On January 16, 2016, the Prime Minister of India, Shri Narendra Modi announced a new initiative called “Start up india” initiative, fostering the promotion of entrepreneurship by creating a system that is conducive for start-ups.
This initiative will provide budding entrepreneurs and experienced businessmen an easier access to funding and incubators by offering them an easy-to-use platform that can be downloaded on to any smartphone device.
Key points of the initiative:
- Single window clearance, and creation of App
- 10,000 Crore funds of funds
- 80% reduction in patent registration fee
- 90-day exit window
- Exempted from capital gain tax
- Tax exemption on profits for 3 years
- Reduction in red tape
- New compliance system (self-check)
- IPR (Intellectual Property Rights) protection
An eligible start-up is defined as the following few entities:
- Private Limited Company (The Companies Act,2013)
- Registered Partnership Firm (The Indian Partnership Act,1932)
- Limited Liability Partnership (The Limited Liability Partnership Act,2008)
- Note:- Please note that one-person companies are also eligible under the Start-up India Initiative.
In order for a “start-up” to be considered eligible for the initiative, it needs to meet the following requirements:
- An entity is considered as startup up to 5 years from the date of its incorporation/ registration
- Its turnover for any of the financial years has not exceeded INR 25 crore
- It is working towards innovation, development, deployment or commercialization of new products, processes or services driven by technology or intellectual property
- It is supported by a recommendation (innovative nature of the business), OR by an incubator funded by Gol, OR is funded by Gol, OR is granted a patent or trademark in association with nature of business
Registration of Start-up
Option 1: An entity can register itself through MCA or Registrar of Firms using the existing processes and subsequently register itself on the Startup India portal and mobile app as a “Startup” to avail the benefits.
Option 2: An entity can register itself through the Startup India portal and mobile app using a seamless process. This facility would be made available in the second phase of the Startup India portal and mobile app launch.
- Log in to Startup India portal
- Choose your legal entity
- Input your incorporation/registration number
- Input your incorporation/registration date
- Input PAN number (optional)
- Input your address with postal code & state
- Input authorized representative details
- Input director(s)/partner(s) details
- Choose and upload supporting documents and self-certification
- Incorporation/registration certificate of company/LLP/Partnership
- Registration to avail tax and IPR
- Certify the official notification terms and conditions
In order to make your venture easy, That is Company Registration please Contact Mr. Firoz Kasmani Sir through mail.
Email
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