In recent times, India has arisen as one of the most profitable markets for launching a startup. Undoubtedly, there is an immense demand for innovative ideas, services, and products ensuring huge possibilities for growth.
If you too are an emerging entrepreneur ready to kickstart your business journey in India? If yes, then you must know about the significance of Startup Registration in India as well as the crucial steps involved in it.
With more and more startups developing consistently, the obvious query comes to light. What can you do to make your venture stand out from the competition? Here in this guide, we will discuss how registering your business with the Startup India scheme could be the assured solution to this. We will also have a look at the step-by-step procedure for establishing the legality of your startup.
Registering for Success: A Vital Step for Every Startup
Before we delve into how to register a startup in India, let’s have a look at the various perks of startup registration that you must be aware of as a business pioneer.
One of the most important resources for running any business or startup is of course the finances. Without adequate economic resources, your startup idea, no matter how groundbreaking it may be, will not flourish.
In order to attract angel investors for fund-raising, the need to have a startup with a distinguished legal identity is absolutely necessary. Otherwise, potential investors will hesitate to form an alliance with you as they always look for officially recognized companies which guarantee security, transparency, and government endorsement. Thus, by getting your startup registered, you not only mitigate any legal risks but also make ground for your startup’s reputation in the eyes of investors.
Maximize growth with government support
Another great benefit of having your startup DPIIT (Department of Promotion of Industry and Internal Trade) registered is getting easy access to government subsidies or grants. Remember, the government is providing monetary assistance to businesses registered under the Startup India Scheme. Especially if you are a research-centered venture, you can expect a lot of support from the government.
Moreover, you can enjoy lucrative tax exemptions during the initial growth years, so you worry less about the tax burdens and direct your attention to creating, developing & innovating.
Gain visibility in both government and consumer markets
A validly Registered Enterprise will garner a good presence in the public as well as private sector quickly. Your prospective customers will consider your company a trustworthy and established player, hence elevating your credibility and brand image.
Safeguard your intellectual property rights
As a founder, protecting the intellectual property rights of your startup idea, inventions, trade secrets, or business methods should be your utmost priority.
For legally incorporated startups, applying for trademarks, patents or designs will become more hassle-free than ever before, providing your startup an extra edge.
Easy Guide to Registering Your Startup in India
Let us walk you through the step-by-step procedure for registering your business under the Startup India Scheme.
Set up your company
Firstly, you will have to decide on the business structure for your venture- Limited Liability Partnership (LLP), Public Limited Company (PLC), or a partnership firm. Usually, startups prefer a “Private Limited Company” structure owing to the high ease of doing business that it grants.
Then, you will be required to follow the general process of registering your company by filling out the form with the Registrar of Companies (ROC) or “Registrar of Firms”. After providing all the necessary details for the registration application and paying the fees, your business will become an established entity.
Register your startup on the online portal
The next step is to visit the Startup India portal. You can register a startup in India online conveniently. All you have to do is click on the “Register” option in the top right-hand corner and create your login credentials. After filling in all the details such as your name, email ID, mobile number, type of user, stage of the startup, etc, your Startup India account will be created.
Apply for the DPIIT recognition
As mentioned earlier, getting DPIIT recognition is crucial for availing all the benefits offered by diverse government schemes.
Login to your Startup India account and then go to the “Recognition tab” and click on the “Apply for DPIIT” recognition option. A new page will appear, now click on “Apply Now”. This will redirect you to the NSWS (National Single Window System” website. Get your company registered on this platform and then to receive the DPIIT recognition, carefully fill out the “Startup Recognition Form”.
Therein, you need to furnish details including Business Particulars, office address, representative’s credentials, board member or partner’s details, startup operations, etc.
Accept the terms and conditions and finally click on “Submit”.
Submit the essential paperwork
The documents required for startup registration in India Are as follows:
Official website of your company
Investment Proof (if you have)
Pitch deck or website verification
Intellectual property details
Awards and acknowledgements list
Recommendations from past investors (if you have)
All set and finished
All of the documents will be evaluated thoroughly within 48 hours of online submission and then if everything goes well, you will receive the recognition number for your startup as well as a “Certificate of Recognition”. In case you face application rejection or any difficulties during the process, it’s best to consult a professional.
To Wind Up
The startup registration process in India, especially considering all the paperwork involved may seem overwhelming at first, but with the right guidance and support, you can ensure a seamless experience. JustStart can be your reliable startup consultancy partner. We are a team of highly qualified professionals who provide every budding entrepreneur with the ideal assistance to legalize their startup and begin reaping all the benefits that come with it as soon as possible. Our budget-friendly startup compliance services will help you start your business promptly and with ease. Note that we make no compromise on transparency and honesty. Leave all your registration worries to us and only focus on what matters the most for your venture’s success. Set up a consultation with us today.