Startup India Registration in Vijayawada
Startup India registration is an initiative launched by the Government of India to foster entrepreneurship and innovation in the country. This program aims to provide startups with a conducive environment to grow and thrive by offering a plethora of benefits and incentives. Once approved by the Department for Promotion of Industry and Internal Trade (DPIIT), the startup receives a Certificate of Recognition, granting it access to a range of support measures. Registering to Startup India in Vijayawada is best choice for entrepreneurs with innovative product/service. Cqubes simplifies the Startup India registration process in Vijayawada with our expert guidance.
Eligibility Criteria for registering to Startup India:
- Entity Type
- The startup must be incorporated as a private limited company, registered partnership firm, or a limited liability partnership (LLP).
- Age of the Entity
- The entity should not be more than 10 years old from the date of its incorporation or registration.
- Annual Turnover
- The entity's annual turnover should not have exceeded ₹100 crores in any of the previous financial years.
- Innovation and Scalability
- The startup should be working towards innovation, development, or improvement of products, processes, or services, or it should have a scalable business model with a high potential for employment generation or wealth creation.
- Original Entity
- The entity should not have been formed by splitting up or reconstructing an already existing business.
Benefits for registering to Startup India:
- Tax Exemptions:
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- Income Tax Exemption: Recognized startups can get an income tax exemption for three consecutive financial years out of their first ten years since incorporation.
- Capital Gains Tax Exemption: Exemption on capital gains tax if the funds are invested in a recognized startup or in specified funds.
- Tax Exemption on Investments above Fair Market Value: Startups can apply for tax exemption on investments above fair market value.
- Simplified Compliance:
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- Self-Certification: Startups can self-certify their compliance under six labor laws and three environmental laws for a period of five years from the date of incorporation.
- Faster Exit: Startups can wind up their operations within 90 days under the Insolvency and Bankruptcy Code, 2016.
- Funding Support:
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- Fund of Funds for Startups (FFS): A Fund of Funds with a corpus of ₹10,000 crores to provide funding support to startups through SEBI registered Venture Capital Funds.
- Credit Guarantee Fund: A credit guarantee mechanism through the National Credit Guarantee Trust Company (NCGTC) or SIDBI to enable startups to raise debt funding without collateral.
- Incubation and Industry-Academia Partnerships:
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- Startup India Hub: A single point of contact for the entire startup ecosystem to enable knowledge exchange and access to funding.
- Research and Innovation Benefits: Access to high-quality intellectual property services and resources, including fast-track patent applications and reduced costs for trademarks and patents.
- Government Tenders and Public Procurement:
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- Exemption from Prior Experience/Turnover Criteria: Startups can apply for government tenders and are exempted from the criteria of "prior experience" or "turnover."
- Relaxation in Earnest Money Deposit (EMD): Startups are exempted from submitting EMD while applying for government tenders.
- Networking Opportunities:
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- Startup India Yatra: An initiative to reach out to potential startups in tier 2 and tier 3 cities and provide them with necessary support and mentorship.
- Startup Events and Conferences: Access to various startup events, conferences, and workshops to network with industry experts, investors, and fellow entrepreneurs.
- Regulatory Support:
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- Startup India Learning Program: An online learning and development program to help entrepreneurs through their startup journey.
- Legal Support and Fast-tracking Patent Examination: Legal assistance in filing patents and a 50% rebate on patent filing fees.
Process for registering to Startup India in Vijayawada:
- Incorporate Your Business
- Ensure your business is incorporated as a Private Limited Company, a Partnership Firm, or a Limited Liability Partnership (LLP).
- Applying to Startup India Scheme
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- Provide details about your business, such as the name, address, date of incorporation, type of entity, industry sector, and key areas of operation
- Upload the necessary documents: Certificate of Incorporation, PAN
- A brief description of the nature of business and its innovation
- Information about the directors or partners
- Patent details or any intellectual property-related information, if applicable
- Self-certify that your startup meets the eligibility criteria for DPIIT recognition
- Application Review
- The DPIIT will review your application and the submitted documents. This review process may take a few weeks.
- Certificate of Recognition
- Once your application is approved, you will receive a Certificate of Recognition from the DPIIT. This certificate will enable you to avail of various benefits under the Startup India initiative, such as tax exemptions, easier compliance, funding support, and more.
Documents Checklist:
Following documents are required for registering Startup India registration in Vijayawada:
- Incorporation or Registration Certificate
- PAN card of the business entity
- Director/Partner Details
- Description of the Business, including how it is innovative or how it improves products, processes, or services
- Patent Details (if applicable)
- Proof of Concept: pitch deck, website link, video, product or service description, etc.
- Funding Proof (if received)
Start registering your Startup India in Vijayawada with Cqubes
Choose CQUBES to guide and register your Startup with DPIIT in Vijayawada. Our dedicated team will navigate you in obtaining essential registrations, certifications and compliance in every step of registering your Startup.
