What is Startup India Initiative?
Startup India Initiative is a flagship program introduced by the Government of India to establish a strong ecosystem for nurturing innovation and enterprise in the country. This initiative is taken to empower startups to grow through innovation and design.
The government has laid out an action plan to enable transition in how businesses are launched and managed. A bunch of benefits have been announced to promote start-up ecosystem in India under this program.
How do i know if my business can be registered under the Startup India initiative?
If you fulfill the below mentioned conditions, you are eligible to apply under the scheme subject to government qualifiers:
-Your entity* should incorporated or registered in India.
-It must be incorporated between 1st April, 2016 and 31st March 2019
-It should not be older than five years.
-The annual turnover should not have exceeded INR 25 crores in any preceding Financial Year.
-Must possess certificate of eligible business from the Inter-Ministerial Board (IMB) of Certification
-It is working towards innovation, development, deployment and commercialization of new products, processes or services driven through technology or intellectual property.
*To avail the tax benefits under this initiative, the startup entity should be registered in any form mentioned below :
Private Limited Company
One Person Company (OPC)
A registered Partnership firm
Limited Liability Partnership Firm (LLP)
We can assist you with all procedural requirements to get registered under the scheme so that you can avail the benefits listed under the scheme.
What are the benefits under Startup India Initiative?
The scheme has brought a bunch of benefits for the startup to launch in a cost effective manner, procure funds, and get their intellectual rights protected at subsidized rates among others.
· Tax benefits
Relaxation in Income Tax for three years out of seven years Exemption on Capital Gain
· Intellectual Property rights protection
Fast track processing for registration
80% rebate on Startup Patent Registration
· Simplified process
Simplified route to incorporation and getting other government registrations via dedicated web portal and mobile app Arrangement of self-certificate based compliance No inspection during the first 3 years Easy exit policy
· Mentorship by industry experts & ease in funds procurement
Academic Partnership with Incubators support in Research and Analysis Funding Support through a ‘Fund of Funds’ with a Corpus of ten thousand crores
How can Entrepreneurly.in help me get through the registration process under the Start Up India Initiative?
We tap into its network of consultants and other industry experts. Following services make us one-stop-shop for getting launched:
-Hassle free process to get registration on Startup government portal.
-Support in building liaison with Incubators and Accelerators and putting forth the proposal.
-Assistance in evaluating business prospects, carrying out feasibility tests, making projected financial statements.
-Drafting Project Report, Templates for pitching for funding from Incubation Funds/ Accelerators/ Angel Network.