Is it Necessary to Register a Startup in India?


Is it Necessary to Register a Startup in India?

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If you want your venture to be funded and get its footing established in the business world, a corporate bank account is mandatory. This will allow you to separate your company's finances and accounting from your personal bank accounts, making it easier for you to secure loans from banks and investors. In order to open a corporate bank account, you have to make your startup officially registered. Startup registration is a process through which your business becomes a legal entity and is recognized by the government as an official business entity.

Upon Startup registration, your business can avail various benefits including tax exemptions, funding opportunities, and perks like patent protection. The Indian government has launched a program called Startup India to stimulate and support entrepreneurs by simplifying regulatory compliances. The Startup Registration India program also hosts incubation and accelerator programs and holds workshops on diverse topics pertaining to entrepreneurship.

To qualify for the benefits of the Startup India program, your venture must be a private limited company or a partnership firm with a minimum turnover of Rs. 25 crore in three financial years of operation. 

The government has made it convenient for startups to register by providing a mobile application and website for easy incorporation. The process is simple, and all you need to do is fill up a form MCA online on the website along with your business details and upload certain documents. It takes about 15-25 working days to complete the entire process of incorporating your business as a Startup. In addition, the Startup India portal offers lists of facilitators for filing patents and trademarks at lower fees.

 

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