We have all come across the celebrated campaign of “Startup India” which was launched by the Prime Minister of India, Narendra Modi on January 16 2016. The campaign intends to support entrepreneurs who have the skills but lack financial resources. A separate fund of INR 10000 crore has been sanctioned for this campaign. However, if you wish to be a part of the Startup India campaign, there are certain eligibility criteria which you must meet. An analysis of the same is given below:
Eligibility to Register under Startup India
- The entity must be registered as a private company OR a partnership form OR A LLP (Limited Liability Partnership Firm), under their respective acts. This means that Startup India is not applicable for individuals or HUF.
- The annual turnover of the entity (as per the prevailing Companies Act 2013) should be less than 100 crores in any given financial year.
- The startup should be in the realm of development and innovation. Any product or service which has been developed with a view to facilitate commercial use is considered ideal. The output should be technology driven or in respect of intellectual property.
- The outcome of the startup should add value to commercialization. They should a) Be a distinct product/service, Be a significantly updated version of a service/ product with added value.
- The Department of Industrial Policy and Promotion (DIPP) must have approved the firm.
- No more than 10 years should have passed since the firm was established.
How to Register Profile on Startup India Website i.e. startupindia.gov.in
It is quite easy to register a profile on the Startup India website.
1. Fill in the registration form by clicking ‘Register’ and filling in the details required. Your profile will be created once you submit an OTP to your registered email address.
2. The type of profile you wish to create will be available for selection. The profile for ‘Individuals’ goes live immediately, whereas the profile for ‘Startups’ will be moderated for 24 hours before being made available for all benefits.
If all the requirements mentioned above are satisfied, an entity is considered as a startup under the Startup India campaign.
Benefits to Register in Startup India Program
To take advantage of various Startup India benefits, an entity must be recognized by DIPP as a startup by applying.
As part of the Startup India initiative, recognized startups are entitled to the following benefits:
1. Self-Certification: Comply with three environmental laws and six labour laws through self-certification
2. Tax Exemption: Three consecutive years of income tax exemption and capital gains exemption above fair market value
3. Easy Winding of Company: Under the Insolvency and Bankruptcy Code, 2016, a company can be wound up within 90 days
4. Startup Patent Application & IPR Protection: 80% rebate in a patent filing with fast-track patent application
5. Easier Public Procurement Norms: There are no requirements for earnest money deposits, prior turnovers or experience requirements in government tenders, which is a welcome development
6. SIDBI Fund of Funds: Alternative Investment Funds that invest in startups and provide them with funding
It is also worth mentioning that the Startup India portal – www.startupindia.gov.in – provides a one-stop platform where all stakeholders within the startup ecosystem can interact with each other freely, exchange knowledge, and form successful partnerships in an environment that is highly dynamic.
Important Links Related to Startup India Program
|Particulars||Official Website||Direct Link|
|Official Website||https://www.startupindia.gov.in/||Visit Here|
|Ministry of Commerce and Industry||https://commerce.gov.in/||Visit Here|
|e-Book Download by Startup India||Visit Here|
Official Website of Startup India startupindia.gov.in
A new app is available on all the major mobile platforms such as iOS, Windows, Android, etc. A user needs to download this app from the respective store and register his startup along with the required information. The department will scan the applications and revert through the same portal. You can visit the official website for more information – https://www.startupindia.gov.in/
Startup India is a golden initiative which supports ‘Make in India’ campaign. The objective of this campaign is to ensure India attains self-sustenance and continues to contribute in the realm of technology, research and development. However, uniqueness and commercial value are the main goals behind the establishment of Startup India. This is why about 80% of the obligations have been withdrawn when it comes to getting patents registered. Nevertheless, quality assurance has no chance of compromise as the Government of India now needs quality over everything else.