BIHAR STARTUP REGISTRATION

Bihar, which is among the biggest states in India, is quickly becoming a center for new businesses. To align with the central government’s Startup India plan, the Bihar government has introduced its own registration process for startups to promote entrepreneurship and drive creativity in the state.

The Indian government introduced Startup India in January 2016 to encourage the growth of startups and the entrepreneurial spirit throughout the country. The chief aim of the program is to foster an atmosphere in which startups can thrive and prosper. Its objective is to offer a range of benefits to startups such as tax breaks, easier access to financing, and mentoring aid. In order to benefit from these advantages, startups must register with the Startup India scheme.

Bihar is a heavily populated Indian state with an extensive collection of skilled individuals who possess the capability of devising creative solutions and products. Accordingly, the state administration has identified this potential and is instigating various initiatives to foster entrepreneurship and beginning ventures within the area. Among the crucial measures established by the government is the introduction of the Bihar Startup Registration procedure.

The process of registering a startup with the Bihar Startup program is easy and can be done on the internet. If a startup meets the requirements, they can enroll in the program and take advantage of government-provided advantages.

In order to encourage startups in Bihar, the government has introduced various measures. One of which is the Bihar StartUp Fund worth INR 500 crore. The objective of the fund is to support startups financially at various stages of their development, right from the idea stage to commercialization.

The Bihar government has introduced the Bihar Innovation Hub, which serves as a space for innovators, startup companies, and entrepreneurs to work together and cooperate. Through the Bihar Innovation Hub, startup companies can acquire assistance from mentors, investors, and industry professionals who can help them with different aspects of their business.

ELIGIBILITY CRITERIA:

The conditions that must be met to qualify for Bihar Startup Registration are outlined as follows:

1. The startup is required to be either a private limited company, a limited liability partnership, or a partnership firm.
2. The turnover of the startup should not exceed INR 25 crores annually.
3. The company cannot have been incorporated for more than seven years if it is considered a startup.
4. The startup needs to focus on creating new products, processes, or services using technology or intellectual property. This can involve innovating, developing, deploying, or commercially bringing these ideas to market.

Different categories of Bihar Startup India registration can be identified.

In Bihar, there exist two categories for the registration of startups.

1. When a startup is acknowledged under the Bihar Startup Policy, they can take advantage of several perks and rewards given by the government of Bihar.
2. By enrolling in the Startup India program, entrepreneurs can take advantage of a range of perks and rewards offered by the national government.

The registration procedure for Bihar Startup India.

After meeting the aforementioned qualifications, a startup has the ability to enlist in the Bihar Startup program. The enrollment procedure is fully digital and can be finalized with ease in several uncomplicated stages. The necessary actions to enroll a startup with Bihar Startup incorporate:

The first step is to access the website of Bihar Startup and set up a personal account.

The second step involves completing the application form by providing essential information about the startup such as its name, physical location, and contact details.

Step three entails submitting required documents such as the company’s registration certificate, PAN card, and GST registration.

The fourth step is to furnish information about the crew and their credentials.

Step five: 

It involves giving specific information regarding the product or service that the startup company is currently developing or offering.

Step 6: Submit the application.

After submitting the application, the Bihar Startup team will assess it. If the startup satisfies the necessary qualifications, it will receive approval and be awarded a Bihar Startup Certificate.

The issuance of this certificate will grant the startup access to numerous advantages given by the Bihar government, such as monetary aid, guidance, and exemption from taxes.

The documents that are necessary for registering for Bihar Startup India are needed.

• Registration certificate of the company.
• PAN card.
• GST registration certificate.
• The Memorandum of Association (MOA) and Articles of Association (AOA) are documents that are important.
• Bank account details.
• Proof of address of the company.

The expenses and duration necessary for Bihar Startup India registration.

Bihar Startup India registration takes relatively little time and money. The process is completely online and straightforward, allowing for easy completion. It costs INR 5000 to obtain recognition as a startup under Bihar Startup Policy, while registration through the Startup India initiative is free.

Benefits of registering with Bihar Startup India:

• Entrepreneurial ventures registered with the Bihar Startup initiative can benefit from numerous financial assistance programs offered by the state government of Bihar.
• New companies that are enrolled in the Bihar Startup initiative can take advantage of different tax benefits offered by the government of Bihar.
• Startups that are part of the Bihar Startup program have the option to receive mentorship assistance from professionals within the industry.
• The Bihar Startup program offers chances for networking where startups can join networking gatherings and link up with other startups, investors, and industry specialists.

Drawbacks of applying for the Bihar startup India registration.

• Any startup that does not meet the specified eligibility criteria will not be able to enroll in the Bihar Startup program.
• The process of registering can take up a lot of time as startups have to present multiple documents and provide intricate information.

The legal prerequisites to register a startup in Bihar under the Startup India campaign.

1. The new enterprise must undergo the process of registration to become recognized as either a Private Limited Company, Limited Liability Partnership, or a Partnership Firm.
2. The beginning phase of the business should be established and documented in Bihar.
3. The company that is just beginning must earn a sum of money that is less than INR 25 crores during any given fiscal year.
4. The company’s establishment date must not exceed seven years.
5. The new business must focus on creating and implementing new technology-based or intellectual property-based products, services, or processes that utilize innovation and development in order to succeed.
6. A business that has already been established cannot be divided or restructured in order to create a new startup.
7. The new business should not participate in any actions that are not allowed or forbidden by the laws of India.

Guidelines for registering under the Bihar Startup India initiative.

1. The startup is required to furnish essential documents, which include Registration Certificate, PAN card, and GST registration certificate.
2. To apply, the startup must complete the application form and provide the necessary information, including the name of the startup, address, and contact details.
3. Details regarding the qualifications of the startup team must be disclosed.
4. The startup is required to furnish information regarding the product or service they are developing.
5. The startup has to present their application and then await authorization.
6. After the approval of the startup, it will receive a certificate known as Bihar Startup Certificate.
7. In order to receive the advantages and rewards offered by the program, the startup is required to adhere to the rules and regulations outlined by the Bihar government.

CONCLUSION:

To sum up, the Bihar government has made efforts to boost entrepreneurship and innovation in the state by introducing the Bihar Startup India registration. The registration process includes legal obligations that ensure that only qualified startups can benefit from the incentives provided by the program. Adherence to all the guidelines by the Bihar government is necessary for startups to enjoy the varied benefits and incentives of the program. The promotion of startups serves as a means for the Bihar government to foster a friendly business atmosphere in the state which will ultimately lead to economic prosperity and progress.