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Start-up Registration In Mumbai

A start-up is a young company founded by one or more entrepreneurs for the purpose to develop a product or service and bring that in to the market.

As per the income tax rules, a start-up can be a company or a limited liability partnership(LLP) engaged in such kind of business which involves innovation, development, deployment or commercialisation of new products and services.

If you come up with an idea of the business and decided to start a business you need to follow a procedures to register a company in Mumbai.

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Why would we Registered Startup in Mumbai ?

Mumbai which is also called as the Pink City is the largest city of state Maharashtra. Mumbai is the tenth most populous cities in India. So, the scope of setting up business in mumbai can be beneficial as well as profitable for start-ups. As Mumbai is better place to do business in Maharashtra.

What are the Eligibility Criteria for Start-up Registration?

  • The firm must be a private limited company or a limited liability partnership (LLP)
  • The company remains a start-up for the first 10 years from the post the date of registration. Recently, the Indian government changed that to 10 years from 7 years to give opportunities for the companies.
  • The company remains a start-up when the turnover per year does not exceed Rs 100 crore limit in any of the 10 years. Once the company exceed the limit, then not eligible to be known as a startup.
  • The firm should have an approval from the Department of Industrial Policy and Promotion
  • A patron guarantee from the Indian Patent and Trademark office is mandatory as a necessity
  • All the details regarding the funding must be registered with Securities and Exchange Board of India(SEBI)

What are the Documents Required for Startup Registration in Mumbai?

  • Registration Certificate of your start-up
  • Details of all the Directors
  • Proof of concept like pitch deck/website link/video
  • Patent and trademark details (not compulsory)
  • PAN Number

What are the Steps for Startup Company Registration in Mumbai ?

  • 1
    Firstly, you have to incorporate your business as a Private Limited Company or a Limited Liability Partnership(LLP) or a Partnership firm.

  • 2
    Then, Register under Start-up India scheme of Government

  • 3
    Then, you have to filled some details and upload documents ( documents you need to upload in only a PDF format).

  • 4
    In our country India (mumbai) start-ups do not have to pay income tax for the first 3 years but to avail such kind of benefits, the company must be certified by the Inter-Ministerial Board. So in order to avail tax exemption you need to mention about it.

  • 5
    Next step is to Self-certifiy the following mention conditions that:

    • You are a Private limited company, an LLP or a partnership firm.
    • Your business must be incorporated or registered in India time period must be not before five years atleast.
    • Your company’s turnover did not exceed Rs 100 crore.
    • The company has to innovate something different and unique or making the existing system more better then at present.
    • Your business is not a splitting up business or any kind of reconstruction of an existing business.
  • 6
    At last you will get your recognition number on application of the registration. You get the certificate of registration or incorporation only after the assign authority go through of yours uploaded documents.

What are the Benefits of Start-up Registration in Mumbai?

  • 1
    By registering a company you can limit your personal liability. Companies are also entitled to a large number of tax deductions.
  • 2
    By registering the company your company’s brand image , reputation and perception of your business is enhanced drastically.
  • 3
    You can raise significant capital for your start-up business. Registering a start-up company gives you the ability to borrow and incurred debt on your name.
  • 4
    The biggest advantage of a start-up that is, it improves employment of the country as it is result of more and more companies coming up together

So ,it is advisable to registered the start-up company to avail the variety of benefits .

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