India has cemented its position as a prominent hub for startups, ranking third worldwide with an impressive count of 90,000 startups and 107 unicorn companies valued at a staggering $30 billion. To foster and support aspiring entrepreneurs, the Indian government, led by Prime Minister Narendra Modi, launched the Startup India Initiative.
The government has taken significant steps to streamline the startup registration process in India, making it easier for young entrepreneurs to establish their ventures. Here are the five steps required for startup registration:
1) Incorporate your business: Start by incorporating your company as a Limited Liability Partnership, Private Limited Company, or partnership firm. Submit the necessary paperwork, including an application form, to the Companies or Registrar of Firms, along with the requisite fees. This will enable you to obtain a certificate of incorporation.
2) Register with Startup India: Visit the official Startup India website at startupindia.gov.in and click on the register option. Fill in the required details and create an account. This will establish your Startup India profile, which grants access to various resources, such as acceleration/incubator programs, competitions, and more.
3) Obtain DPIIT Recognition: DPIIT Recognition from the Department for Promotion of Industry and Internal Trade offers several benefits, including intellectual property services, self-certification under labor and environmental laws, access to funds, and tax exemptions. Log in to your registered account on the Startup India website and navigate to the ‘Schemes and Policies’ tab. Click on the ‘DPIIT Recognition for Startups’ button, followed by ‘Click here for submitting your application for recognition as a Startup.’
4) Complete the Recognition Application Form: Fill out the Startup Recognition Form, providing details such as your office address, authorized representative information, partner/director details, startup activities, and self-certification. Accept the terms and conditions and submit the form.
5) Await the registration certificate: Your application details will undergo a verification process. Once completed, you will receive an email containing your registration certificate.
The documents required for startup registration include the Incorporation/Registration Certificate, PAN number, proof of funding (if applicable), an authorization letter from the authorized representative of the company, LLP or partnership firm, proof of concept (such as a pitch deck/website link/video), patent and trademark details (if applicable), and a list of any awards or certificates of recognition.
With the Indian government’s commitment to nurturing the startup ecosystem and the growing number of success stories, India is poised to continue its ascent as a global powerhouse for innovation and entrepreneurship.
