Start-up India Certificate
WHAT IS STARTUP-INDIA GOVERNMENT PROGRAMME?
Startup India is an initiative of the Government of India. The campaign was first announced by Indian Prime Minister, Narendra Modi during his 15 August 2015 address from the Red Fort, in New Delhi.
The action plan of this initiative is focusing on three areas:
1. Simplification and Handholding.
2. Funding Support and Incentives.
3. Industry-Academia Partnership and Incubation.
ELIGIBILITY CRITERIA FOR STARTUP INDIA CERTIFICATE
Company Type
1. Private limited company
2. Registered Partnership firm
3. Limited liability partnership
Company Age
Period of existence and operations should not be exceeding 10 years from the Date of Incorporation for getting Registered as Start-up.
Turnover
The Company & Firm should have an annual turnover not exceeding Rs. 100 crore for any of the financial years since its Incorporation
Original Entity
The Entity of a Company and a Firm should not have been formed by splitting up or reconstructing an already existing business
Innovation
Aim to development of a products or service. And have scalable business model with high potential for creation of wealth & employment
WHO IS NOT ELIGIBLE FOR STARTUP INDIA RECOGNITION?
BENEFITS OF STARTUP-INDIA SCHEMES
1. Self Certification under Labor and Environmental Laws
Startups are allowed to self certify their compliance under six labor laws and three environment laws. This is allowed for a period of five years from the date of incorporation of the entity.
Furthermore, such a benefit is given in order to reduce the regulatory burden for startups so that they can focus on their core business and keep compliance costs low.
2. Tax Exemption for Three Years
The profits earned by the recognized startups having granted inter ministerial board certificate are exempted from income tax for three consecutive years.
Such an exemption is given to facilitate business growth as well as cater to the working capital requirements during the initial years.
3. Easy Winding Up of Company
Startups also known as fast track firms can be wound up within 90 days as against 180 days for other companies.
Further, an insolvency professional shall be appointed for liquidating the assets and paying creditors. This would be done within six months of filing an application to make such an exit.
4. Tax Exemption on Investment Above Fair Market Value
In case a startup:
1. has inter – ministerial board certificate and
2. receives consideration from the issue of shares exceeding the face value of such shares
then the consideration upto Rs. 10 crores received from such shares exceeding the fair market value of such shares is exempted from tax.
5. Startup Patent Application and IPR Protection
Startup India provides high quality intellectual property services and resources to help startups protect and commercialize their IPRs. This includes:
1. fast tracking of startup patent application,
2. providing 80% rebate in filing of patents as compared to other companies
3. providing 50% rebate in filing of trademarks as compared to other companies
4. panel of facilitators to help in filing of IP applications and
government support to bear facilitation costs
6. Relaxation in Public Procurement Norms
In order to meet quality and technical specifications all government of India departments, ministries and PSUs have been given authority to ease the norms with regards to public procurements. Thus, a startup can avail exemptions on:-
1. earnest money deposit
2. prior turnover and
3. experience requirements in case of government tenders
Further, startups can now get listed as sellers on Indian Government’s largest e-Procurement portal that is Government– Marketplace (GeM)
7. SIDBI Fund of Funds
The government of India has set aside a corpus fund of Rs. 10,000 crore. This fund is managed by SIDBI and is intended to provide equity funding support for the development and growth of innovation driven enterprises.
The nature of such a corpus is fund of funds. This means that the government contributes towards the capital of SEBI registered funds. These funds further invest in startups.
PROCEDURE TO GET "DPIIT" NUMBER UNDER STARTUP INDIA REGISTRATION
CERTIFICATE VALIDITY AND DOCUMENTS REQUIRED FOR STARTUP-INDIA
THE VALIDITY OF STARTUP INDIA CERTIFICATE
An entity shall cease to be a Startup on completion of ten [10] years from the date of its incorporation/ registration
OR
If its turnover for any previous year exceeds one hundred [100] crore rupees.
*Whichever is earlier.
Following Documents Requirement for Startup India Registration
1. Certificate of Incorporation
OR
Registration Certificate and PAN
2. Email ID and Mobile number
3. Company Details
( Industry, Sector, Category, Regd. Office Address etc)
4. Directors/Partners Details
( Name, Photo, Gender, Mobile No. Email ID, Full Address)
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