Startup India Registration
If you’re eager to embark on your entrepreneurial journey and establish your startup in Chennai, the process has never been more accessible. With Startup India registration online, aspiring business owners can streamline their startup company registration in Chennai.
This user-friendly online platform simplifies the intricate Startup India registration online procedures, making it a hassle-free experience. By embracing this digital avenue, you can efficiently navigate the bureaucratic landscape and set the stage for your innovative venture to thrive in the vibrant business ecosystem of Chennai.
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Learn more about Start-up Registration
A startup is a newly established small scale business started by an individual or a group of individuals and offering a newly innovated product or service that is not being given anywhere else in the country.
Embarking on your entrepreneurial journey in Chennai is now more accessible than ever with the convenience of online Startup India registration. Simplifying the startup company registration process in Chennai, this digital platform offers a seamless and user-friendly experience. By leveraging these online resources, you can efficiently navigate the administrative requirements, laying a strong foundation for your innovative startup in this thriving business hub.
There is an increase in the number of startups launched every year. In an attempt to improve the Indian economy and foster Make in India moment, PM Narendra Modi launched the Startup India initiative to encourage aspiring entrepreneurs towards fostering the innovation of new products and solutions.
Financial Benefits on IPR
Up to 80% reduction on Patent Costs and a faster procedure on acquiring patent registrations and even the Government pays the facilitator fees for filing patent registrations.
Income Tax Benefits
A Startup can apply for Tax exemption under section 80 IAC of the Income Tax Act after registration as a Start-up that entails availing tax holiday for 3 consecutive financial years out of its first ten years since incorporation. Also a Startup might apply for tax-exempt under Section 56 of the Income Tax Act (Angel Tax).
Manufacturing startups are exempted from the criteria of ‘prior experience’ or turnover without relaxation on the quality standards or the technical parameters regarding public procurement. National Credit Guarantee Trust Company or SIDBI ensures guaranteed funds for over 4 years. Labor Laws inspections shall not be carried out in the first 3 years of incorporation. Environment law compliances are only compulsory after self-certification. Winding up of the corporation could be completed in just under 90 days under Insolvency and Bankruptcy Code.
Under the Startup India scheme, an application is there to make easy the registration. A single meeting is arranged towards the Start-up India hub. Also, there is a single doubt and problem-solving window for them.
Under startup India scheme, the start-ups have the benefit of participating in public procurement job by means of tenders in getting government tenders. Also, there is relaxation in prior experience, EMD or turnover criteria.
Networking Opportunities implies the opportunity of meeting with a variety of startup stakeholders at a specific place and time. The government gives this opportunity through conducting 2 start-ups fests annually nationally and internationally level allowing various stakeholders of a startup to meet. The Startup India scheme also offers Intellectual Property awareness workshop as well as attentiveness.
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Eligibility and Requirements
Eligibility Criteria for Start-up Recognition:
- The Start-up should be incorporated as a private limited company or registered as a partnership firm or a limited liability partnership
- Turnover should be less than INR 100 Crores in any of the previous financial years
- An entity shall be considered as a start-up up to 10 years from the date of its incorporation
- The Start-up should be working towards innovation/ improvement of existing products, services and processes and should have the potential to generate employment/ create wealth. An entity formed by splitting up or reconstruction of an existing business shall not be considered a “Start-up”
- Incorporation / Registration certificate
- Details of directors or partners
- Brief description about the business
- Patent and trademark details (optional)
- The registration of the start up is a simple process which can be done through online.
- Reduction in cost for verifying the patents and the registration of the start up are provided by the government.
- The government has set up a 10,000 crore project to benefit the improvement of startups in India
- If the start up certified from the Inter-Ministerial board a three year tax exemption is given
- Start ups can even participate in government tenders
- Research facilities for startups are heightened as they have access to seven research parks
- The compliance process are made easy by the government to encourage start-ups
- Two start up fests are organized by the government annually for the entrepreneurs to meet each other
Timelines and next steps
- You must first incorporate your business as a Private Limited Company, Limited Liability Company, or a Limited Liability Partnership
- Once your business is properly incorporated, you can register for Startup Indian by logging on to the Startup India Website.
- Upload all the required documents in PDF format only
- In the next step, you will need to specify whether you want to avail tax benefits. Startups are exempted from paying taxes for a period of 3 years but to avail these benefits, your business must be certified by the Inter-Ministerial Board (IMB)
- Finally, you must self-certify that your newly established company is a Private Limited Company, Limited Liability Company, or Limited Liability Partnership that has been incorporated in India not more than 5 years ago and whose annual turnover does not exceed Rs.25 crores. Furthermore, you have to certify that your business is focused on innovation and wasn’t formed as a result of splitting up or reconstruction of an existing business.
- Once you submit your application, you will immediately receive your recognition number once all your documents are examined and verified.
Note: Please thoroughly check all documents before submitting the application. If it is found that your uploaded document is incorrect or forged, then you are liable to pay a fine of 50% of your paid-up capital of the startup with a minimum fine of Rs. 25,000.
Hence, it is always best to seek experts help when registering your startup. ExpertPoint is experts in providing startup registration services in flexible packages. We can also help you obtain any trademark or patent registration for your startup.