inspecting officer.In the case of environmental laws, startups that fall under the ‘white category’ (as defined by the central pollution control board) would be able to self-certify compliance, and only random checks would be carried out in such cases
Public Procurement BenefitsOnce your startup is certified by the Inter-Ministerial Board of Certification and a DIPP (Department of Industrial Policy and Promotion) number will be issued to you, you can get listed as a seller on the Government of India’s e-procurement portal – Government e-Marketplace – and have the inside track on all Government of India Ministries/Departments/Public Sector undertakings subject to your ability to meet quality and technical requirements. Certified startups will also be entitled to exemptions on the earnest money deposit in your bid as well as in terms of the requirements regarding prior turnover and experience.
Faster Exit BenefitsThe government has initiated provisions making winding down operations easier by appointing an insolvency professional to fast-track the closure of operations and facilitate the sale of goods as well as paying creditors, all while recognising limited liability. Startups with a simple debt structure or those meeting the criteria outlined under this scheme will be able to achieve a complete exit within 90 days.
Checklist of Startup India Scheme
The checklist of the Startup India Scheme is as follows:
- The company must be incorporated as a private limited company, partnership firm or a limited liability partnership
- An incubation fund, an angel fund, or a private equity fund must finance the business in order for DIPP to approve it
- The company should have received a patron guarantee from the Indian Patent and trademark office
- It requires a recommendation letter from an incubator
- For networks, SEBI registration is necessary
- The company should be brand-new or no more than five years old, and its annual revenue should not exceed ₹25 crores
- The Startup India campaign does not impose income tax on capital gains
- Capital gain is exempt from income tax
- It is working towards the innovation, development, or improvement of products or processes or services
- It is a scalable business model with a high potential for employment generation or wealth creation.
- Company Registration: The company must be incorporated as a private limited company, partnership firm or a limited liability partnership. An incubation fund, an angel fund, or a private equity fund must finance the business in order for DIPP to approve it.
- Have Patron Guarantee From: The company should have received a patron guarantee from the Indian Patent and trademark office. Also It requires a recommendation letter from an incubator.
- Company Existence: The company should be brand-new or no more than five years old, and its annual revenue should not exceed ₹25 crores. Innovative and Scalable Entity: The entity should be working towards innovation, development, or improvement of products or processes or services. It is a scalable business model with a high potential for employment generation or wealth creation.
- Identity Proof:- The bank will accept any legal photo ID provided by the government.
- Address Proof:- Any official document that demonstrates the individual’s and the company’s addresses.
- Company Documents:- Memorandum of Association (MOA) Articles of Association (AOA) of the company. In the case of a partnership firm, a partnership deed.
- Patent Documents:- Statements of the borrower’s and the guarantor’s assets and liabilities. the company’s three most recent balance sheets
- Company Incorporation Documents:- Company registration certificate from ROC
Proprietorship vs Limited Liability Partnership (LLP) vs Company
|Definition||Unregistered type of business entity managed by one single person||A formal agreement between two or more parties to manage and operate a business||A Limited Liability Partnership is a hybrid combination having features similar to a partnership firm and liabilities similar to a company.||Registered type of entity with limited liability to the owners and shareholders|
|Ownership||Sole Ownership||Min 2 Partners|
Max 50 Partners
|Designated Partners||Min 2 Directors
Min 2 Shareholders
Max 15 Directors
Max 200 Shareholders
|For One Person Company
1 Nominee Director
|Registration Time||7-9 working days||7-9 working days||7-9 working days||7-9 working days|
|Promoter Liability||Unlimited Liability||Unlimited Liability||Limited Liability||Limited Liability|
|Partnership Deed||"LLP Deed|
|Governance||–||Under Partnership Act||LLP Act, 2008||Under Companies Act,2013|
|ransferability||Non Transferable||Transferable if registered under ROF||Transferable|
|Compliance Requirements||Income tax filing if turnover is more than Rs.2.5 lakhs||ITR 5||Form 11|
Why Choose Easebis
Frequently Asked Questions (FAQs)
The eligibility criteria for Startup India Registration include the age of the startup, turnover, and the type of business.
The documents required for Startup India Registration include PAN card, Aadhaar card, business address proof, and bank account details.
The benefits of Startup India Registration include tax exemptions, access to funding, mentorship, and access to government schemes.
The process for Startup India Registration involves filling out an online application form with the required documents and submitting it to the Department for Promotion of Industry and Internal Trade (DPIIT).
The Startup India Registration certificate is issued immediately after the application is processed, and the entire process can be completed within a few days.
A startup is a newly established business that aims to provide a unique product or service in a new or innovative way, while a small business is an independently owned and operated business that typically serves a local community.
Yes, a small business can also apply for Startup India Registration if it meets the eligibility criteria for a startup.
A startup can be registered as a private limited company, limited liability partnership, or registered partnership.
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Highly impressed by the Turn around time of EaseBis. Got my company registered & filed the trademark. It was a seamless experience & amazed - had to not visit them even once. These guys are super reliable!
Excellent customer service from EaseBis team. Right from the time, the business engagement starts to the completion of e-filing and tax refund (if applicable), the team at EaseBis constantly assists the customer and is proactive to resolve queries in the shortest possible time.