STARTUP INDIA REGISTRATION

STARTUP INDIA REGISTRATION

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.

WHO CAN REGISTER A STARTUP COMPANY IN INDIA UNDER STARTUP INDIA SCHEME

startup company registration in bangalore

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.

BENEFITS OF STARTUP COMPANY REGISTRATION IN BANGALORE WITH MIBOOK

Eligibility to apply for 3 years Income

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.

Eligibility to avail funding from Rs. 10,000 crore FOF scheme

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.

Priority Govt. Tender and Procurement Scheme

Exemption from prior experience or turnover and Security deposit for filing tenders Opportunity to list Startup products on Government e-marketplace for market visibility.

No Angel Tax up to Rs. 25 crore funding

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.

Private Limited can take deposits from its members

For a period of five years from the date of its incorporation under the Companies (Acceptance of Deposits) Rules, 2014.

Eligibility for availing State Govt. Incentives

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.

Finally, Labour Inspector Raj Gone for Startups

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.

50% discount in Trademark & 80% rebate in Patents fees

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.

Now Loan from Foreign Investors (ECB) is a cakewalk

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.

ELIGIBILITY FOR STARTUP COMPANY REGISTRATION IN BANGALORE THROUGH MIBOOK

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

startup company registration in bangalore

DOCUMENTS REQUIRED BY MIBOOK FOR STARTUP COMPANY REGISTRATION IN BANGALORE

COI

Certificate of Incorporation from MCA/Registration Certificate from ROF

PAN Card

PAN Card of an entity

Constitutional documents

MOA & AOA in case of company and Partnership deed in case of LLP or Partnership Firm

List of Directors, DP's and Members

List of Directors or Designated partners or members along with their photographs and contact details

Social link

URL of website & Mobile App of an entity (if any) and Social Profile’s (LinkedIn and/or twitter) of Directors, DP’s and members.

Fund related

If the entity has received any funds then the details related to the amount of investment and investor.

IPR Registration

If the entity has applied or registered any IPR then the Information related to such application or registration.

Awards/Certificate

Information relating to any Awards/Certificate/ Recognition received by the entity.

Annual Statements/ITR

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).

THE PROCESS AT MIBOOK FOR STARTUP COMPANY REGISTRATION IN BANGALORE

Day 1

Creation of Login Credentials for the entity

Day 2 - 4

1. Review and verification of documents & information provided
2. Drafting of application with the required information

Day 5 - 7

Filing of an online application using the credentials

Day 8 - 9

Government processing time

STEPS TO BE FOLLOWED AFTER STARTUP COMPANY IS REGISTERED IN BANGALORE

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.

startup company registration in bangalore

STARTUP COMPANIES THAT CAN BE REGISTERED IN BANGALORE

Private Limited Company

Tax exemption: One who is looking forward to raising funds must register his/her Startup Company as Pvt. Ltd. Company.

Limited Liability partnership firm

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 person Company

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.

POINTS TO BE CONSIDERED WHILE PICKING THE NAME FOR STARTUP COMPANY IN BANGALORE

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.

CHECKLIST OF MIBOOK FOR STARTUP COMPANY REGISTRATION IN BANGALORE

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

startup company registration in bangalore

Learn more according to needs

Frequently Asked Questions

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. There is a set procedure that ought to be followed to get a startup company registration certificate.
-Incorporation of business as Pvt Ltd. company or a Partnership Ltd. company or a Limited Liability Partnership.
-Register a business as a startup via the Startup India Website.
-Acquire Department for Promotion of Industry and Internal Trade (DPIIT) Recognition.
-Fill out the startup Recognition Form.
-Submit the required documents.
-Once the application is verified successfully you will receive the recognition number for startup and the certificate will be issued within 2 days.

-Certificate of Incorporation (COI) 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.
-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.

Startup India registration opens the way to immense benefits for all types of companies in all states.
Some of the following benefits are:
-Eligibility to apply for 3 years Income
-Eligibility to avail funding from Rs. 10,000 crore FOF scheme
-Priority Govt. Tender and Procurement Scheme
-No Angel Tax up to Rs. 25 crore funding
-Private Limited can take deposits from its members
-Eligibility for availing State Govt. Incentives
-50% discount in Trademark & 80% rebate in Patents fees
-Now Loan from Foreign Investors (ECB) is a cakewalk

Once the application for startup registration is submitted along with the required documents you will be allotted the recognition number instantly via the official Startup India Website. It usually takes up to 2 working days for verification of the documents and details mentioned in the application. Post successful verification the certificate of recognition will be issued. Make sure to mention all details properly and correct documents are attached to avoid delay and penalty. It is the best option to complete the procedure of registration with the help of Mibook professionals.