Startup India

Startup India Scheme - In a Nutshell

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Startup India Scheme - In a Nutshell

Startup India Scheme rolled out by the government in 2016 has been the much-awaited boost for the startup ecosystem. The primary objective of the scheme is the promotion of start-ups, generation of employment and to realize the objective of a self-reliant India.

Will your business come under the definition of ‘Startup’?

The following criteria must be met by the companies in order to be considered as a Startup:

  • Company Age: The Company should not be operative for more than 10 years
  • Company Type: should be incorporated as a Private Limited Company or a Limited Liability Partnership or a registered partnership entity.
  • Annual Turnover: annual turnover should not exceed more than Rs. 100 crore for any financial year since incorporation.
  • Original Entity: the entity should not have been formed by splitting or reconstructing any existing business.
  • Innovative: Should have a plan for development or improvement of a product, process, or service and/or have a scalable business model with high potential for the creation of wealth & employment.

How to register your business as a Startup?

Step 1: Registration of your business either as a Private Limited Company or a Limited Liability Partnership or a registered partnership entity

Step 2: Registration with Startup India Portal- The process is completely online. All you need to do is log on to the Startup India website and fill the form with your business details.

Step 3: DPIIT Recognition: The next step would be to get recognition by the DPIIT (Department for Promotion of Industry and Internal Trade). This recognition helps the start-ups in availing numerous tax benefits and ease of compliance.

Step 4: Documents Required for getting DPIIT recognition

  • Incorporation/Registration Certificate
  • Proof of innovative business idea
  • Details of Directors
  • PAN Number

Step 5: Certificate of Recognition: On successful submission of documents and verification by the DPIIT, a Certificate of Recognition is issued by the Department.

Benefits of Startup India Registration?

Following are the benefits of registering your business as a Startup

  • Self Certification: Self Compliance under 3 environmental and 6 labor laws. In a nutshell, lesser compliance burden
  • Income Tax Exemption: For 3 consecutive Financial Years
  • Patent Application and IPR Protection –80 percent rebate on the Patent Application fees and fast track processing of the application
  • Easier Public Procurement Norms: Register as a seller and sell directly to the government
  • Easy Winding up of the Company: Within 90 days under the Insolvency and Bankruptcy Code 2016
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