28 November 2019
Startup India is an initiative of Government of India started in January 2016 to encourage the budding ventures in India and give wings to innovative ideas of young India.
Government of India is taking measures towards strengthening ‘Ease of Doing Business’ in India through initiatives like Startup India and Make in India.
Eligibility Criteria for being Recognized as Startup by DPIIT:
- Period of Existence: The entity shall be in existence for a period not exceeding 10 years from date of incorporation/ registration.
- Eligible Entities: The entity seeking registration as a startup shall be a Private Limited Company or a Limited Liability Partnership or a Partnership Firm.
- Turnover: Turnover of the entity shall not exceed Rs. 100 crores in any of the previous financial years since incorporation.
- Working towards innovation:Entity must be working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation.
- New Entity: The Entity should be a new entity and not formed through reconstruction.
Benefits of DPIIT Registration:
- Exemption under section 56 of the Income Tax Act, 1961
- Exemption under section 80IAC of the Income Tax Act, 1961
- Self-certification compliance for 6 Labour laws and 3 environment laws
- Government fee exemption in IPR filing
- Participate in various Government Scheme
- Government funding opportunity
- Easier public procurement norms
- Easy winding up
Procedure for registration
List of Documents required for registration
- A copy of Incorporation/Registration Certificate
- A brief description of the innovative nature of your products/services