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.
What is required to start a Partnership Firm?
1. Minimum Two Person : Two person is needed to become the partner of the firm. However, maximum 20 partners are allowed in a firm (limited to 10 in case of banking business)
2. No minimum capital is prescribed, it must be based on the business requirements. The Stamp Duty on the deed is based on the amount of capital .
3. Foreign investment in a partnership business is not permitted. In the firm, only Indian citizen can become the partner and start the partnership business.
4. Unique name: Name of the firm should be unique, and it must not be same or similar to the name of any existing trademark which is registered or applied for.
I am a partner in a firm. What are my rights?
1. To take part in the business.
2. To share the profit or loss of the business.
3. To inspect and make copies of the books of the firm.
4. To receive remuneration for taking part in the business if specified in the partnership deed.
5. To receive interest on capital if specified in the partnership deed.
Why opt for registration of Partnership Firm?
Unregistered firm shall not be able to sue anyone and recover any money in excess of INR 100/-.
The firm should get registered in order to bring certainty in the relationship of partners and the firm per se.
I have a minor son. Can he be a partner in my partnership firm?
No, a minor cannot become a partner. However, your minor son can be admitted to the benefits of the partnership firm. He can share the profits of the partnership business with the consent of the other partners. He can also access, inspect and copy the accounts of the firm. Though the minor is not personally liable for the losses of the firm, his share in the partnership business is liable for the losses incurred.
Start Your Business as a Partnership Firm
Opt for this plan to start your startup as a Partnership Firm including other benefits such as GST registration, Return filings such as Income Tax, TDS, GST etc and much more.
- Business Incorporation as a Partnership Firm
- 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 any
- Advisory on whether eligible for Startup India Initiative
- 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.
- Partnership deed underlying terms of partnership
- Identity proof such as PAN card of partners
- Address proof of partners like Voter ID, Driving license, Passport
- PAN card of Firm
- Address proof of firm such as rent agreement, ownership proof, electricity bill etc
- Bank account details of firm
- GST registration if any
- Any other document as required
| Plan Charges | 12999 |
| Goods & Services Tax (GST) | 2340 |
| Total Cost | 15339 |
* 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.
What is required to start a Partnership Firm?
1. Minimum Two Person : Two person is needed to become the partner of the firm. However, maximum 20 partners are allowed in a firm (limited to 10 in case of banking business)
2. No minimum capital is prescribed, it must be based on the business requirements. The Stamp Duty on the deed is based on the amount of capital .
3. Foreign investment in a partnership business is not permitted. In the firm, only Indian citizen can become the partner and start the partnership business.
4. Unique name: Name of the firm should be unique, and it must not be same or similar to the name of any existing trademark which is registered or applied for.
I am a partner in a firm. What are my rights?
1. To take part in the business.
2. To share the profit or loss of the business.
3. To inspect and make copies of the books of the firm.
4. To receive remuneration for taking part in the business if specified in the partnership deed.
5. To receive interest on capital if specified in the partnership deed.
Why opt for registration of Partnership Firm?
Unregistered firm shall not be able to sue anyone and recover any money in excess of INR 100/-.
The firm should get registered in order to bring certainty in the relationship of partners and the firm per se.
I have a minor son. Can he be a partner in my partnership firm?
No, a minor cannot become a partner. However, your minor son can be admitted to the benefits of the partnership firm. He can share the profits of the partnership business with the consent of the other partners. He can also access, inspect and copy the accounts of the firm. Though the minor is not personally liable for the losses of the firm, his share in the partnership business is liable for the losses incurred.