Is it Necessary to Register a Startup in India?



Is it Necessary to Register a Start-up in India?

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A startup is a small business that aims to solve problems that are already present in the existing systems. It's a venture that is usually funded by the founders, or they may try to attract financial interest from outside investors in exchange for a stake in the company.

The process of registering a startup in India is relatively quick and straightforward. However, it's important to know that the documentation required must be precise and up-to-date. This includes the Memorandum of Association (MOA) and the Articles of Association (AOA).

During the startup registration process, you must also choose a type of business structure. This can be a private limited company, a registered partnership firm, or a limited liability partnership. The chosen structure will determine which tax benefits you will be eligible for.

For example, if you register your business as a Pvt Ltd company, you will be able to get tax exemptions for three years. In addition, you can also benefit from a lower burden of compliance and more opportunities to raise funds.

To be eligible for the Startup India program, your business must meet certain requirements. This includes being a Pvt Ltd company or an LLP with less than Rs 100 crore turnover. he RUN platform managed by MCA allows you to check if your chosen name is available and reserve it for 20 days.  In addition, the business must be a new idea and not a split-up or reconstruction of an existing business.

After submitting the necessary documents, you will receive a recognition number from the DPIIT. This will give you access to government programs that provide financial support, such as grants and venture capital. The program will also help you obtain intellectual property, such as patents. The Startup India portal lists facilitators that will assist you in filing patents for a lower fee than the standard statutory fees.

 

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