India’s startup system has seen Associate in nursing's exponential rise since the startup culture initially took over the country. The country is reported to possess been swarming with close to 19,000 technology-enabled startups in the year 2016. Clearly, this range is anticipated to multiply by several folds among the approaching years. In this article, we've mentioned concerning what the Startup Republic of India program is and the way to register your company underneath it.
However, most of them fail and shut look attributable to operational and money difficulties. To help address this drawback, the govt. of India of the Republic of India underneath the leadership of PM Narendra Modi launched the Startup India program on 16 January 2016. The program was launched with a read to push the growth of startups in the Republic of India, encourage entrepreneurship, and build additional jobs, thereby, conducive to the event of the Indian economy.
What area unit the benefits of the Startup Republic of India Program?
Through the creation of an Associate in Nursing unwedded clearance window (online portal and cell software), this technique has simplified the code manner for startup fame and removed the pink tape from it. The code in addition offers a slew of blessings such as:
- Rs 10,000 large integer funds of funds.
- Rs 2,000 large integer credit score assure
fund for startups via National Credit Guarantee financial organization / SIDBI
over four years.
- 80% rebate on the patent registration fee.
- Modified and additional pleasant
Bankruptcy Code to create bound ninety-day quit the window.
- Exemption from financial gain Tax &
on Investments higher than honest value for 3 years.
- Tax exemption on profits tax in financial
gain for 3 years.
- Self-certification and compliance below 9
environmental & labor laws.
- Public procurance speedy music below the
standards of “previous experience/turnover” for startups altogether Central
Government ministries/departments.
- Faster quit for startups in ninety days
below financial condition & Bankruptcy code 2016.
- Inauguration of Atal Innovation Mission
(AIM) with Self-Employment and Talent Utilization (SETU) Program.
- Startup Republic of India Learning
Program, loose online entrepreneurship code.
- Harnessing personal region ability for
apparatus setup.
- Startup fairs for showcasing innovation
and supply a collaboration platform.
- Building innovation centers at broad
institutes.
- Promoting startups among aspects of the
biotechnology region.
- Launching of innovation targeted packages
for college kids.
- Annual apparatus grand challenge.
Who is eligible to apply?
Companies that
satisfy the following standards area unit eligible to sign up below the Startup
Republic of India software:
- The Corporation got to be integrated as a
non-public company, a Registered Partnership Firm or a indebtedness
Partnership. Proprietors and unregistered partnerships are not eligible.
- Entity got to grasp now not had been
designed with the help of mistreatment rending up from or shuffle Associate in
nursing earlier corporation.
- The Corporation ought to be a lot of but
five years previous.
- The turnover of the corporation got to
grasp now not now not in any year.
- The Corporation got to be in operation within
the direction of innovation, development, deployment/commercialization of
latest services or merchandise pushed with the help of mistreatment generation
or highbrow property.
How am I able to apply for recognition underneath the Startup Republic of India program?
If you meet the standards mentioned higher than, you'll be able to
click here to use for Startup recognition and transfer the subsequent
supporting documents in PDF format with file size of two MB or lower:
A letter of recommendation/support:
- Recommendation concerning the innovative
nature of business within the format such that by Department of commercial
Policy and Promotion (DIPP), from any apparatus established in postgraduate
school in Republic of India
- Letter of support by any apparatus funded
by the govt. of Republic of India or any government as a part of any such that
theme to market innovation
- Letter of advice from Associate in
nursing trade association recognized by DIPP
- Recommendation concerning the character
of business, in a very format such that by DIPP from any apparatus recognized
by Government of Republic of India
- Letter of funding of Associate in Nursing
quantity not but two hundredth in equity by any Incubation Fund/ Angel Fund/
personal Equity Fund/ Accelerator/ Angel Network punctually registered with
Securities and Exchange Board of Republic of India that once more endorses the
innovative nature of the business. DIPP could embrace any such fund in a very
negative list for such reasons because it could hold match
- Letter of funding by Government of
Republic of India or any government as a part of any such that theme to market
innovation
- Patent filed and revealed in a very
Journal by the Republic of India Patent and Trademark Office Database in areas
regarding the character of business being promoted
- The prescribed formats of the letters
will be found here underneath FORMATS. or else, you may conjointly contact the
Startup Republic of India Hub Toll Free range at 1800115565 for additional
clarifications.
- Incorporation/ Registration Certificate:
- Upload your Company, LLP, Partnership
Incorporation or Registration certificate.
- Brief description of your business.
- Provide a quick description of however
innovative the merchandise /services offered by your business.
Mention whether or not you wish to avail of tax benefits:
To avail tax exemption on tax for three years, the startup should get a certification from the bury Ministerial Board (IMB). If the startup is already recognized by the Department of commercial Policy and Promotion (DIPP), they'll directly avail IPR connected edges while not further documentation or certification from IMB.
Certify the subsequent regarding your business:
- Your business has not exceeded turnover of ?25 large integers for any of the money years.
- The business is functioning towards innovation, development, preparation, or exploitation of the latest merchandise, processes, or services driven by technology or property.
- The Company wasn't shaped by rending up or restructuring of Associate in an existing business.
Recheck your application before submitting your application because if any document that is wrong, forged, or missing from your application can attract a fine of 50% of your startup capital with the minimum being ?25,000. Hit SUBMIT once you have ascertained that all documents are in place. You will be assigned an identification number for your startup, after which you will receive the Certificate of Recognition once the application and supporting documents have been verified by the relevant authorities.
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