Leave a Comment / By M. Aashritha / November 24, 2023
Startups are booming in India. The government is also supporting young entrepreneurs to establish and operate their own Startups. It is very evident that Startups help to boost the country’s economy. AStartupis a business that offersinnovative products or servicesthat provide solutions to various problems. Startup India Registration Validity is an important topic for those are planning to register a Startup in India.
The Government of India, under the leadership of PM Narendra Modi, has established and promoted theStartup India initiativeto develop the Indian economy, recognize andpromote startups, and attract talented entrepreneurs. A startup also has the opportunity to redevelop a current product or service into something better.
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Registration Process of Startup
The registration process for the startup is quite simple process and it takes very little time to complete the process. The registration of the startup is quite beneficial for the startups and it can avail various benefits under different schemes which ultimately develop their business and reach a good position in their business operations.
- Step 1: Obtain a Digital Signature Certificate (DSC):
The very first step in the registration process is obtaining access to the MCA gate, it is an operation for obtaining the Digital Signature Certificate (DSC) of directors which is to be carried out. Usually, this procedure requires two days following the document submission. Getting a DSC would enable the business to submit returns electronically because MCA regulations need authorized individuals to sign the returns in order to ensure their validity and security. - Step 2: Obtaining the Director Identification Number:
Once the DSC is obtained, next comes getting the DIN number. It will be necessary for the firm to prepare Form INC- 29. The company will need to get appointment letters, protestations, MOA and AOA, DIN, and registered verification for the office. - Step 3: Create a New Account on MCA Portal:
The company must submit Form INC- 29. Prior to this, all of the mentioned paperwork were prepared. The Incorporation Certificate cannot be obtained until the business confirmation forms have been filed. - Step 4: Obtain an Incorporation:
Once the above steps are done, after reviewing and proper checking the recognition certificate will be provided. A new bank account and a visage can be obtained for the firm after receiving the Certificate of Incorporation. It is possible to effectively register a corporation in India by following all of these guidelines. It is advised to seek professional advice before forming a business in India.
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Startup India Registration Validity: Life of a Startup
It must be kept in mind that the Startup India Registration is essential in order to avail certain benefits under this scheme. Once the registration is done, the Recognition Certificate will be provided, that recognition certificate gives the identity to the Startup.
The validity of the startup depends upon the number of years that the business entity operated and the overall turnover of the startup. The simple rule is that if the startup’s business operation has completed 10 years and the overall turnover exceeds Rs. 100 crores then the startup’s validity is over, which means that it can stop functioning of its business. This shows the actual validity or life of a Startup.
FAQ
1. Is the Startup India enrollment valid indefinitely?
No, the recognition under Startup India is valid for a specific period. As of update in January 2022, startups need to renew their recognition every five times from the date of objectification.
2. What are the crucial criteria for a Startup to maintain its validity under Startup India?
Startups must continue to fulfill the eligibility criteria, including being incorporated as a Private Limited Company or registered as a cooperation establishment or a Limited Liability Partnership Partnership (LLP). They should also demonstrate the invention, development, or enhancement of products, processes, or services.
3. Can a startup lose its validity under Startup India?
Yes, a startup can lose its validity if it no longer meets the eligibility criteria or fails to renew its recognition within the specified timeframe.
4. Are there any benefits associated with the validity of Startup India enrollment?
Yes, valid Startup India recognition offers colorful benefits, including duty immunity, faster exit processes, and access to government schemes and subventions.
5. How can a startup check the validity status of its Startup India enrollment?
Startups can check their recognition status on the Startup India portal or communicate with the Department for Promotion of Industry and Internal Trade (DPIIT) for the most up-to-date information.
6. Can a Startup apply for recognition under Startup India at any stage of its business?
Startups can apply for recognition within ten times from the date of objectification, as long as they meet the eligibility criteria defined by the Startup India action.
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