Summary: Launched on January 16, 2016, the Startup India initiative by the Department of Promotion of Industry and Internal Trade provides significant benefits for eligible startups, including tax exemptions, simplified compliance processes, and expedited Intellectual Property Rights (IPR) protection. To register, startups must create an account on the Startup India portal and select their relevant criteria, such as startup, mentor, incubator, or investor. The registration process involves providing detailed information about the startup, including business stage, contact details, and category of entity. After submission, the profile is reviewed, and a registration ID is generated. Startups can benefit from various funding options like the Startup India Seed Fund Scheme and Credit Guarantee Scheme, and access resources such as online learning, market research, and IPR support. The initiative aims to foster innovation and growth by offering financial support, mentorship, and a comprehensive suite of tools to enhance the startup ecosystem in India.
The Government of India through the Department of Promotion of Industry and Internal Trade under Ministry of Commerce and Industry initiated the Scheme on 16th January 2016, for the Start-up companies incorporated in India under the logo #Startupindia.
Under the Startup India initiative, eligible companies can get the Recognition of the Startups by the DPIIT form which the certain benefits are received such as:
1. Tax benefits: After the recognition of Start-up, company may apply for Tax Exemption under section 80IAC of the Income tax act, 1961. Also after clearing tax exemption, the Startup can avail tax holiday for 3 consecutive financial years out of its first ten years since incorporation.
2. Easier compliances: The Startups get benefits from the Initiatives, getting the International access and guide for the compliances and performing the specified codes and procedures as required.
3. IPR fast tracking: The scheme for Startups Intellectual Property Protection (SIPP) is envisaged to facilitate protection of Patents, Trademark and Designs of innovative and interested Startups in India and outside.
Process of Registration for the Startup India Registration: The specified procedure for obtaining the Recognition of Startup through the Registration are as follows:
1. Create an account: The First process is to create an account by filling the name, mobile number, email id and after submitting otp password account has been created.
2. Selection of Criteria: After the creation of account, there are several criteria from which we have to choose one criteria for further process. The specified criteria are :
a) Startup: Already started your entrepreneurial journey as an idea or newly established business.
b) MAARG Mentor: This is created for the startup mentors as MAARG mentorship portal.
c) Individual: This is for if you want to explore things like Blogs, Government schemes etc.
d) Mentor: A mentor may share with a mentee(or protege) information about.
f) Incubator: These are providing helps startups at very early stage to grow by providing space to work, seeds funding mentoring, training and other benefits.
g) Accelerator: ,These are cohort-programs that typically include seed investment, connections, sales, mentorships and other educational component.
h) Individual investor: He is a non-professional investor who buys and sell securities.
i) Institutional investor: It is an entity which pools money to purchase securities, real property etc.
j) Government body: Those government bodies and departments wanting to be part of the startup community or carrying out startup initiatives under this category.
k) Corporate: Private bodies looking to connect with the startup ecosystem and explore opportunities with startups by providing market access, resources, pilots and more.
3. Filling the Particulars and information required: The next step after the selection of criteria and clicking on next option, filling the required particulars like:
a) About Startup: Here you will found the option of company/ entity logo, stage of the business, startup name and source of funding.
b) Contact Information: On this, contact details like Email id, Mobile number, State, city, website and mobile app link need to be provided.
c) Category selection: There is need of selection of the category of the entity/business, its sector and services, nature of entity and also additional details like Udhyog Aadhar etc.
d) Your Interest: Now, on this page, there is need of selection of the your interest and after accepting the terms and conditions, the profile of the application is saved and then the registration id is generated.
The Government and other institutions also providing the facilities of funding and mentorship for running and management of the business. The various types of funding facilities provided are:
1. Startup India Seed Fund Scheme
2. Startup India Investor Connect
3. Credit Guarantee Scheme for Startups
5. Central Govt. Schemes & Policies
On the portal of the Startup India, we could also get the benefits and resources provide like Online Learning, Market Research reports, Startup Idea bank, Startup India Blog, Startup Guide book, Intellectual Property Rights and other initiatives from which the startups get benefited for easy of doing business and other schemes for growing business and growing the economy.
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