What is Startup India all about?
Startup India Registration has come into existence for developing business and technology skills using vast collection of courses for entrepreneurs. Introduced by our respected Prime Minister of India Shri Narendra Modi on 16th January, 2016 for boosting the young generation to show their potential and be a valuable asset for the nation.
With the strong objective to build a healthy ecosystem for nurturing innovation and startups in the country, this new concept is taking shape all around the globe. It also aims to drive sustainable economic growth and generate large scale employment opportunities.
Moving ahead with trending motto of Aatma Nirbhar Bharat, the Startup also encourages to provide an all-inclusive vision for a vibrant and vigorous startup movement.
Startup India provides with many varieties of benefits like:
- Tax incentives including capital gain exemption and income tax exemption for a period of 3 consecutive years
- Government assistance in funding
- 80% rebate in patent registration fees as it helps them pare costs in the formative years
- 50% rebate in provided in filing of trademark
- Faster exit norms as it will take 90 days for the closure of the company
- Free of cost assistance by patent and trademark facilitators in filing for Intellectual Property Rights (IPRs)
- Funding support to startups
- Creating large scale employment
- Re-shaping the building blocks of the economy and unlocking the potential of our youth
- Self-certification and complying under 3 environmental & 6 labour laws.
- Easier Public Procurement Norms
- Fund of funds for Startups to provide equity funding support for development and growth
- A panel of facilitator to assist in filing of IP application
- Tax exemption for 3 years
All of these benefits can be availed by your entity only if the eligibility criteria is met. Here is the criteria given below
Eligibility of getting registered under Startup registration
An entity shall be eligible for getting registered under Startup India if the below mentioned conditioned are satisfied.
The conditions are:-
- It must a private limited company or partnership or a limited liability partnership.
- The entity must not be older than 10 years.
- The turnover of the entity for any of the financial year since incorporation has not exceeded Rs. 100 Crore
- It is working towards innovation, development or improvement of products or processes or services or if it is a scalable business model with a high potential of employment generation.
- It must be an entity newly formed as an entity formed by splitting or reconstruction of a business already in existence shall not be considered as ‘Startup’.
Startup India registration gives the privilege of less time-consuming compliance by saving time and money and that is the prime reason of Startup India Success as within three years of commencement it claimed to be a runaway success.
This Article was made to brief you all about the startup India and its useful benefits. For going into the detailed knowledge you may visit the official site www.startupindia.gov.in which is a one-stop platform for all stakeholders in the startup ecosystem.
For consulting and clearing doubts regarding your query, you may consult eadvisors. To get direct communication from our professionals contact us on +91 991 0000 833 or you may drop your query at info@eadvisors.in
