Starting a business can be an exciting and challenging venture. In India, the government has made it easier for startups to establish themselves and grow by launching the Startup India program. The program provides several benefits for startups, including tax exemptions, funding support, and easier access to government services. One of the critical aspects of joining the Startup India program is registering your startup with the Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry. In this article, we will discuss the process and requirements for DIPP Startup India registration.
Eligibility Criteria for DIPP Startup India Registration
To qualify for DIPP Startup India registration, your business must meet the following eligibility criteria:
Age of the Company: The company must be less than ten years old from the date of incorporation or registration.
Annual Turnover: The company’s annual turnover must not exceed Rs. 100 crores for any of the financial years since its incorporation.
Innovation: The company must be working towards innovation, development, deployment, or commercialization of new products, processes, or services driven by technology or intellectual property.
Certification from Inter-Ministerial Board: The startup must be certified by the Inter-Ministerial Board (IMB) established by DPIIT for this purpose.
Process for DIPP Startup India Registration
The DIPP Startup India registration process is straightforward and can be completed online. Here are the steps you need to follow:
Visit the Startup India portal: Go to the Startup India website (www.startupindia.gov.in) and click on the “Register” button on the top right corner of the page.
Enter your details: Fill in the required details, such as your name, email ID, mobile number, and company name. You will receive an OTP on your mobile number to verify your identity.
Choose your type of registration: There are two types of registration available – DPIIT Registration and Startup Recognition. DPIIT registration is for companies that have not been recognized as a startup yet, while Startup Recognition is for companies that have been recognized as a startup by DPIIT. Choose the appropriate option.
Fill in the application form: Once you have selected the type of registration, you need to fill in the application form with details about your company, such as the date of incorporation, the location of the registered office, and the main business activity.
Upload documents: You need to upload a few documents to complete the registration process. The documents required are:
Certificate of Incorporation or Registration
Memorandum of Association and Articles of Association
A brief write-up about your business and the problem it is solving
Pitch Deck or Presentation (Optional)
Submit the application: Once you have filled in the form and uploaded the documents, you can submit the application. The application will be reviewed by the DPIIT, and you will receive a certificate of recognition if your startup meets the eligibility criteria.
Benefits of DIPP Startup India Registration
Once your startup is registered with the DPIIT, you can avail of several benefits offered by the Startup India program. Here are some of the benefits:
Tax Exemption: Startups registered with the DPIIT can avail of income tax exemption for three consecutive years in the first seven years of operation. To avail of this benefit, the startup must be incorporated after April 1, 2016.
Easy Access to Government Schemes: Startups can get easy access to government schemes, such as the Credit Guarantee Fund Scheme for Startups and the Pradhan Mantri Mudra Yojana, which provide funding support.
Faster Patent Registration: Startups can fast
In conclusion, the DIPP Startup India registration is an essential and straightforward process that provides startups with various benefits. The program has been created by the Indian government to encourage and support entrepreneurs, and foster innovation and economic development. By fulfilling the eligibility criteria and registering with the DPIIT, startups in India can avail themselves of several benefits, such as tax exemptions, funding support, and easier access to government services. These benefits can provide startups with a significant competitive advantage in the Indian market. Therefore, it is highly recommended for startups register with DIPP and take advantage of the various benefits offered by the Startup India program. By doing so, they can contribute to the growth of the Indian economy while building a successful business for themselves