Is it Necessary to Register a Startup in India?


Is it Necessary to Register a Startup in India?

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There are several advantages of startup registration which include opening a corporate bank account, easier access to loans from formal resources and displaying legal proof of business existence. Startups can also benefit from a reduction in ROC filing fees and tax benefits like higher depreciation and no taxes on dividend distribution. Startups also benefit from free-of-cost legal aid, simplified entry and exit norms as well as protection of intellectual property rights.

To be eligible for Startup Indiaregistration, a small business must meet certain eligibility requirements and comply with regulatory standards. It must be incorporated as a Pvt Ltd company, a partnership firm or a limited liability partnership (LLP). It must have a product or service that demonstrates innovation or development and improvement of existing products or processes. The startup must also be scalable and generate employment. Finally, it must not have exceeded the turnover of INR 100 crore in any of the previous financial years.

The startup recognition process is online and takes about 2 days to complete. Once the application is verified, startups receive a startup number and certificate of recognition. The RUN platform managed by MCA allows you to check if your chosen name is available and reserve it for 20 days.

The government is doing a lot to encourage entrepreneurship in the country, including helping individuals who want to start their own businesses. It is also providing funding and incubation support, as well as offering tax breaks and other incentives.

 

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