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BENEFITS OF STARTUP INDIA RECOGNITION

1. Simple process

Government of India has launched a mobile app and a website for easy registration for startups. Anyone interested in setting up a startup can fill up a simple form on the website and upload certain documents. The entire process is completely online.

2. Reduction in cost

The government also provides lists of facilitators of patents and trademarks. They will provide high quality Intellectual Property Right Services including fast examination of patents at lower fees. The government will bear all facilitator fees and the startup will bear only the statutory fees. They will enjoy 80% reduction in cost of filing patents.

3. Easy access to Funds

A 10,000 crore rupees fund is set-up by government to provide funds to the startups as venture capital.  The government is also giving guarantee to the lenders to encourage banks and other financial institutions for providing venture capital.

4.  Tax holiday for 3 Years   

Startups will be exempted from income tax for 3 years provided they get a certification from Inter-Ministerial Board (IMB).

5.  Apply for tenders

Startups can apply for government tenders. They are exempted from the “prior experience/turnover” criteria applicable for normal companies answering to government tenders.

6.  R&D facilities

Seven new Research Parks will be set up to provide facilities to startups in the R&D sector

7.   No time-consuming compliances

Various compliances have been simplified for startups to save time and money. Startups shall be allowed to self-certify compliance (through the Startup mobile app) with 9 labour and 3 environment laws (for list of white industries which are eligible under self-compliance – click here” )

8.   Tax saving for investors

People investing their capital gains in the venture funds setup by government will get exemption from capital gains. This will help startups to attract more investors.

9. Choose your investor

After this plan, the startups will have an option to choose between the VCs, giving them the liberty to choose their investors.

10.  Easy exit

 In case of exit – A startup can close its business within 90 days from the date of application of winding up

11.  Meet other entrepreneurs

Government has proposed to hold 2 startup fests annually both nationally and internationally to enable the various stakeholders of a startup to meet. This will provide huge networking opportunities.

A ‘Startup’ is an entity that

• is into existence for upto 10 years from the date of its incorporation or registration. Provided such an entity is incorporated in India as a:
  • Private Limited Company as per the Companies Act, 2013 or
  • Partnership Firm as per section 59 of the Partnership Act, 1932 or
  • Limited Liability Partnership as per Limited Liability Partnership Act, 2008
• has a turnover that is not more than Rs 100 crores during any of the financial years since incorporation or registration
• is working towards innovation, development or improvement of products or services or processes. Or the entity has a scalable business model having a high potential of employment generation or wealth creation

Now, there are a host of benefits provided to the startups under the Scheme. These include:

• Self Certification under Labour and Environmental Laws
• Tax exemption for three years
• Tax exemption on investment above fair market value
• Startup patent application and IPR protection
• Easy winding up of the company

However, in order to avail such benefits, it is mandatory for startups to be recognized by DPIIT.

So, if you want to register for the Startup India Scheme, you need to adopt the following Startup India Registration procedure.