We the youngest generation of India, always wants to do something new, something unique but due to lack of knowledge we don’t know how to get recognition of our work. Somewhere we heard about Start- UP India programme, but most of us do not know about it. So, I’ll let you help in understand about it in briefs.
First of all we understand the objective of Startup India, its benefits, Eligibility Criteria and its registration process.
OBJECTIVE OF STARTUP INDIA SCHEME:
The objective of the Startup India Scheme is to build a strong ecosystem for promoting innovation and startups in the country. Further, such a drive would encourage sustainable economic growth and create large scale employment opportunities.
And to reduce the regulatory burden on Startups, thereby allowing them to focus on their core business and keep compliance costs low.
BENEFITS OF STARTUP INDIA SCHEME:
→ Tax Exemption under 80IAC
→ Easy winding up of company
→Startups shall be allowed to be self-certify compliance for 6 Labour Laws and 3 Environmental Laws through a simple online procedure.
→ Strartups can also meet with various other startups through this platform.
→ Helps in getting Fund from investors.
→ can easily apply for Government tenders.
→ Startups will be exempted from income tax for 3 years provided they get a certification from Inter-Ministerial Board (IMB).
→ Easier public procurement norms.
→ Patent Application & IPR Protection- Fast track and up to 80% rebate in filing patents.
ELIGIBILITY CRITERIA FOR REGISTRATION UNDER STARTUP INDIA:
An entity shall be considered as a Startup:
1. If it is incorporated as a private limited company or registered as a partnership firm or a limited liability partnership in India.
2. Not older than ten years from the date of its incorporation/registration.
3. Its turnover for any of the financial years since incorporation/registration has not exceeded INR 100 crores.
Note: An entity formed by splitting up or reconstruction of a business already in existence shall not be considered a ‘Startup’.
It is an online procedure, after filling all the details required in the registration form, the profile goes under moderation for 24- 48 hours. An OTP will be sent to your registered email address, post submitting which your profile will get created.
And after that, Startups can apply for DPIIT recognition.