Eligibility Criteria For The Startup India Scheme
- A private limited company or a limited liability partnership.
- Approval from the Department of Industrial Policy and Promotion (DIPP) is necessary.
- A recommendation letter by an incubation must be present.
- Innovative schemes or products.
- The startup must not be older than 5 years.
- The total turnover limit for the startup to avail of the scheme is ₹25 crores.
- Angel fund, Incubation fund, Accelerators, Private Equity Fund, Angel network must be registered with SEBI (Securities and Exchange Board of India).
- A patron guarantee must be obtained from the Indian Patent and Trademark Office.
If eligible for the scheme, go ahead and register under it. This scheme has become a major milestone in India’s entrepreneurial journey and will go a long way in improving its prospects.
Also read: Steps To Dissolve a Foreign Company In India
Before moving on with the scheme, it must be ensured that the company gets registered as one of these entities-
- Partnership Firm
- Limited Liability Partnership Firm
- Private Limited Company
The step-by-step process of applying for registering a company for the Startup India Scheme below-
- Register and log in at the Shram Suvidha Portal.
- If the establishment is a startup, a link has to be clicked after successfully logging in.
- Once clicked, the startup India application portal will be opened.
- Fill in the legal entity type in the required column.
- Put in the registration number and date of incorporation (of the entity).
- Enter details such as PAN number, address, pin code, and state.
- Then, details of the authorized representative, directors, and partners must be filled in next.
- Thereafter, all necessary documents and self-certification have to be uploaded.
- Upload the company’s incorporation/registration certificate next.
Once completed, successfully apply for the registration of the company under the scheme. A recognition number will be immediately issued after the registration. Finally, the registration certificate will be issued after the examination of the details and documents provided.
- Letter of recommendation (LoR) either by DIPP, incubation fund/angel fund/equity fund, or accelerator/angel network (registered with SEBI).
- Incorporation/registration certificate.
- Business description (in brief).
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