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Startupsofindia
https://startupsofindia.com/
The government of India’s flagship initiative, Startup India, aims to build a strong ecosystem that supports the formation of new businesses, resulting in long-term economic growth and large-scale job creation. The government thinks that this programme would enable enterprises to flourish via innovation and design.
Since the initiative’s introduction on January 16, 2016, a number of projects have been launched to promote the Hon’ble Prime Minister’s goal of India being a country of job creators rather than job seekers.
With the Startup India initiative recognising enterprises and many entrepreneurs taking advantage of the benefits of starting a business in India, these programmes have propelled the startup culture.
1. Self-certification: verify that you have read and understand three environmental laws and six labour laws.
2. Tax Exemption: Three-year income tax exemption, as well as capital and investment exemptions in excess of fair market value.
3. Simple Business Winding Up: A company can be wound up in 90 days under the Insolvency and Bankruptcy Code of 2016.
4. Startup Patent Application & IPR Protection: Get a head start on your patent application with up to an 80% discount on patent filing fees.
5. Easier Public Procurement Norms: In government tenders, no earnest money deposit is required, and there are no past turnover or experience criteria.
6. SIDBI Fund of Funds: Funds for Alternate Investment Funds to invest in startups.
In addition, the Startup India portal (www.startupindia.gov.in) provides a one-stop shop for all players in the startup ecosystem to engage, share expertise, and build effective collaborations in a fast-paced environment.
What qualifies as a startup in the Startup India scheme?
A startup is defined as a business that satisfies the following requirements:
1. If it is a private limited company, a partnership business, or a limited liability partnership registered in India.
2. For up to ten years following its incorporation/registration.
3. If in any of the financial years after incorporation/registration, the company’s annual turnover has not exceeded INR 100 crores.
4. If it is a scalable firm model with a strong potential for job creation or wealth generation, or if it is aiming to enhance goods, processes, or services through innovation, development, or improvement.
