STPI Registration
Understanding STPI Registration
STPI registration is a crucial step for companies that are involved in providing software and electronic services in India. STPI stands for Software Technology Parks of India, which is an autonomous society under the Ministry of Electronics and Information Technology. It was established in 1991 with the objective of encouraging, promoting, and boosting the software exports from India.
The STPI scheme provides various incentives and benefits to companies that are involved in software and electronic services. The scheme is designed to provide a conducive environment for the growth of software exports from India. The registration process is simple and can be done online. Once the company is registered with STPI, it becomes eligible for various benefits and incentives provided under the scheme.
Eligibility Criteria
To become an STP unit, an Indian company, a subsidiary of a foreign company, or a branch office of a foreign company is eligible. On the other hand, any form of entity can obtain Non-STPI registration, provided it has some form of software that can be exported outside India.
The STPI registration process is quite elaborate and requires multiple compliances. The application for STPI registration has to be made in the prescribed form to the Software Technology Park of India. Legal documents, including the Memorandum of Association, have to be submitted along with the application.
Benefits of STPI Registration
STPI registration offers several benefits to software exporters. Some of the major benefits are:
- Exemption from payment of import duty on goods required for software development and export
- Exemption from payment of service tax for services provided to overseas clients
- 100% foreign equity participation allowed
- No requirement of a minimum investment
- Single window clearance for all statutory requirements
In addition to these benefits, STPI registration also provides access to state-of-the-art infrastructure and facilities, including high-speed data communication links, uninterrupted power supply, and other IT-related services.
Overall, STPI registration is an excellent option for companies looking to export software from India.
STPI Registration Process
To set up a Software Technology Park of India (STPI), the applicant must follow a specific registration process. The process involves submitting the necessary documents, filing the application, and waiting for verification and approval.
1. Documentation Required
To start the STPI registration process, the applicant must submit the following documents:
- Memorandum of Association (MOA) and Articles of Association (AOA) of the company
- Board Resolution for setting up the STPI unit
- Copy of the PAN card of the company
- Copy of the Certificate of Incorporation of the company
- Copy of the lease agreement or ownership documents of the premises where the STPI unit is to be set up
- Details of the directors and shareholders of the company
2. Filing the Application
After gathering the required documents, the applicant must fill out the STPI registration application form. The form must be submitted to the Software Technology Park of India along with the necessary documents and the processing fee. The processing fee for STPI registration is Rs. 2,950.00/- (Rs. 2500.00 + Taxes), which must be paid by mode of NEFT/ RTGS.
3. Verification and Approval
Once the application is submitted, the Software Technology Park of India will verify the documents and conduct a site inspection of the premises where the STPI unit is to be set up. If everything is in order, the STPI registration certificate will be issued to the applicant. The certificate is valid for a period of 3 years from the date of issuance and can be renewed upon expiration.
In conclusion, the STPI registration process involves submitting the necessary documents, filing the application, and waiting for verification and approval. By following this process, the applicant can set up a Software Technology Park of India and enjoy the benefits that come with it.
