What is DPIIT registration?
The DPIIT registration is a process through which startups can get themselves registered with the Department for Promotion of Industry and Internal Trade (DPIIT), Government of India.
What are the benefits of Dpiit registration?
Some of the benefits of registering with DPIIT are:
– Availing tax exemptions under section 80-IAC of the Income Tax Act, 1961
– Access to government tenders
– easier access to funds
– Preferential treatment in government procurements
– Eligibility for other government schemes for startups
What is the process of Dpiit registration?
The process of registering with DPIIT involves filling up an online application form and submitting it along with the required documents. The application will be reviewed by a committee and if found eligible, the startup will be registered with DPIIT.
What are the documents required for Dpiit registration?
Some of the documents required for registering with DPIIT are:
– Certificate of incorporation/registration
– Memorandum of Association/Articles of Association
– Pitch deck or business plan
– Income tax returns
– Audited financial statements
How long does it take to get registered with DPIIT?
The registration process is entirely online and takes only a few minutes to complete. However, the final decision on whether to register a startup or not rests with the committee and can take up to 21 days.
What is the validity of Dpiit registration?
The registration is valid for a period of 5 years from the date of registration.
Is there any fee involved in getting registered with DPIIT?
No, there is no fee involved in getting registered with DPIIT.
What are the eligibility criteria for Dpiit registration?
To be eligible for DPIIT registration, a startup must:
– Be less than 5 years old from the date of incorporation/registration
– Have an annual turnover of less than INR 25 Crores in the preceding financial year
– Be working towards innovation, development, deployment or commercialization of new products, processes or services driven by technology or intellectual property
– Be registered as a private limited company, a limited liability partnership or a partnership firm in India
– Have its principal place of business in India
What are the consequences of not getting registered with DPIIT?
Not getting registered with DPIIT does not have any legal implications. However, startups will not be able to avail the benefits offered by the government to startups registered with DPIIT. Additionally, it may also become difficult to raise funds from investors if a startup is not registered with DPIIT.
How can a startup get itself registered with DPIIT?
A startup can get itself registered with DPIIT by filling up an online application form and submitting it along with the required documents. The application will be reviewed by a committee and if found eligible, the startup will be registered with DPIIT.
Is DPIIT registration mandatory?
No, DPIIT registration is not mandatory. However, it is advisable for startups to get themselves registered with DPIIT in order to avail the benefits offered by the government to startups. Additionally, it may also become difficult to raise funds from investors if a startup is not registered with DPIIT.