Registration under Start-up India _ by CS LALIT RAJPUT

SHORT NOTE ON START-UP INDIA REGISTRATION AND BENEFITS

Start-up India Scheme

Start-up India Scheme is an initiative of the Indian government, the primary objective of which is the promotion of start-ups, generation of employment, and wealth creation.

Any entity having atleast one registered office in India is welcome to register on the hub as location preferences, for the time being are only created for Indian states. However, we are working on international relations and will soon be able to enable registration for stakeholders from the global ecosystem

Registration Process:

1.     Incorporate a Company / LLP with the Ministry of Corporate Affairs (MCA)

2.     Eligibility Criteria for Start-up Recognition:

a)   The Start-up should be incorporated as a private limited company or registered as a partnership firm or a limited liability partnership

b)    Turnover should be less than INR 100 Crores in any of the previous financial years

c)    An entity shall be considered as a start-up up to 10 years from the date of its incorporation

d)   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.

Note: An entity formed by splitting up or reconstructions of an existing business shall not be considered a "Start-up"

3.     Register on Start-up India Portal with following details:

a)    Name of the Entity

b)    Email id

c)    Mobile Number

Create Start-up India Account.

4.     After Registration- go to Start-up Registration page:

Details required for “START-UP RECOGNITION FORM”

i.                    Entity Details:

·                    Nature of Entity

·                    Industry*

·                    Sector*

·                    Categories*

·                    Company Incorporation Number(CIN) *

·                    Name of the Entity *

·                    Incorporation / Registration Date *

·                    PAN*

Certification:

I certify that the entity was neither incorporated/registered as a subsidiary of any Indian nor foreign entity nor is a subsidiary of any Indian or foreign entity.

ii.                 Address Details:

·                   Address Line 1 *

·                   Address Line 2*

·                   Address Line 3

·                   City/Village*

·                   State/ Union Territory *

·                   Pin Code*

·                   District*

·                   Sub District*

iii.               Authorized Representative Details

·                    Name of Authorized Representative *

·                    Designation of Authorized Representative *

·                    Mobile No. of Authorized Representative *

·                    Email ID of Authorized Representative *

iv.               Director(s) / Partner(s) Details

·        Number of Director(s) / Partner(s) *

·        Name

·        Gender,

·        Mobile Number,

·        Postal Address

·        Email – ID

v.                  Current number of employees (including founders)*

vi.               Select Category: Ideation / Validation / Early Traction / Scaling

vii.            Queries:

·        Has your start-up applied for any IPR (Intellectual Property Right) ?* Yes / No

·        Is the start-up creating an innovative product / service / process or improving an existing product / service / process* ? Yes / No

·        Is the start-up creating a scalable business model with high potential of employment generation or wealth creation* ?    Yes / No

·        Has your start-up received any funding?*   Yes / No

viii.          Proof of Funding (in case funding received)

ix.               Details of Start-up Activities:

·        Please mention any awards/recognition received by the entity

·        Upload the said award / recognition document

·        What is the problem the start-up is solving?

·        How does your start-up propose to solve this problem?*

·        What is the uniqueness of your solution?*

·        How does your start-up generate revenue?*

x.                  Self Certification:

·        Incorporation/ Registration Certificate

Final Certification:

I certify that our entity

Ø The start-up has not been incorporated for more than 10 years

Ø Turnover of the entity of any of the financial years since incorporation has not exceeded one hundred crore rupees

Ø Is working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation; and

Ø Has not formed the entity by splitting up or reconstruction of a business already in existence;

NOTES:

Ø An entity shall cease to be a Start-up on the completion of ten years from the date of its incorporation/registration or, if the turnover of the entity for any of the financial years since incorporation/ registration exceeds one hundred crore rupees.

Ø Turnover is as defined under the Companies Act, 2013.

REVOCATION:

Ø Subsequently, if such recognition is found to have been obtained without uploading the relevant documents or on the basis of false information, DPIIT reserves the right to revoke the recognition certificate and certificate for tax benefits of an eligible business immediately without any prior notice.

 

(Prepared by, Lalit Rajput, Company Secretary in Practice from Delhi and can be contacted at lalitrajput537@gmail.com and +91 8802581290(w))