The government has made it convenient to register a startup with the following process:
i. Incorporate the business
The entity needs to be incorporated as a Private Limited Company/Partnership Firm/Limited Liability Partnership.
ii. Register with Startup India Portal
The entity must then be registered as a startup. The details are clearly mentioned on the Startup India website.
iii. Upload Documents
After registering on the Startup India Portal, the following documents will need to be uploaded:
- A letter of recommendation
- Registration certificate
- Description of the business entity
iv. Decide about availing tax benefits or not
Startups need to be certified by the Inter-Ministerial Board to avail exemption from paying income tax for three years.
v. Self-certification compliance
The entity must self-certify if it meets all the conditions necessary to be a startup as laid down by the government in the Startup Action Plan.
vi. Recognition Number
Once all these steps are fulfilled and the documents are examined, a recognition number for the startup will be issued.