Gone are the days when budding entrepreneurs were failing to get a job or do something prosperous in their career. But, nowadays start-ups are the new black in the different industries with exorbitant success rate even in the nascent phase. At the present time, the success of a start-up solely depends upon how innovatively it is or will be among the public. After observing the unprecedented growth and fad of young India about entrepreneurship, the Indian government supports the start-up in India with lucrative schemes.
Incorporating a Start-up in India
By this time, every country has enacted different laws for a start-up company. Let’s know how a start-up in India can turn out.
1. Register your Business
The very first step is to register your firm as a partnership company/ private limited company, or a limited liability partnership firm.
You need to comply with all the government rules and guidelines of registration to register your business.
2. Create an Account on Startup India Portal
Log on to the official website of Start-Up India, fill up the form with mandatory information about you & your business, submit the form, and it’s all done. Moreover, the whole process is seamless and doesn’t ask you to go anywhere and face the queues.
3. Get Exemption from Income Tax
Now, obtain a certificate from Inter-Ministerial Board (IMB) as the same certificate will make you entitled to exemption from income tax for 3 years. However, Start-ups in India need not attain any certificate from IMB to get the exemption from income tax as they are directly recognized by DIPP.
4. Apply for a Recognition Number
Now when everything is good, you can apply for a recognition number for your start-up company. After a simple verification of your documents, the concerned authority issues the recognition number. Make sure while applying for recognition number online that all the needed documents are uploaded in the predefined format. If forged documents are found, you shall be liable to a minimum fine of Rs. 25,000 which may rise up to 50% of your paid-up capital for the start-up.
5. Patents & Trademarks
If you want to keep your intellectual property secure then get a patent for your innovation and a trademark for your brand. “Brands are made, not born”. The government has deputed facilitators to handle the trademark/ patent registration application. The process is seamless.
No engine can function without fuel and funds are the fuel to your start-up. You can arrange the funding in multiple ways. The government offers easy business loans at a low rate of interest; you can apply for the one. But it may take time. Nowadays, the business incubation centres like Sharda Launchpad have appeared as a great help which provides funding and other business consultancy assistance to start-up entrepreneurs.
At the present time, the flexible government policies have enabled the registration of start-ups quite an easy affair for the entrepreneurs. In fact, it doesn’t take a lot of time from incorporation to recognition of a start-up. Now, just find an incubation centre, narrate your idea, and get funding to fulfil your dream.