The write-up below will focus on the information about DPIIT Registration Certificate for Recognition of Startups issue by DPIIT in Panaji, Goa (full form of DPIIT is Department for Promotion of Industry and Internal Trade). Previously, the Department of Industrial Policy and Promotion (DIPP) got renamed as the Department for Promotion of Industry and Internal Trade (DPIIT) with an aim to focus on issues related to developing start-ups and facilitating ease of doing business. The articles with cover the benefits of Registration with DPIIT in Panaji, Goa, income tax rules, time, criteria and documents required for DPIIT certificate in India.
Over the last decade, Startups have gained popularity in Panaji, Goa. From college students to employees quitting their jobs, a dynamic crowd of people have come forward to start their own startup. Startups have created ample employment opportunities in the last decade in Panaji, Goa.
What is a Startup? A startup is a small sized business started in Panaji, Goa with an objective to solve a problem with a particular service or goods. LLPs, small firms are also Startups as they are funded by an individual or promoters.
Startup India in Panaji, Goa- A Government Initiative to promote new businesses
Startup India Scheme, is an GoI initiative that was launched by Prime Minister Shri. Narendra Modi on 16th January 2016, to promote new business leading to employment generation and inclusive growth. The basic aim of this Scheme i.e. Startup India remains the development of business and promotion of innovative ideas in Panaji, Goa.
According to Startup India, a startup is defined as those businesses that have been newly formed or have been in existence for 10 years or less. The years of operation matter when it comes to getting registered and recognised as a startup. In the case of biotechnology firms, the limit is 10 years while for all other industries it is 7 years.
DPIIT registration certificate for recognition as Startup in Panaji, Goa India
The Department for Promotion of Industry and Internal Trade under the initiative of Startup India by the Government of India helps the Startups get benefits of self certification and compliance under the 9 environmental & labour laws. The Startups recognised by DIPP can also avail benefits related to the Intellectual Property Rights such as the IPR fast track, etc without obtaining any other license from the Inter Ministerial Board. Furthermore, the firm can also wind up the company if they wish to be under 90 days under the Insolvency & Bankruptcy Code 2016. However, there are many other benefits of getting recognised as a Startup under DPIIT which is discussed in this article, along with the procedure and eligibility criteria as well.
Goa is a coastal state of Western India. With a small coastline of only 160 Kms Goa has the presence of one of the 12 major ports in India at Mormugao and is accessible through major sea-route. Being a major tourist destination Goa is also well-connected through road and rail routes. Goa with Mumbai through NH-17 in Maharashtra and other major cities of Karnataka. Goa is richly endowed with various minerals such as manganese, iron-ore, bauxite, ferro-manganese and silica sand. Goa Industrial Development Corporation has established 23 industrial estates across the state.
Installed power capacity in the state of Goa is 581 MW.
A large number of tourists flock to Goa from across the world every year. Goa is accessible through its international airport. More than 500 flights are operated by International carriers between Goa and various countries such as US, Russia, Australia and various European countries such as UK, Switzerland, Sweden, Norway, Finland etc. Goa attracts more than 8 Mn tourists i.e. five times the its population. Urbanisation in the state of Goa is very high which has resulted in Goa achieving one of the highest per capita Net State Domestic Product in India.
Not only this, as per the latest report by World Bank, Goa ranked 24th out of 36 states in terms of ease of doing business.
Advantages for DPIIT registration certificate for recognition as Startup in Panaji, Goa India
Startups, in Panaji, Goa, can avail the following benefits once they have obtained the DPIIT Certificate of Recognition for Startups.
- Self Certification – Once you have obtained the DPIIT Certificate of Recognition for Startups, your firm can be allowed to self certify compliance under 6 Labour Laws and 3 Environmental Laws.
- Tax Exemption – Startups recognised under DPIIT are eligible for a bunch of tax exemptions. Upon receiving the Certificate of Recognition, any startup can apply for the Tax Exemption under Section 80 IAC of the Income Tax Act. Additionally, the recognised Startups can also apply for the Angel Tax Exemption. Once the clearance for Tax exemption is obtained, the DPIIT recognised Startups are exempted from Income Tax for 3 consecutive fiscal years anytime in its first ten years of operation since formation.
- Startup Patent Application – The Startups recognised under the DPIIT have to pay only 80% of the fees on Patents, copyrights, designs, trademark. Additionally fast tracking of patent applic is also available for DPIIT recognised Startups.
- Smooth Public Procurement Norms – The Startups recognised under the DPIIT will get the opportunity to list their products on the Government e marketplace. These Startups are also exempted from submitting Earnest Money Deposit. The DPIIT Startups also get exemptions from any prior experience or turnover in all Central Government Ministries and Departments.
- Credit Guarantee Fund – The Startups recognised under the DPIIT are eligible to avail Rs 2000 crore Credit Guarantee Fund through the National Credit Guarantee Trust Company or SIDBI over a span of 4 years.
- Funds of Funds – The Startups recognised under the DPIIT are eligible for getting ads 10000 crore funds of funds from the Alternative Investment Funds.
- Easy Winding Up – A startup that is recognised under the DPIIT can be wound up in less than 90 days of applying for insolvency, as per the Insolvency and Bankruptcy Code of 2016.
Eligibility Criteria for DPIIT registration certificate for recognition as Startup in Panaji, Goa, India
- Existence Period of the Entity – The firm or entity cannot be older than ten years counting from the date of incorporation.
- Type of the Entity – The DPIIT Certificate of Recognition is only provided you the company which is incorporated as a Private Limited Company, a Registered Partnership Firm or a Limited Liability Partnership.
- Original Entity – In order to avail the DPIIT Certificate of Recogn, the firm could not have been incorporated by splitting up or recreating an already existing firm or entity
- Annual Turnover Limit – In order to be eligible to get the DPIIT Certificate of Recognition, the firm has to have an annual turnover of Rs 100 crore for any of the fiscal years since its federation.
- Innovative Entity – In order to get recognised as a startup under the DPIIT, the firm or entity has to be working towards the improvement or development of a product or service or process.
- Scalable Entity – To get recognised as a startup under the DPIIT, the firm or entity’s has to have a scalable business model with a high potential for wealth creation and employment generation.
How to Apply for DPIIT registration Certificate for recognition of Startups Online in Panaji, Goa?
Any startup in Panaji, Goa can apply for DPIIT registration certificate online by visiting the link https://services.dipp.gov.in/lms/registration and follow the process given. The registration process on the website has 3 steps
- Submit Online Form
- Select Username
- Verify email ID and mobile no
Procedure for DPIIT registration certificate for recognition as Startup in Panaji, Goa, India
Business Incorporation – The very first step is to get the entity or firm registered in any form be it a Limited Liability Partnership or a Private Limited Company in Panaji, Goa.
Application Filing – The next step is to file the application with Startup India by filling out an online form with the required details and submit the required documents. You have to include the following the application:
Details of the entity such as nature of entity, industry, sector, categories, full address of the entity, registration date and incorporation number. Details of Authorised Representative, directors and partner, intellectual property rights and funding.
Upload Documents – The third step is to properly upload all the documents required for filing the application, any award received by the firm, a questionnaire, and the incorporation certificate of the firm.
Self Certify the Documents – The next step is to ensure that you certify all the related details as well as documents before you file for the recognition under DPIIT.
Obtaining Recognition Number – Once all the required documents are submitted and the application is examined, the DPIIT certificate of recognition for Startups. Once the entities are registered, they’re allowed to use the DPIIT G2B portal to file the online applications and anyone can also raise questions related to their business, or pitch something, file the application for their licences and keep a track on the filed applications history and licenses obtained previously.
List of Documents Required for DPIIT registration certificate for recognition as Startup in Panaji, Goa, India
The following documents are what you will need to get your startup recognised in Panaji, Goa with a DPIIT Certificate of Recognition:
- Certificate of Registration and Incorporation of the entity or firm.
- The Proof of Funding in case the startup received any funding in the past is needed to furnish for DPIIT Certificate of Recognition for Startups.
- Documents of the patent published by the entity. This means that the patent has to be published in the patent journals.
- Document of the awards as well as recognition received and won by the entity.
- A brief description of the nature of the business containing details of how the startup is working to bring innovation, the development of products and services and the scalability of the startup in terms of wealth and employment generation.
Proof Document for Funds
- A support letter from the authorities of either the Central government or state government in Panaji, Goa or any other incubator recognised by the Government of India has to be submitted.
- The document for finding cannot be less than 20% in equity by the angel funds or incubation funds.
Fees for the Application for DPIIT registration certificate for recognition as Startup in Panaji, Goa, India
The firms do not have to pay any kind of fee to the Ministry of Commerce and Industry for obtaining the DPIIT Certificate of Recognition for Startups. The whole procedure does not involve the payment of any fee to the Government authorities.
Penalty for Forged Documents
In case of forging of documents that are uploaded by the entity with the application, the applicant is liable to pay a penalty of 50% of the paid up capital of the startup with an amount of Rs 25,000.
Getting recognised under DPIIT is good for the reputation of the startup. But that’s not all. You have read in the article that a DPIIT Certificate gives you access to tax benefits and easier compliance and several other benefits and greater ease of doing business. The procedure is simple and we can assist you all throughout it and help you obtain a DPIIT Certificate of Recognition for Startups.
How a DPIIT registration certificate for recognition as Startup in Panaji, Goa, India
The certificate of recognition of Startup in India will looklike as below
How to download the DPIIT registration certificate for recognition as Startup in Panaji, Goa, India
The DPIIT registration certificate for recognition as Startup in India issued by DPIIT may be downloaded from the website www.startupindia.go.in
Contact Details of DPIIT
DEPARTMENT FOR PROMOTION OF INDUSTRY AND INTERNAL TRADE
Udyog Bhawan, New Delhi 110011
EPABX : 011-23061222,
Fax : 011-23062626
Website : https://dipp.gov.in/