Startup India is a flagship initiative of the Ministry of Commerce and Industry to build a strong ecosystem in the country to increase the domestic production, global ranking, opportunity to startup businesses to participate in various Govt. Schemes with relaxations, a great opportunity for young dreamers to start own startup and helps to build next India. Ultimately to drive towards a sustainable economic growth and large scale employment generation.
When your entity get Startup Recognition from Department of Promotion and Industry and Internal Trade [Previously known as Department of Planning and Promotion (DIPP)], its valid
- upto 10 years from the date of incorporation of the Entity , or
- till Business turnover not exceeding Rs 100 crores in any Financial Year, whichever is earlier
What are the various Benefits of Startup India Registration?
A. Startup Tax Exemption
Post recognition of Startup, you can apply for Income Tax Exemption u/s 80IAC for three consecutive financial year with DPIIT ( Govt. of India).
Further, When your investment is expected to raise or already raised, you can apply for relief from Angel Tax (Tax on Share Premium) U/s 56.
There is separate application procedure for availing both the benefits subject to fullfilment of terms and conditions.
C. Startup 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.
D. Govt. Funding Opportunity
Government allotted Rs 10,000 crores funds for investment into startups through Alternate Investment Funds. SIDBI is managing this fund. Startups can apply under this quota.
E. Participate in various Govt. Scheme
Government issues day to day various schemes for startup to participate. For example, sustainable finance scheme, bank credit facilitation, raw material assistance, etc.
F. Participate Startup Grand Challenges
Many reputed companies encourage startup entrepreneurs for their solutions. Here gives an opportunity for startup to participate in the scheme and win funding. Recently, Whatsapp, Mahindra, Aditya Birla, many more companies organizing such financial assistance scheme with Startup India.
G. Govt Fee Concession
In IPR Registration 50%-80% Govt. fee concession available. Example in Trademark, Patent application.
H. Easy Winding up
Windup company in 90 days under insolvency & Bankruptcy code 2016.
I. Self Certifications
Eligible for Self-certification and compliance under 9 environmental & labour laws.
J. Connect Networks
Search and find various startups and connect with them. Get Mentorship, Talk to investors and industry connect.
For more knowledge or Registration purpose, connect with our Consultant at FinTax Corporate Professionals LLP | +91-7678243418 / +91-120-4203375