REGISTRATION WITH STARTUP INDIA AND GET RECOGNITION FROM DPIIT (DEPARTMENT FOR PROMOTION OF INDUSTRY AND INTERNAL TRADE)

In our last article on The Startup India Journey, we discussed “RECOGNIZED STARTUP ENTITIES: ELIGIBILITY CRITERIA AND BENEFITS”

In this article we will discuss the StartUp India initiative introduced by the Government of India and to get the recognition from the Department for Promotion of Industry and Internal Trade

Startup India is a pioneering initiative introduced by the Government of India with the aim of fostering a robust ecosystem that nurtures innovation and empowers startups. Its primary objective is to stimulate sustainable economic growth and generate significant employment opportunities. Through this initiative, the government endeavors to facilitate the growth of startups by fostering an environment conducive to innovation and design.

The Startup India Movement is guided by a comprehensive set of objectives that underpin its mission. These objectives encompass various facets of support for startups and encompass the following key elements:

1. Enhanced Infrastructure: The initiative emphasizes the development and enhancement of state-of-the-art infrastructure, including the establishment of incubation centers. These centers serve as crucial hubs for startups, providing them with essential resources, mentorship, and networking opportunities.

2. IPR Facilitation: Startup India seeks to streamline and facilitate intellectual property rights (IPR) processes, with a specific focus on simplifying patent filing procedures. By easing the burden associated with IPR compliance, the initiative enables startups to safeguard their innovative ideas and technologies effectively.

3. Favorable Regulatory Environment: The government is dedicated to creating a conducive regulatory environment for startups. This includes providing tax benefits, simplifying compliance procedures, expediting company registration processes, and introducing mechanisms for faster dispute resolution. These measures aim to reduce bureaucratic hurdles and enable startups to navigate the regulatory landscape more efficiently.

4. Increased Funding Opportunities: Recognizing the critical role of funding in nurturing startups, Startup India strives to enhance funding avenues. The initiative encourages investments in startups through various mechanisms such as venture capital funds, angel investor networks, and financial incentives. This commitment to improving access to capital enables startups to secure the necessary resources to fuel their growth and innovation.

5. Extensive Networking Database: Startup India endeavors to establish an extensive networking database that connects entrepreneurs and stakeholders across the startup ecosystem. By facilitating meaningful connections and collaborations, this database enables startups to leverage valuable resources, knowledge, and support from industry experts, investors, and mentors.

Through the concerted implementation of these objectives, Startup India aspires to cultivate a thriving startup ecosystem in India. By fostering innovation, empowering entrepreneurs, and promoting sustainable economic development, the initiative plays a pivotal role in shaping the future of India's startup landscape.

DEPARTMENT FOR PROMOTION OF INDUSTRY AND INTERNAL TRADE (DPIIT) CERTIFICATE OF RECOGNITION

To obtain a DPIIT (Department for Promotion of Industry and Internal Trade) certificate of recognition the startup must meet the following eligibility criteria:

• Period of Existence of Entity: The Period of existence and operations of the company should not exceed 10 years from the date of formation.
• Type of Entity: The DPIIT Certificate of Recognition is provided for the company which is incorporated as a Private Limited Company, a Limited Liability Partnership (LLP) or a Registered Partnership Firm.
• Annual Turnover: To get the DPIIT Certificate of Recognition, the firm should have an annual turnover of Rs. 100 crore for any of the fiscal years since its federation
• Original Entity: To avail the DPIIT Certificate of Recognition, the company should not have been incorporated by splitting up or recreating an already existing entity.
• Innovative & Scalable Entity: The entity should be working towards development or improvement of a product, process or service.
• The entity should have a scalable business model with high potential for the creation of wealth and employment. The firm should have the potential to generate employment or create wealth.

After meeting with the eligibility criteria following steps can be followed to obtain the certificate or recognition:

1. Business Incorporation: First, incorporate your business as a Private Limited Company, Partnership firm, or Limited Liability Partnership (LLP). You can seek assistance from a professional service provider like ASSOCIATED CHARTERED ([email protected]) to register your company.

2. Register with the Startup India Scheme: Your business needs to be registered with the Startup India Scheme to be eligible for the DPIIT certificate of recognition.

3. Apply for Start-up Recognition: Access the Start-up India Recognition portal to register with Start-up India and apply for the DPIIT Certificate of Recognition for Startups. Provide the following details in the application:

1.????Entity Details: Include information about the nature of your entity, industry, sector, categories, and your company's incorporation number and registration date.

2.????Full Address of the Entity: Provide the complete address of your business entity.

3.????Details of the Authorized Representative: Include the information of the authorized representative of your business.

4.????Directors or Partner Details: Provide the details of the directors or partners associated with your business.

5.????Details of Intellectual Property Rights: Specify any intellectual property rights your business holds.

6.????Details of Funding: Provide information about the funding received by your entity.

4. Obtain the Startup Recognition Number: After examining the application and submitted documents, the DPIIT will issue the DPIIT Certificate of Recognition for Startups. Once your application is approved and you receive a unique startup recognition number, you can avail tax benefits and other advantages associated with the recognition.

By following these steps and presenting the required information in a professional manner, you can successfully obtain a DPIIT Certificate of Recognition for your startup.