Startup India, initiated by the Government of India is a flagship initiative launched in January 2016. This initiative is taken by the government of India to boost the ecosystem for supporting innovation and startups in India. Through this scheme the government is looking forward to driving sustainable economic development and enhancing employment opportunities in India. The government of India announced the Startup India action plan to meet the requirements of this initiative. Mibook helps entrepreneurs to Register their Startup companies in India.
A business incorporated as a Partnership Firm or Limited Liability Partnership firm or Private Limited Company has an option to get registered under the Startup India scheme. The incorporation must have been working on innovation, growth and improvement of the product or services that they are providing.
As outlined under the scheme the Startup Company that needs to get registered in India should not have an annual turnover of more than Rs.100 crores, and they should have been in existence for up to ten years from the date of their incorporation/ registration.
Tax exemption: As outlined under the scheme the Startup Company that needs to get registered in India should not have an annual turnover of more than Rs.100 crores, and they should have been in existence for up to ten years from the date of theirincorporation/ registration.
Under Funds of Funds for Startups Scheme already more than Rs. 1600 crore is invested in 251 Startups. You may be one of the Startups for the remaining Rs. 8,400 crore corpus.
Exemption from prior experience or turnover and Security deposit for filing tenders Opportunity to list Startup products on Government e-marketplace for market visibility.
Investments into Registered Startup Companies by Accredited Investors, Non-Residents, AIFs, and closely-held listed companies may also be exempted under Section 56 (2) (VIIB) of the Income Tax Act, 1961.
For a period of five years from the date of its incorporation under the Companies (Acceptance of Deposits) Rules, 2014.
Like the Maharashtra State GST rebate scheme, many other Loans and Rebate Incentives are announced by different State Governments of India, for registered startup companies.
No more Labour Law Inspection fear for Startups. Recognised Startups can self manage their PF, ESIC, Gratuity and Environmental Law Compliance through simple self-declaration.
The registered startup companies are eligible for fast-tracking of startup patent applications, an Upfront 50% discount on Trademark fees, and 80% Rebate on Patent filing fees.
Companies that have completed startup company registration in Bangalore can avail of loans from Non-Resident Investors (External Commercial Borrowings-ECB) up to $ 3 million every financial year through a simple RBI compliance mechanism.
Private Ltd. Co./LLP/Partnership Firm
Company is Offering Innovative products or services OR
Registered for not more than 10 years
The company is having a business model with a high potential of employment generation
Turnover does not exceed Rs.100 crore
The company is having a business model with a high potential for wealth creation
Certificate of Incorporation from MCA/Registration Certificate from ROF
PAN Card of an entity
MOA & AOA in case of company and Partnership deed in case of LLP or Partnership Firm
List of Directors or Designated partners or members along with their photographs and contact details
URL of website & Mobile App of an entity (if any) and Social Profile’s (LinkedIn and/or twitter) of Directors, DP’s and members.
If the entity has received any funds then the details related to the amount of investment and investor.
If the entity has applied or registered any IPR then the Information related to such application or registration.
Information relating to any Awards/Certificate/ Recognition received by the entity.
To claim deduction under section 80-IAC, Form-1 needs to be filed along with Annual Accounts of the Startup for the last three financial years (if applicable) and Copies of Income Tax Return for the last three financial years (if applicable).
Creation of Login Credentials for the entity
1. Review and verification of documents & information provided
2. Drafting of application with the required information
Filing of an online application using the credentials
Government processing time
Apply for Bank Account opening
Apply for the Shop and Establishment act license
File monthly PT returns
Apply for GST registration if the case applies to you.
Tax exemption: One who is looking forward to raising funds must register his/her Startup Company as Pvt. Ltd. Company.
One who is looking forward to startup company registration in Bangalore with 2 or more partners can opt for this type of registration. Also, it suits those who are not planning to raise funds.
One who is looking forward to registering a Startup company in Bangalore as a whole sole owner or founder and is planning to raise funds in the future. This is best suited for those who want to be a single head of the company.
The chosen name should be distinctive and not resemble or be similar to any existing company or trademark
Generally, a 2-word name is preferred, 1st-word must be a name and 2nd-word must define the objective.
The Startup Company name must not be of a single word.
Minimum 2 Shareholders
Minimum 2 Directors
One of the Directors must be an Indian Resident
The directors and shareholders can be the same person
A registered address in Pune along with a rental agreement
Director Identification Number (DIN) for all the directors
Digital Signature Certificate (DSC) for the promoters