Launch Your Business with BIZDOOR!
BIZDOOR is a premier provider of online legal services. With over 50,000 satisfied clients, we have established ourselves as industry leaders. At BIZDOOR, each client is supported by a dedicated team of professionals committed to delivering timely and efficient services.
Key Government Schemes for Start-Ups in India
BIZDOOR offers expert services to help boost your business.
Important Government Schemes for Start-Ups in India
BIZDOOR offers expert services to help you take advantage of the following government schemes designed to boost your business:
Venture Capital Scheme
This scheme provides financial support in the form of an interest-free (0%) loan from the Small Farmer’s Agri-Business Consortium (SAFC) to eligible projects. It aims to cover the shortfall in capital requirements for project implementation.
100% Tax Exemption u/s 80-IC of the Income Tax Act
Start-ups with strong execution plans and innovative projects that benefit the public can apply for a 100% tax subsidy for 10 years under this provision.
EPCG Scheme
The Zero Duty Export Promotion Capital Goods (EPCG) Scheme is designed for exporters of electronic products. It allows the import of capital goods or products necessary for pre-production, production, and post-production stages without incurring customs duty.
Small Business Innovation Research Initiative (SBIRI)
Launched in 2005 by the Department of Biotechnology (DoB), Ministry of Science & Technology, this scheme encourages Public-Private-Partnership (PPP) efforts to foster innovation in the biotechnology sector.
STP Scheme (Software Technology Park Scheme)
This is a 100% export-oriented scheme aimed at the development and export of computer software. It also includes the export of professional services through communication links or physical media.
PRISM Scheme
The Promoting Innovations in Individuals, Start-ups & MSMEs (PRISM) Scheme supports individual innovators and start-ups. It aims to foster comprehensive development through innovation and entrepreneurship.
Different Types of Companies in India
Private Limited Company Registration
Private Limited Companies are ideal for businesses needing private entity registration. In this structure, shareholders distribute liability among themselves to protect personal assets. The company’s total capital is the sum of shares held by each member. Business and personal assets are kept separate, enhancing security and protection. Shares cannot be publicly transferred or traded.
LLP (Limited Liability Partnership)
A Limited Liability Partnership is a flexible legal and tax entity that combines the benefits of a partnership and a company. LLPs allow partners to collaborate and benefit from economies of scale while limiting their liability for each other’s actions.
OPC (One Person Company)
A One Person Company is registered by a single individual. Before the Companies Act, 2013, a company could not be formed by one person. Now, under Section 2(62) of the Companies Act, 2013, a company can be established with just one director and one member. OPCs have fewer compliance requirements compared to Private Limited Companies.
Public Limited Company
A Public Limited Company is suited for entrepreneurs planning large-scale business operations. To register, a minimum of 7 members is required, with no limit on the maximum number of shareholders. This structure is ideal for businesses looking to raise capital from the public through the sale of shares.
Benefits of Startup Company Registration
Limited Liability Protection for Directors' Personal Assets
Startups often need to borrow money and make purchases on credit. In a normal partnership, partners’ personal savings and property are at risk if the business cannot repay its loans. However, in a Private Limited Company, only the investment in the business is at risk, keeping directors’ personal assets safe.
Easy to Sell
A Private Limited Company is relatively easy to sell, requiring minimal cost and paperwork compared to other business structures.
Attracting Employees
Building and retaining a strong team is a challenge for startups. The confidence associated with the Private Limited Company structure makes it easier to hire and retain employees by offering them corporate designations and stock options.
Access to Loans and Fundraising
Private Limited Companies have more options for raising funds through bank loans, venture capitalists, and angel investors compared to One Person Companies and Limited Liability Partnerships.
Enhanced Image and Credibility
The Private Limited Company structure is widely recognized and respected. Corporate customers, government agencies, and vendors prefer dealing with Private Limited Companies over sole proprietorships or partnerships, enhancing the company’s image and credibility in the market.
Comparison Between Pvt Ltd, OPC, And LLP
Particulars
Minimum No of Directors / Partners
Minimum Share Capital
Credibility
Investor Preference
Conversion
Maintenance of Books of Accounts
Annual General Meeting
Statutory Audit
Private Limited Company
Directors - 2
No Minimum Capital Requirement
High
High
Can be converted into LLP, Public Company
Mandatory
Mandatory
Compulsory
One Person Company
Director – 1
No Minimum Capital Requirement
Medium
Low
Cannot be converted into Private or Public Company before 2 years,
Mandatory
No Annual General Meeting Required
Compulsory
LLP
Designated Partners - 2
No Minimum Capital Requirement
Moderate
Medium
Cannot be converted into a Company
Mandatory
No Annual General Meeting Required
If Contribution is more than Rs. 25 Lakhs or if Turnover is more than Rs. 40 Lakhs
Company Registration Workflow at BIZDOOR
Name Approval
Based on a thorough name and trademark search, we will apply for name approval from the Ministry of Corporate Affairs (MCA).
Director Identification Number (DIN)
According to the Companies Act, a minimum of two co-founders is required to register a company, with at least one being a resident of India.
Registered Office Selection
As an entrepreneur, you can use your current residence as the registered office for your proposed company, regardless of whether it is rented or owned.
Incorporation Form Submission to MCA
After uploading all necessary documents on our website or via the BIZDOOR mobile app, we will file the incorporation form with the MCA. Within 3-4 days, you will receive the incorporation certificate, PAN, and TAN.
Bank Account Opening
We have partnerships with leading scheduled banks in India. Our network partners in your city will assist you in opening a bank account.
Annual Compliance Package Purchase
You can purchase an annual compliance package to meet regulatory requirements in India. Our team of Chartered Accountants (CA) and Company Secretaries (CS) will be in continuous contact with you. You can track company compliance, tax filing status, and more using the BIZDOOR mobile app.
OUR EXPERTS
Our Expert Professionals
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Connect with our community of 500+ startup consultants for hassle-free business solutions. Get in touch today for expert advice and support tailored to your business needs.
Why Choose BIZDOOR
BIZDOOR is a dynamic platform dedicated to offering professional services across India. Our commitment to excellence is evident in the exceptional services we deliver to our clients. Here's how our dedication and commitment shine through:
Why BIZDOOR?
BIZDOOR is a tech-enabled, AI-driven platform where our dedicated professionals offer top-tier legal and financial services to clients.
India's Largest Legal Tech Company
BIZDOOR is a professional service provider specializing in business registration, taxation, and licensing services. We boast a vast network of experienced professionals dedicated to serving our clients.
99.9% Client Satisfaction
To ensure client satisfaction, we continuously strive to enhance the quality of services provided by our industry experts, tailored to meet your specific requirements.
Excellent Advisory Services
With the largest professional network, we are dedicated to offering top-notch advisory services, ensuring you encounter no complications in your entrepreneurial journey.