What is DPIIT Startup Registration in Chennai
Startup India is an initiative by the Government of India. The campaign was first announced by Indian Prime Minister, Narendra Modi during his 15 August 2015 address from the Red Fort.
The action plan of this initiative is based on the following three pillars:
- Simplification and Handholding.
- Funding Support and Incentives.
- Industry-Academia Partnership and Incubation.
Startup Eligibility Criteria for Startup Registration (DPIIT) in Chennai
- Company Age- Period of existence and operations should not be exceeding 10 years from the Date of Incorporation.
- Company Type– Incorporated as a Private Limited Company in Chennai, a Registered Partnership Firm, or a Limited Liability Partnership in Chennai.
- Annual Turnover- an annual turnover not exceeding Rs. 100 crore for any of the financial years.
- New Entity- The entity should not have been formed by splitting up or reconstructing an already existing business.
- Innovative and Commercially Scalable- They should work towards the development or improvement of a product. The process or service and/or have a scalable business model with high potential for the creation of wealth & employment.
Benefits of “Startup India” Registration in Chennai:-
- Self Certification: The Startups may self-certify compliance in respect of six Labour Laws.
- Easy Winding Up of Company: Within 90 days under insolvency & Bankruptcy code 2016.
- Start-up Patent Application and IPR Protection: Fast Track and up to 80% rebate in filing patents in Chennai. Also, Fees for Trademark registration gets half in Chennai.
- Easier Public Procurement Norms: Exemption on EMD and minimum requirements.
- Tax Exemption (Only to few startups): The Inter-Ministerial Board validates Startups for granting tax-related benefits under Section 80-IAC and Section 56 of theIncome Tax Act.
How to Register Startup India (DPIIT) in Chennai
Step 1. Business Incorporation–
The first step is to register your business as a private limited company or a limited liability partnership or a Partnership firm.
Step 2. Register with Startup India –
Then you need to register your firm or company as a startup in the Startup India scheme
Step 3. Documents required to be uploaded–
You only need a letter of recommendation along with the Registration Form. This letter you will get from any of the following-
- A recommendation letter from an Incubator. He should be known in a post-graduate college in India in a format approved by the DIPP. This is regarding the innovative nature of the business; OR
- A recommendation letter from an incubator that the Government of India funds as part of any specified scheme to promote innovation; OR
- A letter from any of the Incubators recognized by the Government of India, in DIPP format.
- A letter of funding not less than 20% in equity, by an Incubation Fund, Private Equity Fund, Angel Fund, Accelerator, Private Equity Fund, registered with SEBI that endorses the innovative nature of business; OR
- A recommendation letter by the Central or any State Government of India; OR
- A patent filed and published in the Journal of Indian Patent Office in areas affiliated with the nature of the business being promoted.
Registration/Incorporation Certificate also needs to be uploaded. Further, also, you need to explain in brief about your business.
Step 4. Need to mention whether you want to avail of tax Exemption or not-
Startup companies do not have to pay income tax for the first three years. To avail of such benefits, the company must be certified by the Inter-Ministerial Board (IMB). This is where companies registered with DIPP and get relaxation. Because the registration is enough to get the benefits.
Step 5. Self Certifications of the eligibility criteria-
- Enrolled as a Private limited company, an LLP, or a partnership firm.
- Your business must be incorporated or registered in India, not before 5 years.
- Your company’s turnover must not be more than Rs 100 crore.
- Startup must help in boosting the economy of India.
- Business must not be reconstructed by splitting/merging.
Step 6. Get your Recognition Number immediately–
On applying you will immediately get a Recognition Number. The Certificate of registration will be given to you once the authority checks and approves the uploaded documents.
Please note- While uploading the documents one needs to be very careful as if there is any discrepancy regarding the uploaded documents. Otherwise, you shall be liable to a fine of 50% of your paid-up capital of the startup. Along with that a minimum fine of Rs. 25,000.
If you need to register your invention and want to get it patented. Then you need to protect your brand/logo through trademark registration. After that, you can avail of the government grant provided under the scheme. Also, this is where you will be provided 80% reduction in the government fee.
How DPIIT Startup in Chennai can get loan from Government?
There are following schemes in Chennai for Statup for Loan:-
1. The Mudra Loan Scheme.
2. MSME Business Loans in 59 Minutes.
3. The Credit Guarantee Scheme (CGS)
4.The Stand Up India Scheme.
5. Coir Udyami Yojana.
6. The National Bank for Agriculture and Rural Development (NABARD)
7. Credit Link Capital Subsidy Scheme.
8. The National Small Industries Corporation Subsidy.
How do I get DPIIT Startup Registration in Chennai
You can get the same by doing simple online process by Clicking here
Startup Registration Fees in Chennai
No Government fees for DPIIT Registration in the Chennai. However, professionals charge basic fees in facilitating this service.
How Aapka Consultant can help you in registering your Startup India Registration in Chennai?
Aapka Consultant is a team of professionals who have registered many Startup Registration for their clients. If you want to get it register your Startup also then contact the professionals of Aapka Consultant by clicking here:-