Is it Necessary to Register a Startup in India?
Is it Necessary to Register a Startup in India?
"Call Our Business Plan Experts at +91-72999-72500"
The word Startup is an amalgamation of innovation and entrepreneurship. It is a new business venture that helps to create or improve products, processes and services or offers solutions to societal problems. Startups are also referred to as emerging businesses or early-stage businesses. This type of business usually requires funding from investors as it is a high-risk business.
The Government of India has come up with an initiative called Startup Register India, to encourage startups in the country. A lot of benefits are offered to Startups who register themselves under this scheme. One such benefit is that the government exempts these companies from paying taxes for the first three years of their operations. Another advantage is that Startups can open a corporate bank account which will help them separate their company funds from personal ones.
To be eligible for Startup India registration, the following requirements need to be met:
A Startup is defined as an entity that is less than ten years old, or has an annual turnover that does not cross Rs 100 crore in any of the last 10 financial years. It should be engaged in development, improvement or creation of a product or service that is unique and has a potential to generate revenue as well as create employment opportunities.
The startup can be incorporated as a private limited company or a partnership firm. The normal procedure has to be followed and the company must get a Startup certificate from the Department of Industrial Policy and Promotion (DIPP). You can apply for Start-up India registration online through the MCA's RUN (Reserve a unique Name) platform. The company should also have a letter of recommendation from an incubator, angel investor or any other recognized source.
Tel:+917299972500
Comments
Post a Comment