Is it Necessary to Register a Startup in India?


Is it Necessary to Register a Startup in India?

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The word "startup" is derived from the term "starting-up," which denotes the beginning of a business venture. Startups are young businesses that develop and scale a product or service to create value for customers and shareholders. They are often technology-driven and aim to disrupt the existing market through innovative products. Many startups fail to take off, but those that succeed are able to attract investment interest from investors and gain credibility with potential clients.

A startup can be registered as a private limited company, a partnership firm, or an LLP. The process of registration is similar to that of incorporating a regular business, except it requires the submission of additional information and documentation. To complete the process, the startup must also register its trademark and establish a bank account. Once these requirements are met, the company will receive a unique recognition number and be eligible to participate in government programs and events.

The startup India program has several benefits for its registered companies. For example, it reduces barriers to public procurement and allows them to self-certify compliance with six labor laws and three environmental regulations. The RUN platform managed by MCA allows you to check if your chosen name is available and reserve it for 20 days. In addition, they can apply for a tax exemption of three years once they have received a certificate from the Inter-Ministerial Board.

Moreover, the government has provided an easy-to-use mobile app and website for startup registration, along with lists of facilitators that can help them file patents and trademarks at a discounted rate.

 

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