Online Startup Registration is the government of India’s flagship initiative aimed at encouraging the start-up culture and creating a strong ecosystem for development and entrepreneurship in the country. To remove Startups from regulatory burdens, enabling them to focus on their core while keeping compliance expenses low, CA Sanket Agarwal (Tax consultant near me) has suggested to all businesses to do Startup India Registration. He has provided tax preparation and business formation services to over 10,000+ businesses in India, Dubai, and Hong Kong.
Overview of Online Startup Registration: How to Startup India Registration is done?
ThroughStartup India Registration, the Government plans to empower start-ups to grow businesses, growing economy, and employment throughout India, with the ultimate goal of transforming India into a job creation world instead of a job seeker.
Since the launch of the Startup India Registration on 16 January 2016, Startup India has become a viable scheme by launching a number of programs to support Indian entrepreneurs. These programs are managed by a dedicated Startup India team, which reports to the Department of Industrial Policy and Promotion (DPIIT).
4 Online Startup Registration Benefits : How to get Company incorporationĀ
1. Self-certification of legal compliance
Startup Company incorporation would be able to self-certify their compliance with a few labors and environmental rules as notified by the government under the Startup India scheme. Such benefits in Online Startup Registration are provided to startups in order to maintain their business efficiency and effectiveness, as well as to allow them to focus on their primary business while incurring minimal compliance costs. For a period of three (3) years, startups are immune from labor law inspections; hence, no inspections will be undertaken for startups during this time.
2. Reduction of Public Procurement Regulations
It should be noted that, in most cases, when a Government organization or a Public Sector Undertaking issues a tender, the qualifying criteria only allows for firms with past experience or turnover in lieu of such work. This practice prevents or restricts Company incorporation from bidding on such tenders. Startups have been given the opportunity to sell their products or services on the Government e-Marketplace platform, which offers an exemption from “previous experience” in exchange for the filing of an Earnest Money Deposit (EMD) in order to promote young entrepreneurs and give them an equal chance.
3. Perks of Intellectual Property Rights
Startup India Registration supports young companies with a few intellectual property rights privileges in order to promote and recognize their business concepts. A patent application filed by a startup is fast-tracked for inspection and disposal by the government. In comparison to other businesses in the process of submitting patents, you may be eligible for a rebate of up to 80%.
4. Winding-up Option/Fast Track Exit
Startups, sometimes known as “fast track firms,” are granted authorization by the MCA to wind up their activities in 90 (ninety) days. After filing the application for Company incorporation, an insolvency expert will be assigned for the Startup, who will be responsible for liquidating the company’s assets and paying its creditors.
Conclusion
The Indian government has started the Startup India initiative in order to increase job creation in the country. It also promotes innovation and research by providing a foundation for new business concepts seeking funding in order to compete. For Online Startup Registration or Company incorporation connect with CaonWeb, they offer the best Online Ca services in India.
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š¢ Add FAQ:
Q-Who can enroll into startup India?
One of the requirements for meeting the Startup India Criteria is to be a private limited company. If your company’s total turnover surpasses INR 25 crores, you didn’t qualify for the startup India scheme’s incentives. A letter of recommendation from an incubator is required.
Q-Does startup require GST?
As per the GST Act, if your financial income reaches Rs 40 lakhs, you need to register for GST. Every business owner receives a GST number under the GST regime. Every person who registers is given a unique identifying number.
Q-How do you qualify as a startup?
The Startup should be incorporated as a Pvt Ltd Company, LLP as a partnership firm, or a limited liability partnership. In any of the prior fiscal years, turnover must have been less than Rs. 100 crores. For the first ten years after its establishment, an entity has termed a startup.
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Chartered Accountant by profession, CA Sanket Agarwal has an experience of above11 years in Cross Border compliance , Import Export , International Taxation & is a passionate content creator.