Startup India Recognition
Now a daysStartups are becoming very popular in India. The government under the leadership of PM NarendraModi has started and launched Startup India scheme on 16th January 2016.To promote growth and help Indian economy, many benefits are being given to entrepreneurs establishing startups. The government has rolled out several programs with the primaryobjective of supporting entrepreneurs, building a robust start-up ecosystemfor nurturing innovation and Startups and transforming India into a country of job creators instead of job seekers. Thus, through this program the government intended to empower startups to grow through innovation and design.
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company can raise equity capital from persons or entities interested in becoming a shareholder, Entrepreneurs can raise money from angel investors, venture capital firms, private equity firms and hedge spunices in relation to startup India of all documents.
It is most suitable for Small And Medium Enterprises as well as newly Startups which wishes to raise funds through venture capitalist
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- Documents required
Below are the essential documents and details we need to apply to DPIIT for startup recognition
- Certificate of Incorporation for Pvt. Ltd. / OPC/ LLP & for Firm – Firm Registration Certificate
- PAN Card Copy of the Entity
- All Directors/Partners/Authorised Person’s – Name, Complete Address, Gender, Designation, Mobile and Email ID
- Brief Description of your business and its Innovation, Solutions, Uniqueness and Revenue generation.
- Website /mobile App link / Pitch Deck / Video/Patent ( anyone)
- Company Logo ( Optional)
- MSME Registration number (Optional)
Under Startup India Action Plan, Startups that meet the definition as prescribed under G.S.R. Notification 127(E) are eligible to apply for recognition under the program. Any business who want to recognise itself as start-up as per following, have to provide support documents, at the time of application.
Under Startup India Action Plan, Startups that meet the definition as prescribed under G.S.R. Notification 127(E) are eligible to apply for recognition under the program. Anybusinesswho want to recognise itself as start-up as per following, have to provide support documents, at the time of application.
Eligibility for recognition of Startup as under :-
- Must be registered as Private Limited or LLP or Partnership Firm as per respective laws
- An entity shall be considered as a startup up to 10 years from the date of its incorporation
- Turnover Limit :- Turnover should be less than INR 100 Crores in any of the previous financial years
Following criteria will be taking into consideration for recognising start-up
is working towards innovation, development or improvement of products or services or processes.
the entity has a scalable business model having a high potential of employment generation or wealth creation
Furthermore, an entity that is created by splitting or reconstructing an existing business unit is not considered a start-up. Also, a business entity shall cease to exist as a start-up:
The start-ups under the Start-up India initiatives enjoys many benefits:
The government of India under the Startup India Action plans have introduced an online registration process.
- Tax Holiday :-
After getting the recognition, the startup may apply for the Tax Exemption.
The startup can avail tax holiday for 3 years, post getting a certification from Inter-Ministerial Board.
Eligibility Criteria for applying to Income Tax exemption (80IAC):
- The entity should be a recognized Startup
- Only Private limited or a LLP or Partnership Firm is eligible for Tax exemption under Section 80IAC
- The Startup should have been incorporated after 1st April, 2016.
- Tax Exemption under Section 56 of the Income Tax Act (Angel Tax).
With this objective, exemption shall be given to persons who have capital gains during the year, if they have invested such capital gains in the Fund of Funds recognized by the Government.
- Easy and Simple compliances :
Start-ups will be permitted to self-certify compliance with nine labour laws and environmental laws for 5 years from date of recognition of start-up.
In the case of labour laws, no inspection will be conducted for a period of three years.
This simplification of various compliances will save a lot of time and money.
- Easy Winding Up of Company
Startups also known as fast track firms can be wound up within 90 days as against 180 days for other companies.
Further, an insolvency professional shall be appointed for liquidating the assets and paying creditors. This would be done within six months of filing an application to make such an exit.
- Startup Patent Application and IPR Protection
Startup India provides high quality intellectual property services and resources to help startups protect and commercialize their IPRs. This includes:
- fast tracking of startup patent application,
- providing 80% rebate in filing of patents as compared to other companies
- providing 50% rebate in filing of trademarksas compared to other companies
- panel of facilitators to help in filing of IP applications and
- government support to bear facilitation costs
6. SIDBI Fund of Funds
The government of India has set aside a corpus fund of Rs. 10,000 crore. This fund is managed by SIDBI and is intended to provide equity funding support for the development and growth of innovation driven enterprises.
The nature of such a corpus is fund of funds. This means that the government contributes towards the capital of SEBI registered funds. These funds further invest in startups.
- Tender Participation
In many Tenders, Govt. and PSU gives relaxation for Startups to Participation in public procurement job through tenders. Relaxation in Prior experience, EMD or Turnover criteria.
- IPR Govt. Fee Concession
- Connect Networks
Search and find various startups and connect with them. Get Mentorship, connect with investors and industries.
- GEM Portal Seller Registration and Bid
Startup India (DIPP) require for registration at GEM Portal of govt. https://gem.gov.in/