These 6 steps are all that you need to register your start-up in India

A Startup, a newly established business, is a collection of all the hopes and dreams of a budding entrepreneur. Not just that, it’s also a ball of innovation – giving chance to never-seen-before services and products to be introduced in the market. Thus, as an entrepreneur, you can think yourself as an innovator, introducing products and services that can change the world.

But how to start a startup. Generally, all you need is to follow a general idea:

1. Think of a winning idea.

2. Document that idea.

3. Create a business plan around that idea.

4. Look for funding to bring to transform that idea into a product or service.

5. Bring that product and service to the market.

These 5 mantras of startup, or I should say the panch-phoran of startup (give spices of startup), can’t be completed without the proper startup registration. You would stuck as soon as you come up with a business plan.

What happens without Startup company registration?

1. You won’t have the right image to promote your business and get the buzz going about your product or service.

2. You won’t have access to the funding you require because you won’t be trusted by any investor.

3. You won’t be able to promote yourself to attract enough leads.

4. You won’t be able to bring your product or service to the market because you don’t have any business infrastructure.

In short, your hopes and dreams of a startup company would go wasted.

That’s why, we have created 6 steps to register a startup in India. Follow them with your eyes open, and see your business rise sky high.

What is startup registration?

Startup registration or Startup Company Registration (If you choose your business infrastructure as a company) is a way to get legally recognized as a startup. Since the introduction of Startup India initiative, the government has been promoting startup registration online to promote small businesses to play a part in India’s growing economy. If you make the decision to register startup, you open your doors to the following benefits to come in:

1. Reduction in IP registration costs: Suppose you want to register your business name (trademark) or protect your ownership of your invention (patent registration). In such cases the fees is quite high. However, for a startup the prices are reduced to half.

2. No Taxes for three years: If through DIPP startup registration, you’re granted permission to establish as a startup by the Inter Ministerial board, you would be exempted from paying any taxes for the first three years. It gives you enough time to learn the intricacies of business and develop your business strategies.

3. Accessing Funds becomes easy: When you register yourself as a startup, investors started to look at you as someone worthy of their investment. That appearance makes it easy for you to get funds to grow and operate your business.

4. Research and Development Facilities: To promote the unique products and services that your startup provides, the government provides you research and development funding that you can use to create better and more innovative products/services.

The process of startup registration in India

The process of startup registration involves the following process:-

Step 1: Register your business and give it a legal ground to stand on.

Step 2: Register that incorporated business with the Startup India initiative

Step 3: Keep in mind the documents required to register startup

Step 4: While registering, tell the portal whether you want tax benefits

Step 5: Self certify as per the conditions of startup

Step 6: Get the Startup registration number immediately

Let’s discuss these steps one by one – leaving no stone unturned:

1. Step 1: Register your business and give it a legal ground to stand on.

1. Pick between a private limited company, limited liability partnership or a partnership firm.

2. Follow their respective procedures of registration.

3. Get the registration certificate of your chosen form of business infrastructure.

2. Step 2: Register that incorporated business with the Startup India initiative

1. Go to the Start Up India portal and click on the option that allows you to register your business entity.

2. Start filing the form of startup registration.

3. Step 3: Keep in mind the documents required to register startup

1. Letter of recommendation from an incubator who is either recognized by the Government of India, or DIPP startup registration, or SEBI registered incubator or any state government.

2. Certificate of incorporation or registration of your business infrastructure

3. A brief description of your business in which you’ll describe the problem your startup is trying to solve, the solutions your startup is providing, what makes those solutions unique, and your revenue model.

4. Step 4: While registering, tell the portal whether you want tax benefits

1. When filing the application of DIPP startup registration, you’ll have the option to choose whether you want to avail tax service or not.

5. Self certify as per the following conditions of startup

1. Your business should either be registered as a partnership firm, an LLP or a Private Limited company.

2. Your business registration shouldn’t be more than five years old.

3. Your annual turnover should be below INR 25 Crore.

4. The product or services you’re providing should be innovative. No innovation, no Startup registration.

6. Step 6: Get the recognition number immediately

1. As soon as you file the application form, you’ll be given the startup recognition number.

2. The certificate of startup registration will be given to you after the officials assess your application and your attached documents.

Conclusion

Startup Registration is a new way for the budding entrepreneurs to find their way into the business world. It provides you access to government funding, exempts you from taxes for some time and most importantly, provides a way to improve your business. You can have all these benefits by following 6 steps of startup registration. So you see, there is nothing stopping you from getting on the phone and get your business dreams going.

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