Is Startup Registration In India Mandatory To Setup New Business

Starting your business is quite rewarding in the country as the nation is thriving well on the startup ecosystems as well as the larger consumer base which is pushing even the small of ventures in the forward direction. However, while navigation of the legal as well as regulatory the needs are quite challenging. This is especially true for startups as there are several eminent steps to follow with regard to start up registration in India.

Read also this -: Why New Businesses Should Enroll For Startup India Registration

Through the introduction of the Governmental stratup india initiative that came into the inception in year 2016. So, this initiative came into the effect owing to the steps adopted for assisting the businesses, developing thriving environment of new businesses, inventing and transformation country so that so many job opportunities come up rather than job seekers. The Department for Industrial and Policy and Promotion (DPIIT) receives reports from the Startup India team, which oversees the program.

What Is Startup Scheme Initiative?

The Government of India, under the startup scheme initiative, was unveiled in the year 2016. So, this scheme has been launched owing to several of the initiatives for assisting out businesses in creating an extremely thriving startup environment, inventive as well as transforming India into a country of job providers and not the seekers. So, the DPIIT, department for Industrial & promotion, DPIIT will be seeking reports from the startup India authorities who are responsible for upholding authorities. So, any of the organizations with the features mentioned below are lying in the classification of the startups and have been holding the eligibility for seeking the advantages of DPIIT.

  • Age Of The Company
  • Company’s age
  • Date of incorporation of company, not exceeding 10 years
  • Company Type

    • So, whether the company is PLC, a private limited company as per the provision of the Companies Act, 2013 or it is coming under the category of the Partnership Act, 1932 as the partnership form or having registration under LLP, limited liability partnership.

  • Limit of turnover

    • The annual turnover of the company shall not be more than Rs 100 crores and this should be since the entity has been incorporated for any of the financial year.

  • Newly established business

    • The startup you established should be the new and this should not be the consequence of the split/ restructuring of the business which is existing currently.

  • Innovative idea

    • So, the startups should be in the position to work towards innovativeness as well as creating new products/ services or towards the direction of improvisation of the already the ones that exist. So, the business models should have high potential through the purpose of creating wealth as well as generating employment.

  • DIPP Certificate

    • Obtaining a certificate from the Inter-Ministerial Board is essentially required; the Board is set up by the DIPP (Department of Industrial Policy and Promotion).

  • DIPP Certification is taken from inter-ministerial authorities and the setting up of the board is done through the DIPP( Department of industrial policy & promotion

    • What are the benefits from DPIIT ?

    After creating the profile on the website for Startup India, the next step is to avail the recognition from the Department for Promotion of Industry and Internal Trade (DPIIT). This recognition aids the startups in availing benefits which include accessing high-quality intellectual property services and other resources, simple winding of company, the advantage of self-certification under environment and labour regulations, also there will be changes within norms in terms of procurement by public, accessibility to acquiring funding, tax exemption mean for 3 years, tax exemption on investment and this is above what market value is.

    Initiating & Startup India Registration Is Multi-Step Procedure! Hire Experts Today!

    Setting up your new business as well as its registration is a step by step procedure. This is needing for not only careful planning, but also adhering to the compliance needs as per the country’s legal as well as the regulatory norms. Choosing the right business structure, obtaining the necessary licenses and registrations, and adhering to labor and tax laws are essential steps for a successful startup journey in India. And you can gain information about how to register startup in India.

    Read also this -: What are schemes, advantages & features of Startup Registration in India

    Initiating & startup India registration is a multi-step procedure. So this will need the most careful planning as well as compliance with regard to legal as well as regulatory needs. So, make sure to take the professional startup registration in India help. So, with the right vision in mind, top guidance as well and professional assistance for the startup registration India procedure, get ready to successfully take up your journey of entrepreneurship with a high level of confidence, knowing that your business entity is being developed on a strong foundation.

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