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Introduction to Start up India

Startup India was a campaign that was first addressed by the PM Narendra Modi on 15th August 2015 at Red Fort, New Delhi. This campaign was introduced under the Government of India as an initiative to develop over 75 startup support hubs in the country. The topic, ‘Startup India’ comes under (GS-II) Government Schemes of Indian Polity and governance syllabus of the IAS Exam. For more details, one can visit the official website – https:/startupindia.gov.in/

Organized by the Department for promotion of industry and internal trade, the major objective of Startup India is to discard some of the restrictive States Government policies which include:

  1. License Raj
  2. Land Permissions
  3. Foreign Investment Proposals
  4. Environmental Clearances

The Startup India scheme is based majorly on three pillars which are mentioned below:

  1. Providing funding support and incentives to the various start-ups of the country.
  2. To provide Industry-Academia Partnership and Incubation.
  3. Simplification and Handholding.

Who is eligible to apply under the Startup India scheme?

 

  • An entity is eligible to apply when:
  • It is incorporated as a private limited company or partnership firm or a limited liability partnership in India
  • It has less than 10 years of history i.e. less than 10 years have elapsed from the date of its incorporation/registration
  • The turnover for all of the financial years, since the incorporation/ registration has been less than INR 100 crores

Startup India Benefits

After the launch of the Startup India scheme, a new program was launched by the government named the I-MADE program which focused on helping the Indian entrepreneurs in building 1 million mobile app start-ups. The government of India had also launched the Pradhan Mantri Mudra Yojana which aimed to provide financial supports to entrepreneurs from low socioeconomic backgrounds through low-interest rate loans. Some of the key benefits of Startup India are as follows:

  1. To reduce the patent registration fees.
  2. Improvement of the Bankruptcy Code ensuring a 90-day exit window.
  3. To provide freedom from mystifying inspections and capital gain tax for the first 3 years of operation.
  4. To create an innovation hub under the Atal Innovation Mission.
  5. Targeting 5 lakh schools along with the involvement of 10 lakh children in innovation-related programs.
  6. To develop new schemes that will provide IPR protection to startup firms.
  7. To encourage entrepreneurship throughout the country.
  8. To promote India as a start-up hub across the world.

Documents Needed

  • Memorandum of Association for Pvt. Ltd./LLP Deed
  • Board Resolution (If Any)
  • Annual Accounts of the startup for the last three financial years
  • IT returns for the last three financial years Electronic Process after Applying
  • Refer to your Dashboard on the Startup India Portal for the status of your application. This can be found on the top right of the page after you log in.
  • Any company which fall into below list of category will be called as “Startup” and eligible to be recognised by the DPIIT to avail the benefits from the Government of India.
  • Age of the Company – The Date of Incorporation should not exceed 10 years
  • Type of Company – Should have been Incorporated as a Private Limited Company or a Registered Partnership Firm or a Limited Liability Partnership
  • Annual Turnover – Should not exceed Rs.100 crore for any of the financial years since its Incorporation
  • Original Entity – The company or Entity should have been formed originally by the promoters and should not have been formed by splitting up or reconstructing an existing business
  • Innovative & Scalable – Should have plan for development or improvement of a product, process or service and/or have a scalable business model with high potential for the creation of wealth & employment

Features of the Scheme

  • The following features make the scheme a stand-out factor:
  • New-entrants are granted a tax-holiday for three years.
  • The government has provided a fund of Rs.2500 crore for startups, as well as a credit guarantee fund of Rs.500 crore rupees.

Register Your Company 

As have been observed, registration on startup portal can be done only through for the following firms:

 

  • Partnership Firm
  • Limited Liability Partnership Firm
  • Private Limited Company
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