Importance of Start-up India Registration


Importance of Start-up India Registration

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Start-ups are the driving force behind economic growth and entrepreneurship. They bring new innovations and ideas to the market. However, they also face a lot of challenges including compliance and access to capital. To overcome this, the government has started the Startup India initiative. This scheme is a platform to create networking opportunities and provide assistance for startups. Those who want to start a business should register it under the Startup India initiative to avail its benefits.

The criteria to be considered a Startup is that it must be registered as a Private Limited Company or LLP or as a Partnership Firm and the ownership should lie in the hands of Indian citizens or entities. Additionally, the entity should be working towards innovation or development of goods or services, or the improvement of existing items, procedures, or processes.

After registration under Startup India, the entity can receive a number of tax exemptions. For example, it can pay only about 80% of the total fees on Patents, Copyrights, and Trademarks filing. It can also get a fast-track process for IPR application filing and access to support and help in managing Intellectual Property Rights.

Apart from this, Startup India registration opens up networking opportunities and access to various platforms for fostering collaborations, partnerships and knowledge sharing. Moreover, it can help them get mentorship and valuable insights from investors and industry experts. It can even help them secure government tenders for potential business growth.  To apply for Startup India, one must register as a private limited company or a partnership firm with the Ministry of Corporate Affairs (MCA).  In addition, the registration also facilitates ease in getting collateral-free loans through government schemes like Fund of Funds for Startups and Credit Guarantee Fund for Startups.

 

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