Startups: CA certificates
Share valuation for allotment and FEMA reporting, grant utilisation and funds-received certificates.
Certificates in this group
- Fair value of shares for a further allotment
- Fair value of shares for a transfer to a non-resident
- Seed fund or grant utilisation certificate
- State startup policy eligibility certificate
- Funds received and investor KYC certificate
Fair value of shares for a further allotment
Certifies the fair value per share for a fresh allotment of shares.
- Who asks
- Investors, the company's board and, for foreign investment, the AD bank
- Typical turnaround
- 3–10 working days after complete documents
- UDIN category
- Certificates: Certification of Fair Values of Shares of Company for Allotment of further shares
Documents to keep ready (4)
- PAN and registration or incorporation documents of the entity
- Audited financial statements for the years covered
- Business plan and projections, where a DCF method is used
- Register of members and share allotment records
The CA confirms the final list when you start. No certificate is issued on provisional figures.
Fair value of shares for a transfer to a non-resident
Certifies the fair value per share for a transfer between a resident and a non-resident (FEMA pricing for FC-TRS).
- Who asks
- The AD bank and the RBI
- Typical turnaround
- 3–10 working days after complete documents
- Basis
- FEMA (FC-GPR and FC-TRS reporting)
- UDIN category
- Certificates: Certification of Fair Values of Shares of Company for transfer of shares from resident to non-resident
Documents to keep ready (4)
- PAN and registration or incorporation documents of the entity
- Audited financial statements for the years covered
- Share purchase agreement or term sheet
- Register of members and share allotment records
The CA confirms the final list when you start. No certificate is issued on provisional figures.
Seed fund or grant utilisation certificate
Certifies how a startup grant or seed fund was spent, for schemes such as SISFS, BIRAC and DST.
- Who asks
- Incubators, ministries and grant bodies
- Typical turnaround
- 3–10 working days after complete documents
- Basis
- GFR 12-A (utilisation certificate format)
- UDIN category
- Certificates: Certificates for Funds/ Grants utilisation for Statutory Authority
Documents to keep ready (5)
- PAN and registration or incorporation documents of the entity
- Grant or project sanction letter with its utilisation conditions
- Ledger of the grant or project fund with supporting vouchers
- Bank statements for the period asked for
- DPIIT recognition certificate and incubator agreement, where there is one
The CA confirms the final list when you start. No certificate is issued on provisional figures.
State startup policy eligibility certificate
Certifies turnover, age and other eligibility figures for a state startup policy (Telangana, Karnataka, Andhra Pradesh).
- Who asks
- State startup missions
- Typical turnaround
- 1–2 working days after complete documents
- UDIN category
- Certificates: Others
Documents to keep ready (3)
- PAN and registration or incorporation documents of the entity
- Audited financial statements for the years covered
- The policy's application format
The CA confirms the final list when you start. No certificate is issued on provisional figures.
Funds received and investor KYC certificate
Certifies the funds received from each investor in a round and the investor details on record.
- Who asks
- Investors, incubators and the AD bank
- Typical turnaround
- 1–2 working days after complete documents
- UDIN category
- Certificates: Others
Documents to keep ready (4)
- PAN and registration or incorporation documents of the entity
- Bank statements for the period asked for
- Investor KYC documents
- Register of members and share allotment records
The CA confirms the final list when you start. No certificate is issued on provisional figures.
Common questions
Which certificates are in the startups group?
Fair value of shares for a further allotment; Fair value of shares for a transfer to a non-resident; Seed fund or grant utilisation certificate; State startup policy eligibility certificate; Funds received and investor KYC certificate.
How long do these certificates take?
Typical turnaround after complete documents: 3–10 working days for dgft, rera and valuation certificates; 1–2 working days for simple balance-sheet or bank certificates. These are typical ranges, not statutory periods.
Who signs the certificate and how is it verified?
The Chartered Accountant signs with a Class-3 DSC and generates a UDIN on the ICAI UDIN portal. The bank or authority can verify the UDIN at udin.icai.org.