Startup India Scheme 2020-05-19T13:01:11+05:30

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Startup India Scheme

The Startup India Scheme is an initiative by the Government of India to support the people who want to start their own business. Under Startup India Scheme, the Government of India provides benefits to all those people who have an idea in their mind and want to implement the same. The Startup India Scheme was launched by Prime Minister Narendra Modi on 16 August, 2016.

The main motive of introducing the scheme was to push the accelerator of sustainable development and implementation of ideas through innovation. The other motive of the implementation of the Startup India Scheme is the generation of new employment opportunities. The initiative was taken by The Department for Promotion of Industry and Internal Trade (DPI&IT). The success of the Startup India Scheme will eventually make India economically strong and one of the most powerful countries in the world.

What is Startup India Scheme

startup India Scheme

Any legal entity, headquartered(incorporated) in India, will be known as a startup due to following reasons :

  • The entity should be incorporated either as Private Limited under the Companies Act, 2013 or Partnership Firm under section 59 of Partnership Act, 1932 or Limited Liability Partnership under Limited Liability Partnership Act, 2008.
  • An entity shall be considered as a startup up to 10 years from the date of its incorporation.
  • It is working towards the aim of innovation, development, improvement of existing products, services and processes or if it is a scalable business model and should have the potential to generate employment or creation of wealth.
  • The startup would cease to be called one if the turnover exceeds more than 100 crore.

An entity formed by splitting up or reconstruction of an existing business shall not be considered a ‘Startup’.

Benefits of Startup India Scheme

  • Intellectual Property Rights (IPR) Benefits

  • Relaxation in Public Procurement

  • Self-certification under Labor and Environment laws

  • Faster Exits for startups

  • Fund of Funds

  • Tax Exemption

Documents Required For Submission to Startup India Scheme

Registration or Incorporation Certificate
Details of the directors
Proof of concept (website/ brochure/ video )
Patent and Trademark details (optional)
PAN number
Innovation and Improvement

Startup India Hub under Startup India Scheme

The startups that are registered under Government of India, come under one roof known as the startup ecosystem. The government provides the facility of connecting all the startups together in a network.

The part with Research and Development is one of the most important parts of a company and there are many resources involved in the same. The government of India promises to provide all the necessary resources as far as incubation of startups are concerned. It helps in initiating a collaboration platform known as startup hub. It helps the startup creators to harness private sector for gathering incubation. Also, the Government has displayed its R&D efforts by building up new and successful innovation centers across the country.

Process of applying to the Startup India Scheme

As notified by The Government of India that the startups need to register themselves as a legal entity and as Private Limited and Limited Liability of Partnership of Partnership Firm and then only they can move forward with applying to the program. The application can be put forward through the mobile application offered by the scheme or through the portal supplied by DIPP(Department of Policy and Promotion).

Benefits of the Startup India Scheme

Intellectual Property Rights Benefits :

The government provides facilities like fast track startup India scheme applications, panel to aware the owners regarding the benefits and the process of applying etc. The government promises to bear the facilitation costs and in addition to that it offers a, 80% rebate on filing a patent and 50% rebate on filing the application on Trademark.

Relaxation in Public Procurement :

Startup India Scheme acts as a catalyst in the production of goods and services of the startups. The registered startups can avail the following benefits :

  • A beforehand experience and turnover is not required
  • Initialized Money Deposit.
  • Information regarding the government tenders

Self-certification under Labour and Environment laws :

Labour laws :

The government has given an option to the startups to self-certify their compliance for 6 Labour Laws. The startup had to avail the “Shram Suvidha Portal”.

Environmental laws :

The environmental laws include those laws that are implemented in order to maintain the sanctity of nature and that the establishments do not take the environment for granted. However, considering the small turnover of a startup, the Government has exempted the levy of 3 environmental laws as well. The startups, once registered, will only fall under the category of ‘white category’ of Central Pollution Control Board (CPCB) which do not require environmental clearance for a period of 3 years.

Fund of Funds :

The government has initiatives according to what they offer a great deal of corpus to the startups. The registered startups are from the Fund of Funds of 10,000 crore rupees. The same will be managed by SIDBI. The government participates in the capital of SEBI registered Venture Funds, who further invest in Startups.

Tax Exemption:

The profits of startups which are certified by Inter-Ministerial Board are free from paying the taxes for a period of 3 years out of 7 years of incorporation. These benefits are provided in order to ensure the growth and development of the startups. A DPIIT recognized Startup is eligible for exemption from the provisions of section 56(2)(viib) of the Income Tax Act by filing a duly signed declaration in Form 2 to DPIIT.

Other Benefits :

The government gives Pro Bono services free of cost while collaborating with huge companies like Amazon and Microsoft. Along with that, the government offers programs that will definitely bring small startups closer and work together to build up a ground for innovation.

Other Benefits of Startup India Scheme

The government gives Pro Bono services free of cost while collaborating with huge companies like Amazon and Microsoft. Along with that, the government offers programs that will definitely bring small startups closer and work together to build up a ground for innovation.

To Know More

To know more about the Startup India Scheme, visit our blog,

https://www.registrationarena.com/startup_india_scheme/

GOT QUESTIONS? GET A FREE CONSULTATION

FAQ

No, new company registration is a fully online process. As all documents are filed electronically, you would not need to be physically present at all. You would need to send us scanned copies of all the required documents & forms.

If you have all the documents in order, it will take no longer than 7-12 days. However, this is dependent on the workload of the registrar.

The Startup should prove that it is working towards innovation or improvement of a product, process or service and/or have scalable business model with high potential for creation of wealth & employment

An entity shall be considered as a startup up to 10 years from the date of its Incorporation.

An entity formed by splitting up or reconstruction of an existing business shall not be considered a ‘Startup’.

The startup would cease to be called one if the turnover exceeds more than 100 crore.

Yes, a salaried person can become the director in private limited, LLP or startup. One needs to check the employment agreement if that allows for such provisions. In a lot of cases, the employers are quite comfortable with the fact that their employee is a director in another company.

The entire procedure is done online and one does not have to be present at our office or any other place for the incorporation. A scanned copy of the documents have to be sent via mail. The incorporation certificate is received from mca on the registered email id of the applicant.

Yes, one can register the company at their residential address. One requires to submit the utility bill copy of the same.

The application can be put forward through the mobile application offered by the scheme or through the portal supplied by DIPP(Department of Policy and Promotion). In addition, a toll free number and an email address is also provided for customer enquiry.

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