Introduction:
India boasts the world's third-best startup scene. The Indian government launched Startup India on January 16, 2016, with the assistance of our prime minister, Mr. Narendra Modi. Startup India's main goal is to provide businesses and individuals with a road to being creative and advantageous. India's job market is expected to significantly improve as a result of this policy, and the amount of documentation needed to create a company has been lowered accordingly.
What is DPIIT Startup Registration in Uttar Pradesh?
Under the authorities of India's Startup India responsibility, the Department for Promotion of Industry and Internal Trade assists startups in obtaining benefits from self-certification and compliance with the nine environmental and labor regulations. Despite getting another license from the Inter-Ministerial Board, startups certified by DIPP can also make use of benefits linked to intellectual property rights, such as the IPR fast track, etc. The Insolvency & Bankruptcy Code 2016 also permits the corporation to be dissolved if they desire to do so in less than 90 days. Yet, there are a variety of additional advantages to being acknowledged as a startup under DPIIT, which are covered in this article in addition to the application process and prerequisites.
Startup India is a government effort in India that aims to create a healthy environment for fostering creativity and entrepreneurs in the nation to foster long-term growth in the economy and create many employment opportunities. The government intends to encourage startups to develop through creativity and creative thinking via this program.
The Startup India Movement's goals are listed below. It also includes an assessment of startups:
An improved infrastructure that includes incubators
IPR facilitation, such as simplified patent application
The enhanced regulatory environment, includes tax advantages, simpler compliance, faster company formation, the quickest process, and more.
Increasing financing opportunities is an aim.
Provide the startup ecosystem's players with access to a sizable networking database.
Benefits of Startup India Registration in Uttar Pradesh:
After receiving the DPIIT Certificate of Recognition for Startups, new companies can make use of several advantages:
1. Individual Certification
The organization will be able to independently verify compliance with three environmental statutes and six labor laws after it has received the DPIIT Certificate of Recognition for Startups.
2. Patent Application for a Startup
The DPIIT-recognized startups will be eligible for expediting a patent application and will only have to cover 80% of the costs for patents, trademarks, copyrights, and designs.
3. Standardization of Public Procurement
Those startups which are approved by DPIIT will have the chance by listing their goods on the government e-Marketplace.
Businesses that are DPIIT recognized are excluded from submitting an early deposit - Most Central Government departments and divisions offer Start-Ups a waiver from Prior Experience/Turnover.
4. Easy company dissolution
The 2016 Insolvency and Bankruptcy Code permits the firm to be dissolved 90 days after filing for insolvency.
5. A pool of funds
The startups would be qualified to receive cash through the Alternative Investment cash totaling Rs. 1000 crore.
6. Fund for Credit Guarantee
Under the National Credit Guarantee Trust Company or SIDBI, startups can obtain an Rs. 2000 crore Credit Assured fund over four years.
7. Excise taxes
Tax relief under section 80 IAC of the Income Tax Act can be taken by a startup after getting the required Recognition Certification. Startups recognized by the DPIIT may request an exemption from the angel tax.
The DPIIT recognized startups are spared from income tax for three successive fiscal years out of their first ten years following creation after receiving the approval for tax-free status.
What are the Documents required for Startup India Registration in Uttar Pradesh?
PAN and a certificate of incorporation or registration
A phone number and email address
Information about the business (industry, sector, category, registered office address, etc.)
Information about the directors or partners (name, photo, gender, mobile number, email address, and full address)
Authorised Representative Information (Name, Designation, Mobile Number, and Email Address)
A brief overview of the company, its services and products, and its advances
The business structure and the product's originality (website, pitch deck, video, patent)
Startup India registration process in Uttar Pradesh:
1. Formation of the Company
As previously said, the entity must initially organize the business as a Limited Liability Partnership (LLP), a Private Limited Company, or a partnership firm.
2. Business registration under the Startup India Scheme
For the business to receive the DPIIT certificate of recognition, it must be established with the Startup India Scheme.
3. Required documents for upload
You require a letter of recommendation together with the registration paperwork for the third step.
4. Request Startup Recognition
The applicant has to enter the Start-up India Recognition portal and register with Start-up India for taking the recognition.
5. Obtain your startup recognition number
After reviewing the application and supporting papers, the DPIIT Certificate of Recognition for Startups will be granted. A new company can register for tax advantages if the ministry confirms the application and issues the special startup recognition number.
How do I get DPIIT Startup Registration in Uttar Pradesh?
Age of the Company: 10 years since the date of formation, the period of operation and activities should not be exceeded.
Company Type: Incorporated in Uttar Pradesh as a Limited Liability Partnership, a Certified Partnership Firm, or a Private Limited Company.
Annual Turnover: A yearly turnover that does not surpass Rs. 100 crores for any fiscal year.
New corporation: A new corporation ought not to have been created by dissolving or reorganizing an existing company.
Improving marketability: They should focus on the creation or enhancement of a product that is innovative and commercially scaleable. The method, service, or business model has a strong potential to generate income and jobs.
Conclusion:
There are no government costs for Uttar Pradesh DPIIT registration. Professionals, yet, could charge minimal fees to provide this service. The government hopes that this effort would enable startups to develop via creativity and innovation. The Government of India launched the Startup India Action Plan, which covers every area of the startup ecosystem, to achieve the goals of the initiative.
We at eStartIndia will help you in registering your startup with every legal aspect that is required with the help of our efficient team.
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