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START UP INDIA SCHEME

START UP INDIA SCHEME

The Startup India Scheme is a government initiative aimed at fostering entrepreneurship, innovation, and job creation in India. Here are the key aspects of the scheme:

Recognition by DPIIT: Under the Startup India initiative, eligible companies can get recognized as startups by the Department for Promotion of Industry and Internal Trade (DPIIT). This recognition provides access to several benefits, including tax incentives, easier compliance, and fast-tracking of intellectual property rights (IPR) applications.

Eligibility Criteria for Recognition:

  • Company Age: The period of existence and operations should not exceed 10 years from the date of incorporation.
  • Company Type: The startup can be incorporated as a Private Limited Company, a Registered Partnership Firm, or a Limited Liability Partnership.
  • Annual Turnover: The annual turnover should not exceed Rs. 100 crore for any financial year since incorporation.
  • Original Entity: The entity should not have been formed by splitting up or reconstructing an already existing business.
  • Innovative & Scalable: The startup should work towards developing or improving a product, process, or service and have a scalable business model with high potential for wealth creation and employment

Benefits for Recognized Startups:

  • Self-Certification: Startups can self-certify compliance with various labor and environmental laws.
  • Startup Patent Application & IPR Application: Fast-tracking of patent and IPR applications
  • Tax Exemption under Section 80IAC: Eligible startups can avail of tax exemptions.
  • Easy Winding up of Company: Simplified procedures for winding up the company.
  • Easier Public Procurement Norms: Facilitated access to government procurement opportunities

Process for start up registration

Online Application: Visit the Startup India portal and navigate to the DPIIT Recognition section. Fill out the application form with details about your business, team, product or service, and funding

Document Submission:

  • Upload scanned copies of the prescribed documents, including your company’s incorporation details, PAN card, and full office address.

Evaluation:

  • A panel of experts evaluates your application.
  • If your startup meets the criteria, you will receive a Certificate of Recognition from DPIIT.
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