Startup India - world 3rd largest startup hub (india)

 Several programs have been undertaken since the launch of the initiative on 16th of January, 2016 by Hon’ble Prime Minister, to contribute to his vision of transforming India into a country of job creators instead of job seekers. These programs have catalyzed the startup culture, with startups getting recognized through the Startup India initiative and many entrepreneurs availing the benefits of starting their own business in India.

What is Startup India?

Startup India is a flagship initiative of the Government of India, to build a strong ecosystem that is conducive for the growth of startup businesses, to drive sustainable economic growth and generate large scale employment opportunities and help in producing large MNC , Corporate in india. The Government through this initiative aims to empower startups to grow through innovation and design.

What are the benifit of startup scheme?

The benefits provided to recognized startups under the Startup India initiative are:

1. Self-Certification: Self-certify and comply under 3 Environmental & 6 Labour Laws

2. Tax Exemption: Income Tax exemption for a period of 3 consecutive years and exemption on capital and investments above Fair Market Value

3. Easy Winding of Company: In 90 days under Insolvency & Bankruptcy Code, 2016

4. Startup Patent Application & IPR Protection: Fast track patent application with up to 80% rebate in filling patents

5. Easier Public Procurement Norms: Exemption from requirement of earnest money deposit, prior turnover and experience requirements in government tenders

6. SIDBI Fun102d of Funds: Funds for investment into startups through Alternate Investment Funds

What qualifies under startup scheme in india?

1. If it is incorporated as a private limited company or registered as a partnership firm or a limited liability partnership in India

 

2. Up to ten years from the date of its incorporation/registration

 

3. If its turnover for any of the financial years since incorporation/registration has not exceeded INR 100 Crores

 

4. If it is working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation