On 16th January, 2016 Start-up India program was launched. The target of Startup India is the promotion of new companies, age of business, and wealth creation. The Startup India has started a few projects for incorporating a powerful start-up environment and changing India into a country of job creators instead of job seekers. These projects are managed by the Department for Industrial Policy and Promotion (DPII)
The term startup applies to those organizations which have been fused incorporated within the past 7 years. For biotech organizations, the startup name can be connected to a firm till inside 10 years.
Some criteria which need to be met by a company to be termed as a startup.
- The organization’s turnover does not exceed ₹ 25 Crores in any of the preceding financial years.
- The organization is headquartered in India
- The organization has been recognized to be working towards innovation, development, deployment, and commercialization of products/ delivery of services powered by technology or intellectual property.
Eligibility of startup India
- The company must be a private limited company or a limited liability partnership.
- The company should not older than five years. It’s always be new firm.
- It should be approved from the Department of Industrial Policy and Promotion (DIPP).
- The firm should have obtained a patron guarantee from the Indian patent and Trademark Office.
- It must have a recommendation letter by an incubation.
- Capital gain is exempted from income tax under the startup India campaign.
- The firm must provide innovative schemes or products.
- Angel fund, Incubation fund, Accelerators, Private Equity Fund, Angel network must be registered with SEBI (Securities and Exchange Board of India).
Who will registered under startup India
Most of all these 3 firm will registered under these startup. That are:-
- Partnership Firm
- Limited Liability Partnership Firm
- Private Limited Company
Document for registering startup India
- Company Email, Mobile number.
- Company details (name ,CIN number, sector , category, pan number, office address)
- Company logo (optional)
- Company registration Certificate
- Company authorised signatory
- Director or partner details (Name, Photo, Gender, DIN and Mobile No. Email ID, Full Address)
- Details of Authorised Representative (Name, Designation, Mobile No. Email ID)
- Log in the official site of startup India.
- First of all ,you should registered your company as per name ,email, mobile number
- After registering apply the logo (optional) , CIN number
- Fill all the required name, PAN number, and Registration date, Details of the Authorised Representative and Details of Directors and Partners.
- Upload the essential documents and Self-certification in the prescribed manner.
- File the Incorporation/Registration certificate of the company or any other document of the company.
Benefits of Startup India
- Startup India register in simple process: – Anyone who can apply for Startup India can fill up a simple form on the website and upload certain documents. The entire process is completely online.
- Reduction of cost: –The government will provide high-quality Intellectual Property Right Services including fast examination of patents at lower fees. They will bear all facilitator fees and the startup will bear only the statutory fees. They will enjoy 80% reduction in the cost of filing patents.
- Apply for tenders: – Startup can apply for government tenders. They are exempted from the “prior experience/turnover” criteria applicable for normal companies answering to government tenders.
- Tax saving for investors: -People investing their capital gains in the venture funds setup by the government will get exemption from capital gains. This will help Startup to attract more investors.
- Meet other entrepreneurs: – The government authority has proposed to hold 2 startup fests yearly both nationally and globally to empower the different partners of a startup to meet. This will provide huge networking opportunities.
- Easy access to Funds: – A 10,000 crore rupees fund is set-up by government to provide funds to the Startup as venture capital. The government is also giving guarantee to the lenders to encourage banks and other financial institutions for providing venture capital.
- Choose your investor : – After startup india ,will have an option to choose between VCs giving them the liberty to choose their investors.
- Easy exit:- In case of exit , startup can close its business within 90 days from the date of application of winding up