All you need to know about Startup Registration in Udaipur

Udaipur is rich in its culture, historical and scenic areas, and Rajput-era palaces. It is also known as the “City of Lakes” and attracts several tourists from other places of the world that’s why it is called a tourist destination and the tourist destination is always the best place to kick start businesses. However, before you can begin operating, it is important to complete the proper registration procedures. This can seem like a difficult task, but with the right guidance and preparation, the process can be completed efficiently. In this article, we’ll discuss Startup Registration in Udaipur. 

Before, we precede further first we have to understand what is a start-up; then we’ll further move on to discuss the registration process of a start-up.

Meaning of Start-Up

 Start-up is a business that can be registered or incorporated in India, but not exceeding 10 years along with an annual turnover of not more than Rs. 100 crores in any previous financial year. The start-up must involve intellectual property or technology, which leads toward the development, innovation, and commercialization of new goods, services, or processes.  

Eligibility Criteria for Setting up a Start-Up 

There are certain eligibility criteria for the Registration of a Start-up and these are as-

• The start-up must be a business venture that is incorporated or registered as a Private Limited Company under the Companies Act, 2013; Registered Partnership Firm as per Partnership Act, 1932; Limited Liability Partnership (LLP) incorporated in accordance with the Partnership Act, 2008; and One Person Company (OPC) registered under the Companies Act, 2013. 
• It must not be more than 10 years from the date of registration or incorporation. 
• Its annual turnover must not be exceeding 100 crores in any previous financial year.
• It must be functioning for the development, innovation, and commercialization of new processes, goods, or services, which originated from intellectual property and technology. 
• It has to attain certification from the Inter-ministerial Board i.e., established by the Department of Industrial Policy and Promotion (DIPP) to approve the innovation of the business, whereas before approval the business needs to have an Angel Fund, Private Equity Fund, Incubation Fund,  Angel Network, Accelerator, these are duly registered with SEBI, or funded by the government of India as a part of any scheme to promote innovation; or to have intellectual property rights such as trademark, copyright, and patent granted by the Controller General of Patents, Designs, and Trademarks office.

Benefits of registering a Start-Up in Udaipur

Udaipur, also known as the “City of Lakes” or “Venice of the East”, is a city located in the state of Rajasthan, India. It is considered to be one of the most picturesque and romantic cities in India, attracting millions of tourists each year. Despite its small size, Udaipur has a rich history and a thriving cultural scene, making it a popular destination for both domestic and international visitors. In addition to its thriving tourism industry, Udaipur is also a commercial hub that plays an important role in the economy of the state of Rajasthan. 

An important commercial sector in Udaipur is the manufacturing sector, which includes industries such as textiles, chemicals, and pharmaceuticals. The city is home to a number of small and medium-sized industries, as well as larger multinational corporations. These industries provide employment opportunities and contribute significantly to the local economy.

Additional Benefits for registering of Start-UP

The following are the benefits of registering for a Start-Up:

• Simple Process: The Indian government has introduced a website and mobile app for quick company registration. Any company may launch a start-up by completing a brief online form and attaching the necessary paperwork. The registration process is carried out entirely online.

• Self-Certification: Start-ups participating in the program are permitted to certify themselves as compliant with three environmental regulations and six labor statutes. Such certification is permitted for a period of five years following the entity’s establishment.

• Simple access to Money: The government has established a fund of 10,000 crore rupees to serve as venture capital for start-ups. In order to incentivize banks and other financial institutions to provide venture capital, the government also provides a guarantee to the lenders.

• Cost Cutting: The government offers a list of trademark and patent facilitators. It offers low-cost, high-quality intellectual property rights services, such as quick patent inspection. The government will cover all facilitation expenses, and the start-up is responsible for paying any statutory fees. The company benefits from the 80% reduction in the cost of filing patents as a result and provides a 50% discount on the trademark application in comparison to other businesses.

• Simple rules for Public Procurement: Start-ups are eligible to apply for government contracts. They are excluded from the “previous experience/turnover” requirement that applies to other businesses responding to government bids.

• A waiver of Taxes: If the Inter-Ministerial Board certifies the start-ups, they are free from income tax for three years (IMB).

• No lengthy compliance Procedures: People who invest their capital gains in venture funds that the government has established are free from paying capital gains taxes. As a result, businesses are able to draw in more and more investors.

• Benefits of Research and Development: Start-up India conducts research and promotes innovation among individuals who see becoming entrepreneurs in the near future. For the purpose of conducting product research and development, the government is committed to creating seven new research parks.

• Simple closure of the Start-Up: Start-ups, commonly referred to as fast-track corporations, are able to be wound up in 90 days (3 months), as opposed to 180 days for regular companies. Additionally, a professional bankruptcy practitioner must be hired in order to liquidate the assets and pay the creditors. To be eligible for such a departure, this must be completed within six months of the application’s submission.

Document required for Registration of the Start-Up

The following are the document required for Registration of a Start-Up: 

• A Recommendation Letter: An official letter of recommendation must be included with the registration form.

• Certificate of Registration: It is imperative that you upload your company/certificate LLP’s of the establishment (Registration Certificate in case of a partnership)

• A Description of your Company: Give a brief explanation of your company’s inventive spirit.

• PAN Card: PAN card for your company

• Other Documents: A company’s MOA and AOA, and an LLP or partnership firm’s partnership deed

• DPs, Directors, and Members List: Listing of the Directors, Designated Partners, or Members, together with their Names, Addresses, and Phone Numbers

Registration Process for the Startup Registration in Udaipur

The following is the process for the Startup Registration in Udaipur:

• Step 1: Select the Appropriate Business Structure: The first step in registering your start-up in Udaipur is to choose the appropriate business structure. There are several options available, including Sole Proprietorship, Partnership, Limited Liability Partnership (LLP), Private Limited Company, and One Person Company (OPC). Each structure has its own advantages and disadvantages, so it’s important to carefully consider your business goals, the number of partners involved, and the level of liability you’re willing to assume before making a final decision.

• Step 2: Register Your Business Name: Once you have decided on a business structure, the next step is to register your business name. This requires conducting a search to make sure the name you have chosen is not already in use. The Registrar of Companies (ROC) in Udaipur is responsible for this process.

• Step 3: Acquire Necessary Licenses and Permits: The type of business you’re starting may require specific licenses and permits. For example, if you’re opening a restaurant, you’ll need a food license, while a retail business may require a trade license. The requirements and procedures for obtaining these licenses vary based on the type of business and the state it is located in, so it’s important to check with local authorities in Udaipur to determine what’s required for your business.

• Step 4: Register for Taxes: Once your business is registered and you’ve acquired all necessary licenses and permits, the next step is to register for taxes. This includes registering for Goods and Services Tax (GST), Value Added Tax (VAT), and professional tax, if applicable.

• Step 5: Obtain a Permanent Account Number (PAN): A Permanent Account Number (PAN) is a unique identification number assigned by the Income Tax Department and is used to track financial transactions. PAN is also necessary for businesses to File Tax Returns. You can apply for a PAN through the Income Tax Department or through authorized agents.

• Step 6: Open a Bank Account: After all the abovementioned steps have been completed, the next step is to open a bank account for your business, so this will make it simple to manage your finances, and also give a record of all transactions has been going on in the business.

• Step 7: Register for Employee State Insurance (ESI) and Employee Provident Fund (EPF): If you are planning to hire employees then you will require to register ESI and EPF. These are for health insurance for employees and the other one is for employees’ retirement savings schemes. These benefits can be registered online through their relevant government portals.

Takeaway

Startup Registration in Udaipur can be a complex process, but by following the steps above-mentioned in this article. You can ensure that your start-up is registered properly and efficiently. It is important to remember that the specific requirements and processes may vary depending on the type of business and the state in which it is located, so it is always a good idea to check with the local authorities to ensure that you have all the necessary information. With the right preparation and guidance, you can successfully Register your Start-Up and start operating your business in Udaipur.