Today's topic is the invest in India or Startup India certificate Registration Process for Indian Businesses. Recently, the Government of India clarified the definition of a startup and specified the legal structure and type of firm that is eligible for the initiative.
Startup India “Startup Definition” and Invest In India opportunity
- A startup will be defined as any legal entity.
- Up to five years from the incorporation date.
- If its annual revenue has not exceeded 25 crores in the previous five years.
- Its goal is to use technology or intellectual property to promote innovation, development, deployment, and commercialization of new goods, processes, or services.
Points to be remembered about Invest in India :-
- If a company, organisation, or business is registered under the Companies Act of 2013, it is considered a start-up.
- It is registered as a partnership firm under Section 59 of the Partnership Act of 1932, or as a limited liability partnership under the Limited Liability Partnership Act of 2002.
A certificate from the Inter-Ministerial Board of Certification is required to gain tax benefits. The following people make up the board:
- Department of Industrial Policy and Promotion Joint Secretary
- Department of Science and Technology representative
- Department of Biotechnology representative
Remember that a business is only deemed a startup India certificate if it intends to develop and commercialise – a new product, service, or process, or significantly improves on an existing product, service, or process that will provide considerable value to customers or users.
If your startup is not classified as a startup, such as an ecommerce website or an IT firm, you will not be eligible for tax incentives.
Startup India Certificate Registration Process
The following is the registration process for the Startup India certificate Initiative:
Step 1: Provide specifics and documentation.
Step 2: Document Drafting and Uploading
Step 3: Fill up the Startup India certificate registration form.
Step 4: DPIIT verification.
Step 5: Application approval or denial.
