Start-up India is an initiative taken by the government of India. This campaign was announced by the Prime Minister Narendera Modi ON 15TH of August 2015.
The objective of this scheme is –
Under this initiative, government helping Indians entrepreneurs to build 10 lakh mobile app start-ups, and MUDRA bank scheme, the motive behind this to provide micro finance, low interest rate loans to entrepreneurs from low socio economic background. Initial capital 20000 crore has been distributed for this scheme. The startup should be focused on improving/innovative existing products, services, and processes and having the potential to create jobs and income.And Start Up India Scheme
Note: The entity shall be considered as a startup only for ten years from the date of its incorporation.
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To assist equity funding support for development and growth of innovative enterprises, the government has set aside a fund of 10,000 crores managed by SIDBI. The nature of Fund of Funds, which means that the Government participates in the capital of SEBI registered Venture Funds, who further invest in Startups
The profits of recognized Startups are exempted from income-tax for a period of 3 years out of 7 years since incorporation. This aims at facilitating growth of business and meeting the working capital requirements during the initial years of operations
To reduce the regulatory burden on Startups thereby allowing them to focus on their business & keep compliance cost low, Startups are allowed to self-certify their compliance for a period of 5 years from the date of incorporation.
There is a define start up india scheme eligibility
There is define who is not eligible for startup india
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Firstly, you would have to incorporate your business as a private limited company or a partnership firm or a limited liability partnership. You have to follow all the normal procedure for registration of any business like submitting the registration process application and obtaining the certificate of incorporation /partnership registration.
By filing the registration application to a registrar of company (ROC) of any region.
You can establish a partnership firm by filing the application for registration of your firm with the registrar of firm of any area. You need to submit the required document and fee to the registrar of companies or registrar of firms along with the registration application
The next step after creating profile on the startup India website is to avail the (DPIIT) recognition. The recognition helps the startup to avail benefits like access to high-quality intellectual property service and resource, relaxation in public procurement norms, self- certification under labour and environment laws, easy winding of company, access to fund of funds, tax exemption for 3 consecutive years and taxes exemption on investment above fair market value.
For getting DPIIT recognition, log with your registered profile (account) credential on the startup India website and click on the ‘DPIIT’ recognition for startups’ button.
On the ‘startup recognition form’, you need to files the details such as the entity details, authorized representative details, director/partner details, information required, startup activities and self-certification. Click on the plus sign on the right-hand side of the form and fill all the essential details on the form.
After entering all the section of the ‘startup recognition form’ accept the terms and condition and click on the ‘submit’ button.
On applying you will get a recognition number for your startup. The certificate of recognition will be issued after the examination of all documents which is usually done within 2 days after submitting the details online.
However, be careful while uploading the documents. if an subsequent verification, it is found to be obtained that the required document is not uploaded/wrong uploaded or a then you shall be liable to a fine of 50% of your paid-up capital of the startup within the minimum fine of 25000
Patent, trademark and /or design registration: if you need a patents for your innovation or a trademark for your business, 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: One of the key challenges faced by many startup has been accessing finance. Due to lack of experience, security or exiting cash flows, entrepreneurs fail to attract investors. Besides the high-risk nature of startups, as a significant percentage fail to talk off, put of many investors.
In order to provide funding support, the government support has to set up a fund with an initial corpus of Indian rupee 2500 crore and a total corpus of Indian rupee 10,000 crore over a period of 4 years (i.e indian rupee 2500 crore per year).
Self-certification is provide to reduced regulatory burden thereby allowing them to focus on their core business. Startup are allowed to self- certify their compliances under six labour laws and three environment law for a period of 3 to 5 year from the date of incorporation.
Units operating under 36 white category industries as published on the website of the central pollution control board do not required clearance under 3 environment- related acts for 3 years.
Tax exemption: startup are exempted from income tax for 3 years. But to avail these benefit they must be certificate by their inter-ministered board (IMB). The startups which has been incorporated after 1st April 2016 can or liable for the income tax exemption, start up india services at Lex N Tax Associates.
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