Frequently asked questions
What is the eligibility for registering under Startup India Initiative?
1. The start-up must be registered as a Private Company, LLP or Partnership Firm.
2. The start-up should not be formed out of splitting or reconstructing of a existing business.
3. Not more than 5 years must have elapsed since incorporation.
4. To be eligible startup under this scheme, it must not have an annual turnover of more than Rs. 25 crores in any of the past 5 years since its incorporation.
5.The start-up must be working towards innovation, development, deployment or commercialisation of a new product, process or service driven by technology or intellectual Property.
What are the benefits of Startup India registration?
1. Easy application: Government of India has launched a mobile app and a website for easy registration for startups. Anyone interested in setting up a startup can fill up a simple form on the website and upload certain documents. The entire process is completely online.
2. Startups will enjoy 80% reduction in cost of filing patents.
3. 10,000 crore rupees fund is set-up by government to provide funds to the startups as venture capital.
Tax holiday for 3 Years
4. Startups will be exempted from income tax for 3 years provided they get a certification from Inter-Ministerial Board (IMB).
5. Seven new Research Parks will be set up to provide facilities to startups in the R&D sector
6. Startups shall be allowed to self-certify compliance (through the Startup mobile app) with 9 labour and 3 environment laws (for list of white industries which are eligible under self-compliance – click here” )
7. People investing their capital gains in the venture funds setup by government will get exemption from capital gains. This will help startups to attract more investors.
8. In case of exit – A startup can close its business within 90 days from the date of application of winding up
9. Government has proposed to hold 2 startup fests annually both nationally and internationally to enable the various stakeholders of a startup to meet. This will provide huge networking opportunities.
Nature & extent of liability of a partner of an LLP?
Every partner of an LLP would be, for the purpose of the business of the LLP, an agent of the LLP but not of the other partners. Liability of partners shall be limited except in case of unauthorized acts, fraud and negligence. But a partner shall not be personally liable for the wrongful acts or omission of any other partner. An obligation of the limited liability partnership whether arising in contract or otherwise, is solely the obligation of the limited liability partnership. The liabilities of LLP shall be met out of the property of the LLP.
For what period a name can be reserved by Registrar?
The name can be reserved by ROC on approval of Form 1, for a period of 3 months from the date of intimation by the Registrar. However, Foreign LLP/Companies have an option to reserve their existing names, under which they are operating outside India, for a period of 3 years in India, which can be further renewed on application to Registrar in Form 25.
What are the restrictions in respect of minimum and maximum number of partners in an LLP?
A minimum of two partners will be required for formation of an LLP. There will not be any limit to the maximum number of partners.
I want to convert my private company ‘XYZ Private Limited’ into LLP but with name ‘ABC excel LLP’. Can I get my LLP registered with new name?
Any private company or unlisted public company can be converted into LLP. However, in this case LLP shall take same name as that of the company at the time of conversion.
Start Your Business as a Limited Liability Partnership (LLP)
Opt for this plan to start your startup as a LLP Firm including other benefits such as GST registration, Return filings such as Income Tax, TDS, GST etc and much more.
- Business Incorporation as a LLP.
- GST Registration and return filing for first quarter
- TDS return filing for first quarter
- Payroll management and filing of related taxes such as ESI, PF, TDS, Bonus if applicable for the first quarter.(this doesn’t include obtaining registration of ESI, PF, Bonus, only return filing is provided of the same)
- Advisory on other applicable compliance if an
- Advisory on whether eligible for Startup India Initiative
- Post Incorporation Compliance such as
- First Board of directors meeting
- Assistance with Appointment of First Auditor
- Disclosure by director
- Opening of bank account
- Intimation to MCA on board resolution
- Issuance of Share Certificate
- Newly setup business planning to launch their startup idea.
- Startup looking to raise funds and capital for their business.
- Business wanting to get themselves registered under startup India initiative.
- ID Proof of Partners such as PAN, AADHAAR
- Address Proof of Partners such as Voter’s ID, Passport, Driver’s license or Aadhar Card.
- Residence Proof of Partners such as Latest bank statement, telephone bill, mobile bill, electricity bill or gas bill.
- Passport size photograph of partners
- Proof of Registered Office Address such as rent agreement/NOC form owner
- Any other document as necessary
| Plan Charges | 13499 |
| Goods & Services Tax (GST) | 2430 |
| Total Cost | 15929 |
* Estimate Time for Service Completion
90 Days
What is the eligibility for registering under Startup India Initiative?
1. The start-up must be registered as a Private Company, LLP or Partnership Firm.
2. The start-up should not be formed out of splitting or reconstructing of a existing business.
3. Not more than 5 years must have elapsed since incorporation.
4. To be eligible startup under this scheme, it must not have an annual turnover of more than Rs. 25 crores in any of the past 5 years since its incorporation.
5.The start-up must be working towards innovation, development, deployment or commercialisation of a new product, process or service driven by technology or intellectual Property.
What are the benefits of Startup India registration?
1. Easy application: Government of India has launched a mobile app and a website for easy registration for startups. Anyone interested in setting up a startup can fill up a simple form on the website and upload certain documents. The entire process is completely online.
2. Startups will enjoy 80% reduction in cost of filing patents.
3. 10,000 crore rupees fund is set-up by government to provide funds to the startups as venture capital.
Tax holiday for 3 Years
4. Startups will be exempted from income tax for 3 years provided they get a certification from Inter-Ministerial Board (IMB).
5. Seven new Research Parks will be set up to provide facilities to startups in the R&D sector
6. Startups shall be allowed to self-certify compliance (through the Startup mobile app) with 9 labour and 3 environment laws (for list of white industries which are eligible under self-compliance – click here” )
7. People investing their capital gains in the venture funds setup by government will get exemption from capital gains. This will help startups to attract more investors.
8. In case of exit – A startup can close its business within 90 days from the date of application of winding up
9. Government has proposed to hold 2 startup fests annually both nationally and internationally to enable the various stakeholders of a startup to meet. This will provide huge networking opportunities.
Nature & extent of liability of a partner of an LLP?
Every partner of an LLP would be, for the purpose of the business of the LLP, an agent of the LLP but not of the other partners. Liability of partners shall be limited except in case of unauthorized acts, fraud and negligence. But a partner shall not be personally liable for the wrongful acts or omission of any other partner. An obligation of the limited liability partnership whether arising in contract or otherwise, is solely the obligation of the limited liability partnership. The liabilities of LLP shall be met out of the property of the LLP.
For what period a name can be reserved by Registrar?
The name can be reserved by ROC on approval of Form 1, for a period of 3 months from the date of intimation by the Registrar. However, Foreign LLP/Companies have an option to reserve their existing names, under which they are operating outside India, for a period of 3 years in India, which can be further renewed on application to Registrar in Form 25.
What are the restrictions in respect of minimum and maximum number of partners in an LLP?
A minimum of two partners will be required for formation of an LLP. There will not be any limit to the maximum number of partners.
I want to convert my private company ‘XYZ Private Limited’ into LLP but with name ‘ABC excel LLP’. Can I get my LLP registered with new name?
Any private company or unlisted public company can be converted into LLP. However, in this case LLP shall take same name as that of the company at the time of conversion.