Period of Existence of Entity:
The Period of existence and operations of the company should not exceed 10 years from the date of formation
Type of Entity:
The DPIIT Certificate of Recognition is provided for the company which is incorporated as a Private Limited Company, a Limited Liability Partnership (LLP) or a Registered Partnership Firm.
Annual Turnover:
To get the DPIIT Certificate of Recognition, The firm should have an annual turnover of Rs. 100 crore for any of the fiscal years since its federation
Original Entity:
To avail the DPIIT Certificate of Recognition, the company should not have been incorporated by splitting up or recreating an already existing entity.
Innovative Scalable Entity:
The entity should be working towards development or improvement of a product, process or service.
The entity should have a scalable business model with high potential for the creation of wealth and employment. The firm should have the potential to generate employment or create wealth.
Procedure to get DPIIT Certificate
The entity should follow the below-mentioned simple steps to get the DPIIT certificate of recognition.
Incorporation of the Business
As stated above, the entity must first incorporate the business as a Private Limited Company or a Partnership firm or a Limited Liability Partnership (LLP).
Get in touch with IndiaFilings.Com to register your company.
Registering Business with the Startup India Scheme
The business needs to be registered with the Startup India Scheme to get the DPIIT certificate of recognition.
Apply for Start-up Recognition
The applicant unit need to access the Start-up India Recognition portal for Register with Start-up India to get the DPIIT Certificate of Recognition for Startups.
Provide the following details in the Start-up Recognition application :
- Entity Details: Nature of Entity, Industry, Sector, Categories and Company Incorporation Number and Registration Date
- Full Address of the Entity
- Details of the Authorized Representative
- Directors or Partner Details
- Details of Intellectual Property Right
- Details of funding
- Recognition received by the entity
Get the Startup Recognition Number
The DPIIT Certificate of Recognition for Startups will be issued after examination of the application and documents submitted.
Once the ministry approves the application and provides the unique startup recognition number, the startup can be registered with tax benefits.
Start-Up Patent Application
The DPIIT recognized startups are required to pay only 80% of the fees on Patents, trademark, copyrights and design, and the fast-tracking of a patent application will be available for startups.
Easier Public Procurement Norms
- The DPIIT recognized startups will get an opportunity to list the product on Government e-Marketplace.
- DPIIT recognized startups are exempted from submitting Earnest Money Deposit
- Exemption from Prior Experience/Turnover is provided for Start-ups in all Central Government ministries and departments.
Tax Exemptions
- After obtaining the Certificate of Recognition, the startup can apply for Tax exemption under section 80 IAC of the Income Tax Act.
- The DPIIT recognized startups can apply for Angel Tax Exemption.
- After obtaining the clearance for Tax exemption, the DPIIT recognized startups are exempted from income tax for 3 consecutive fiscal years out of its first ten years since formation.