Problem Statement:
A Bangalore-based IT and digital health company exporting software services through cloud platforms like AWS and Microsoft Azure needed to obtain STPI (Software Technology Parks of India) registration. The registration was mandatory as per RBI guidelines for tracing software export revenues and ensuring compliance with Indian financial regulations. Failing to register would have attracted penalties from the Enforcement Directorate (ED) under RBI directives.
Our Solution:
- Eligibility Assessment:
D2R evaluated the company’s operations and confirmed their requirement for STPI registration, ensuring compliance with regulations for exporting software services via cloud platforms. - Documentation Preparation:
Prepared and submitted necessary documents for STPI registration, including:- Incorporation certificate and company PAN.
- Importer-Exporter Code (IEC).
- Software export business plan and operational details.
- Online Registration Process:
D2R guided the client through the online STPI registration process, ensuring accurate submission of all required details and timely follow-up with authorities. - Compliance Advisory:
Advised the company on long-term compliance, including filing Softex Forms for each software export transaction and maintaining detailed records to avoid regulatory penalties.
Outcome:
The client successfully obtained their STPI registration within 30 days, enabling them to export software services legally and confidently. This certification ensured adherence to RBI guidelines, avoided potential penalties, and facilitated smooth revenue transactions with overseas clients.
