What are the benefits of Start-up India Registration
Hemlata Khandelwal / 2021-11-26 10:22:51What is Startup?
A startup is a newly established business, usually started by 1 or a group of individuals. It differs from other new businesses in that a startup offers a new product or service that is not being offered anywhere else in the same way. The keyword is innovation. The business either develops a new product/service or redevelops an existing product/service into something better.
What is Startup India?
Startups are becoming very popular in India. In order to grow the Indian economy and attract talented entrepreneurs, the Government of India under the leadership of our prime minister has launched the Startup India initiative to identify and promote Startups.
What are the benefits of Startup India?
Benefits of Startup India plan:
1) Self-certification under labor and environment laws.
2) Tax exemption for three years.
3) Tax exemption on investments above fair market value.
4) Company's easy winding.
5) Startup Patent Application and IPR Protection.
6) Relaxation in public procurement norms.
7) SIDBI Fund of the Fund.
What are the benefits of Start-up India Registration?
Benefits of Start-up India Registration
- Financial Benefits:
Most startups are patent-based. This means that they produce or provide unique goods or services. To register their patents, they have to pay a heavy price, which is known as patent cost.
Under this scheme, the government provides an 80% rebate on patent costs. Moreover, the patent registration and related process are faster for them. Also, the government pays a facilitation fee for obtaining a patent.
Income Tax Benefits:
Startups get a good amount of profit under the Income Tax head. The government exempts their income tax for 3 years after the incorporation year.
But they can avail of it only after getting the certificate from the Inter-Ministerial Board. In addition, they can claim exemption from tax on capital gains if they invest money in specified funds.
Registration Benefits:
Everyone agrees that the incorporation and registration of a business are much more difficult than running it. This is due to the long and complicated steps of registration.
Under the Startup India scheme, there is an application to facilitate registration. A stand-alone meeting has been arranged at the Start-up India Hub. Furthermore, there is a single doubt and problem-solving window for them.
Government Tenders:
Everybody wants to get government tenders because of high payments and big projects. But getting government tender is not easy.
Under this scheme, startups get priority in receiving government tenders. In addition, they do not require any prior experience.
Huge Networking Opportunity:
Networking opportunity means an opportunity to meet various startup stakeholders at a particular place and time. The government provides this opportunity by organizing 2 startup festivals (domestic and international) annually.
Startup India scheme also provides intellectual property awareness workshops and awareness.
Who is eligible for Startup India?
Eligibility Criteria for Startup India Scheme:
- The start-up must have company registration in India as a Private Company, LLP.
- Start-up should not be a product of restructuring:
- A startup should not be more than 5 years old:
- The annual turnover of the start-up is Rs. should not be more than 25 crores:
- The business must be involved in a new product or service:
- External Links:
What do you mean by Startup India Scheme?
Startup India scheme is an initiative by the Government of India for employment and wealth creation. The benefits of the Startup India scheme are work simplification, finance support, government tenders, networking opportunities.
How can I get Startup India scheme?
Registration process
- Register on the Startup India portal. ,
- Apply after Startup India registration for DPIIT (Department of Industrial Policy and Promotion) accreditation.
- Access the Section 80 IAC Exit Application Form here.
- Fill in all the details along with the documents and submit the application form.
How do I get a startup certificate?
Follow these steps to get a Start-up India Certificate:
Step 1: Incorporate your business.
Step 2: Register with Startup India.
Step 3: Documents to be uploaded (in PDF format only).
Step 4: Answer whether you would like to avail of tax benefits.
Step 5: Lastly, you have to prove that you fulfill the following conditions.