India has become a global hub for startups with over 1 lakh recognized under Startup India, necessitating formal registration for benefits like tax exemptions, funding, and legal compliance support.
A startup in India is defined by DPIIT as a new and innovative entity registered as a Private Limited Company, LLP, or Partnership, not older than 10 years, with turnover below ₹100 crore, focusing on technological solutions and scalability.
Startup registration offers benefits such as tax exemptions, IP assistance, funding access, compliance simplification, and networking opportunities through the Startup India hub, with specific eligibility criteria and documentation requirements.
The registration process involves incorporating the entity as a Private Limited Company, LLP, or Partnership, submitting necessary documents for Startup India recognition, receiving a Certificate of Recognition from DPIIT, and being aware of associated costs and timelines.