In 2016, the Indian government launched the Startup India program. The primary goal of this program is to encourage the creation of new businesses in India. Underneath this initiative, the government has taken a number of important efforts toward establishing a strong startup ecosystem and transforming India into a country of job creators rather than job seekers.The Startup India Scheme is managed by the Department of Industrial Policy and Promotion (DPIIT). By establishing work prospects in the Indian economy, the startup India registration process has extended the scope of development.
A startup is a newly established business, usually tiny, that is launched by a single person or a small group of people. Whatever sets it apart from other new businesses is that it provides a unique product or service that isn't available anywhere else. The motivations are for the advancement of innovation.
FEATURES FOR ELIGIBILITY AS A STARTUP
- Age of the Company-The date of incorporation of the company should not be older than ten years.
- Type of the Company-Whether your organization is a Private Limited Company as defined by the Companies Act of 2013, or it is a Partnership Firm as defined by the Indian Partnership Act of 1932, or it is a Limited Liability Partnership Firm as defined by the Limited Liability Partnership Act of 2008.
- Turnover Limit-From its very establishment, the company's yearly turnover should not have exceeded Rs. 100 crores in any of the financial years.
- A new Business Entity-The company must be brand new; it cannot be the outcome of a merger or reorganization of an existing company.
- Innovation friendly-The startup must be focused on product or service innovation or development, or on improving an existing products and services. The business idea should have a lot of potential in order to generate income and jobs.
- DIPP Certificate-The Inter-Ministerial Board, which is established up either by DIPP, is primarily required to obtain a certificate (Department of Industrial Policy and Promotion).
DOCUMENTS REQUIRED AT THE TIME OF STARTUP INDIA REGISTERATION PROCESS
- Registration Certificate-It is vital for you to upload the certificate of incorporation of your company/LLP (Registration Certificate in case of partnership)
- Email id and mobile number including contact details
- Company details which shall include the Industry, Sector of work, the category of dealing, registered Office Address etc.
- Evidence of concept like pitch deck, video, website link in case of an early traction and validation.
- The details about the Directors or Partners involved with the company which shall include their Name, Photo ID, Gender, Contact number, Email ID, Address)
- The details of the authorised representatives (Name, contact details, Designation, Email ID)
- Revenue model and Uniqueness of the Product.
- PAN details
- A Brief Description of Business-Deliver a briefexplanation of the ground-breaking nature of your business.