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What is Startup India Registration?
Benefits of Startup India Registration
Tax Exemption
The entity registered under the Startup India Scheme can apply for an exemption of income tax under section 80 IAC of the Income Tax Act. Such an entity can avail tax exemption for 3 consecutive financial years out of first 10 years from the date of incorporation provided following conditions are fulfilled:
(1) An entity shall be a Private Limited Company or Limited Liability Partnership.
(2) It shall be incorporated between 01st April 2016 to 01st April 2021.
Rebate in Trademark and Patent Application fees
All the startups registered under this scheme can claim a rebate on the government fees for filing a trademark application. And up to 80% rebate in Patent applications and can avail the benefit of fast track patent application. Entire fees of Facilitators for any number of Patents, Trademarks or Designs a Startup may file, shall be borne by the Government. Hence Startups will have to bear the cost of Statutory Fees only.
Angel Tax Exemption
The Startup India recognized entity can avail tax exemption benefit from the funds received as angel investment. The exemption is only granted if the total amount of paid-up share capital and share premium does not exceed Rs. 25 Crore after the proposed issue of share. To avail this exemption the entity need to fulfil some conditions for investing in certain assets.
Government Tenders
Registering an entity under the DIPP recognition scheme enable Startups to apply for Government tenders. One of the requirements of having minimum prior experience/turnover for filing the government tender by the companies is not applicable to the companies registered under the StartUp India scheme. Startups recognised under DIPP have been exempted from submitting Earnest Money Deposit (EMD) while filing government tenders.
Documents required for recognition under Startup India Initiative
COI
Certificate of Incorporation from MCA/Registration Certificate from ROF
PAN Card
PAN Card of an entity
Fund related
If the entity has received any funds then the details related to the amount of investment and investor.
List of Directors, DP's and Members
List of Directors or Designated partners or members along with their photographs and contact details
Social link
URL of website & Mobile App of an entity (if any) and Social Profile’s (LinkedIn and/or twitter) of Directors, DP’s and members
Constitutional documents
MOA & AOA in case of company and Partnership deed in case of LLP or Partnership Firm
IPR Registration
If the entity has applied or registered any IPR then the Information related to such application or registration.
Awards/Certificate
Information relating to any Awards/Certificate/ Recognition received by the entity.
Annual Statements/ITR
To claim deduction under section 80-IAC, Form-1 needs to be filed along with Annual Accounts of the Startup for last three financial years (if applicable) and Copies of Income Tax Return for last three financial years (if applicable).
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