The Indian government offers a wonderful opportunity for entrepreneurs. With this idea, they can give a boost to their business with innovative concepts. And the name of this idea is Startup India Scheme. For those who want to make a difference in the world, this unique strategy is like a supportive fellow. The goal is to assist you in developing your innovative ideas and expanding your company. Let's examine this plan in further depth to find out how it may help you achieve your goals. What it is, who may join, and how to join with little effort will all be covered in this article.
How to register for the scheme
Follow these steps for Startup India Scheme Registration:
- •Visit the official Startup India site at (www.startupindia.gov.in) to get started. Register your profile by filling information.
- • Also, register yourself for DPIIT and get recognition. Use your Start India Scheme credential.
- • Complete the Enrollment Form: Please register your startup by filling out the online form. Provide the requested information.
- • Submit the documents that are required to confirm your recognition.
- • After your company has been incorporated, you may use the Startup India platform to apply for official startup status.
Eligibility criteria for the scheme
Here are the criteria for Startup India Scheme:
- •Entity Age: Your new business should be under ten years old as of the date of registration.
- •Type of Business: It needs to be a partnership, a limited liability partnership (LLP), or a private limited company.
- •Turnover: In no prior fiscal year, your startup's total yearly turnover should have exceeded $100 crore.
- •Innovation: Your company plan must be original and cutting-edge, offering something the market hasn't seen before.
- •To be recognized as a startup officially, you must get a certificate from the Department for Promotion of Industry and Internal Trade (DPIIT).
- •Ownership: Indian citizens should own and manage your firm. Foreign nationals and non-resident Indians (NRIs) are ineligible.
- •Investment: No publicly traded firm, entity created via the division of a business, or entity created through its reconstruction should have invested in your venture.
- •Patents: You may meet this requirement if your startup is working on a patented invention.
- •For Indian nationals or startup directors, an Aadhar card is required.
- •Utility bills, rental agreements, or any other document proving your company address may be used as business address proof.
- •Pan Card: Of the founders and executives.
- •For businesses or LLPs, a certificate of incorporation is required.
Benefits of the Startup India Scheme
Listing the benefits of Startup India Scheme
- •Tax advantages: You'll be excused from paying income tax for three years in a row. This implies that for the first three years, you won't have to pay taxes on the income from your firm.
- •Startups have the option of self-certifying their compliance with labour and environmental standards. This cuts down on bureaucracy and makes it simpler to concentrate on your company.
- •Fast-Track Patent Review: Patents are essential for safeguarding your original ideas. You may speed up the assessment of your patent application under this plan for quicker approval.
- •Access to Funding: For your startup, you have easier access to a network of financial resources. This covers both government funding and venture capitalists.
- •Opportunities for networking: Through a variety of events and initiatives, you may get in touch with seasoned mentors, subject matter authorities, and other business owners.
- •Market Access: The government gives you the chance to present your goods or services on a major international stage. This increases your visibility and draws in new clients.
- •Government Procurement: Startups are granted precedence during government procurement procedures, which may be very beneficial to your company.
- •Easy Winding Up: If things don't work out, this plan makes it simpler to wind up your business. It serves as a safety net to lessen the pressure of failure.
- •Innovation Hub: The Startup India Scheme is a one-stop shop for all the materials and data you need to understand the startup ecosystem.
- •Reduced Costs: Under this plan, entrepreneurs may operate for much less money in several areas, such as registering patents and trademarks.
- •Global Recognition: By being published on the company India platform, your company gains exposure and authority on a national and international level.
- •Legal help: For the free filing of patents, trademark applications, and other legal actions, you will get legal help and assistance.
You may get support from the Startup India Scheme when you launch your firm. It is comparable to a buddy who is rooting for your success. So if you've always wanted to open your own company, this plan can help you do it. The Startup India Scheme is here to support you along the road because, as you should always keep in mind, the future belongs to those who work hard for their goals.