Start-up India
A start-up is a newly established business, usually small, started by one or a group of individuals. What differentiates it from other new businesses is that a start-up offers a new product or service that is not being given elsewhere in the same way. The keyword is innovation. The business either develops a new product/ service or redevelops a current product/service into something better.
The Start-up India Scheme is an initiative of the Government of India in 2016. The primary objective of Start-up India is the promotion of start-ups, generation of employment, and wealth creation. The Start-up India has initiated several programs for building a robust start-up ecosystem and transforming India into a country of job creators instead of job seekers. These programs are managed by the Department for Industrial Policy and Promotion (DPIIT).
You can focus on your key area, while we at Aplite Advisors help you from the start to finish right from incorporating your company to getting your start-up recognition.
Benefits of Start-up
- There are a number of benefits start-ups receive by the Start-up India Scheme. Nevertheless, in order to avail these benefits, an entity is needed to be set up by the DPIIT as a start-up.
- Start-ups are allowed to self-certify their compliance for six labour laws and three environment laws. This is allowed for a total period of five years from the date of incorporation/registration of the entity.
- Start-ups are allowed a three-year tax exemption and the best intellectual property services and resources solely built to help start-ups protect and commercialise their IPRs.
- Further, it facilitates easy winding up within 90 days under Insolvency and Bankruptcy Code, 2016.
- Patent and trademarks have been made fast track and upto 80% rebate is given by government.
Process to Register under Start-up India
You must first incorporate your business as a Private Limited Company or a Partnership firm or a Limited Liability Partnership. To know more about these forms of entities, click here.
Then the business must be registered as a start-up. The entire process is simple and online. All you need to do is log on to https://www.startupindia.gov.in/ and fill up the form with details of your business and upload certain documents.
- A letter of recommendation/support
- Incorporation/Registration Certificate
- Description of your business in brief
- You must register your new company as a Private Limited Company, Partnership firm or a Limited Liability Partnership
- Your business must be incorporated/registered in India, not before 5 years.
- Turnover must be less than 25 crore per year.
- Innovation is a must– the business must be working towards innovating something new or significantly improving the existing used technology.
- Your business must not be as a result of splitting up or reconstruction of an existing business.
On applying you will immediately get a recognition number for your startup. The certificate of recognition will be issued after the examination of all your documents.
Patent/ trademark : You can easily approach any from the list of facilitators issued by the government. You will need to bear only the statutory fees thus getting an 80% reduction in fees.
Funding : Government has set-up Fund of Funds to provide funding support to Start-ups.