STARTUP INDIA
What is Start up India Initiative?
Startup India Scheme is an initiative by the Government of India by our Hon’ble Prime Minister Shri Narendra Modi on 16th January, 2016 for employment generation and wealth creation. The Department of Industrial Policy and Promotion (DPIIT) has taken up this initiative and is working on this project.
Startup India is a scheme of the Government of India, intended to build a strong eco-system for nurturing innovation and will drive sustainable economic growth and generate large scale employment opportunities in the Country. It has rolled out numerous programs with the purpose of supporting entrepreneurs and transforming India into a Country of job creators instead of job seekers. A Startup shall make an online application over the mobile as well as the portal set up by the DPIIT.
Eligibility Criteria for Startup Recognition
An Entity formed by splitting up or reconstruction of an existing business shall not be considered as “Startup”.
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| Company Registration | MSME Registration |
| NGO Registration | GST Registration |
| Limited Liability Partnership Registration | One Person Company Registration |
Benefits for Startups
- Self certify compliance
Self certify compliance is allowed to Startup for 6 Labour Laws and 3 Environmental Laws and also no inspection will be conducted for a period of 5 years.
- Rebate on filing of application under Intellectual Property Right (IPR)
Startup shall be provided 80% and 50% rebate in filing of application in patents and trademark respectively. However, filing of patent is expensive and time consuming process and also it is out of reach for many startups but by giving rebate make the startup financially viable for giving protection to their innovation and encourage them to innovate further.
- Tax Exemption for 3 years
Startup can avail exemption from income-tax under Section 80 IAC of Income Tax Act, 1961 for 3 consecutive financial years out of its first 10 years since incorporation and also such startup should have been incorporated after 01st April, 2016 for availing such tax benefit.
- Exemption from prior experience and turnover
No experience and turnover is required for registration as a startup which encourage aspirants to open up their own startup and enhance their knowledge and make innovations.
- Opportunity to list product on Government e-Marketplace
Government e-Marketplace (GeM) is an online platform and the largest marketplace for Government Departments to procure products and services. Startups can register on GeM as sellers and sell their products and services directly to Government entities. This is a great opportunity for startups to work on trial orders with the Government.
- Faster Exits for Startups
Startups can windup through fast track corporate insolvency resolution process under Insolvency Bankruptcy Code, 2016 which shall be completed within a period of 90 days from insolvency commencement date.
Requirements for Startup Registration
- Incorporation/Registration Certificate
- Permanent Account Number (PAN) of the Entity
- Directors/Partners Details
- Patent and Trademark details with application number
- Concept’s proof like pitch deck/website link/videos (in case of a validation/early traction/ scaling stage startup) respectively. However, for ideation stage no such proof of concept is required.
How to Register Startup?
Smartbizguru helps you from incorporation of your Company till startup recognition and also provide an easy and cost-effective way to register your business as startup. It is the best idea for your Company to get startup registration for future growth of the business of your Company. However, we assure you that the fees we charge for startup registration is affordable.
Therefore, it is the best time for you to make your dreams come true!!