India's four-way payment platform conviction: at the turn of the millennium, there was a shift in the mindset of the Indian people. Previous generations tended to save money and stick to the same job for years. Today's generation, on the other hand, is more willing to take risks and invest in money and career advancement.

Millennials are more likely to go into areas that interest them and are challenging and fulfilling. They are more inclined to join startups and unicorns in hopes of changing the world for the better.

The startup culture has helped many young entrepreneurs launch their businesses with small and unique ideas. This cultural shift has accelerated the technological revolution and has had a significant impact on the socio-economic scenario of the country. Recognising the potential of startups, the Government of India has launched the 'Startup India' programme.

So what exactly is a startup?

A startup is a new business created by one or more individuals. There may be two reasons for creating a startup:

1. Offer a completely new idea or product for which no one has previously owned the copyright/patent.

2. Innovative redevelopment of existing products or facilities.

If you are planning to start a business, the following questions may bother you:

1. If the start-up is still in its infancy, does it need to be registered?

2. Do businesses providing legal, agricultural or technical services need to be registered?

The answer to all these questions is yes. According to the Essential Guide for Startups in India, you should register your business under the 'Startup India' programme to avail various government benefits. These include tax breaks, simpler compliance procedures, and other types of assistance.

Who can register for Startup India?

Under the Startup India programme, there are certain prerequisites that an organisation needs to fulfil in order to be called a startup. In order for your organisation to be considered as a startup by the Department of Promotion of Industry and Internal Trade (DPIIT), your organisation needs to:

1. Be registered as a private limited company or partnership.

2. Its annual turnover does not exceed one crore rupees in any financial year.

3. The entity is moving towards innovation in products/services and has the potential to create employment.

4. It will be considered a start-up company for a period not exceeding 10 years from the date of registration.

If your business meets the above criteria, please register with DPIIT.

How to register your startup?

The Government of India has simplified the process of registration of startups. Here are the steps to register a startup and partner with DPIIT:

The six steps needed to successfully register your startup:

1. Integration operations:

Determine whether the business is to be consolidated in the form of a private limited company or a partnership. Once confirmed, collect relevant documents such as certificates/proof of partnership registration, PAN, etc.

2. Register with Startup India:

The registration process is completely online with relevant business details such as operator, title, startup stage, etc. on the Startup India website and start applying for the incubator and mentoring programme. After approval, the startup will be entitled to various central government schemes, favourable state policies and free services.

3. Accreditation from the Department for the Promotion of Industry and Internal Trade (DPIIT):

Upon successful creation of a profile, the startup will be recognised by DPIIT. This recognition is important as it enables the startup to enjoy the following benefits:

- Access to quality intellectual property services and resources

- Impact on procurement rules

- Self-certification under labour and environmental legislation

- Streamlining of the business closure process

- Tax relief for three consecutive years

- Tax exemption for investments in excess of market value

- Access to the fund pool

These benefits help startups on their path to success and value creation.

4. Application for accreditation:

For this, business owners can visit the Startup India website and switch to the 'Recognition Application Details' page. Here, they can fill in the necessary information in the Startup Recognition Form and submit it.

5. Documentation requirements:

If you want an organisation to be recognised as a start-up, the following documents are required:

- Certificate of Incorporation for Start-up Companies

- Implementation details

- Proof of concept, may include website links/videos

- Patent and trade mark details, if any

- PAN number of the registered organisation

6. Authentication number:

Organisations are given an accreditation number immediately after successful online registration. Validation of all official documents is completed within two days and if all is in order, the organisation is issued with a certificate of accreditation.

Note: It is vital to upload all files correctly and carefully. Uploading false files or forgetting to add files can result in a fine of up to Rs 25,000.

Self-certification:

For organisations wishing to self-certify, the conditions are as follows:

1. The organisation holds the title of a private limited company, LLP or partnership.

2. The business has been registered and operating in India for at least five years.

3. Operations are innovative and existing systems are being improved.

4. Finally, the annual turnover of the enterprise does not exceed one billion rupees.

reach a verdict

Over the last decade, the Government of India has been fuelling the growth of startups. Various pro-business policies formulated by the government have led to the rise of startups in various fields.

These startups have helped bridge the gap between people from different economic backgrounds through their innovative ideas. They have provided employment opportunities to thousands of people, making a huge impact on society in the process.

Registered startups can grow their business by partnering with PayU India. We are a one-stop shop for your website and app payment gateway solutions, offering the best success rates for all payment options with 24*7 support and a customised checkout experience. Contact us today to write the next chapter of your business growth.