Startup India is a program that was initiated by the Government of India in 2016 that recognizes and considers the new organization as a startup.
On obtaining startup India certificate, the startups can avail various assistance in applying for intellectual property rights e.g. Trademark registration, patent and copyright registration. Recognized startups can avail following reliefs in IPR: Fast-track startup patent applications with 80% government fees rebate.
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Startup India is a flagship initiative of the Government of India, intended to catalyse startup culture and build a strong and inclusive ecosystem for innovation and entrepreneurship in India. Launched on 16th January 2016, the Startup India Initiative has rolled out several programs with the objective of supporting entrepreneurs, building a robust startup ecosystem and transforming India into a country of job creators instead of job seekers. These programs are managed by a dedicated Startup India Team, which reports to the Department for Industrial Policy and Promotion (DPIIT).
To be eligible under this scheme, a start-up must be incorporated as a Private Limited Company under Indian Companies Act, 2013, a Limited Liability Partnership (LLP) under Indian Limited Liability Partnership Act, 2008 or a partnership firm under the Indian Partnership Act, 1932.
Startup India Seed Fund Scheme
Seed fund is An Initiative from central government to Spur Entrepreneurship Across India.
The Need for Startup India Seed Fund Scheme
Easy availability of capital is essential for entrepreneurs at the early stages of growth of an enterprise.
Funding from angel investors and venture capital firms becomes available to startups only after the proof of concept has been provided. Similarly, banks provide loans only to asset-backed applicants.
It is essential to provide seed funding to startups with an innovative idea to conduct proof of concept trials.
Objective Of The Scheme
Startup India Seed Fund Scheme (SISFS) aims to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry and commercialization.
This would enable these startups to graduate to a level where they will be able to raise investments from angel investors or venture capitalists or seek loans from commercial banks or financial institutions.
Easier Norms on GeM Portal
Government e-Marketplace [GeM] is an e-commerce portal for public procurement where private sellers including startups can sell products and services to government buyers and participate in government e-tenders.
Get registered as a seller on government e-Marketplace aka GeM portal.
A registered startup can enjoy privileges over others, private sellers. The separate scheme launched for a startup is named GeM Startup Runway Scheme.
On Gem Startup Runway scheme, Startups are entitled to avail exemption on:
Tax exemption u/s 80 IAC
Post getting recognition under the startup India scheme, you may apply for Tax exemption u/s 80 IAC of the Income Tax Act.
A Startup can avail of a tax holiday for 3 successive financial years during its first 10 years of startup eligibility.
Criteria for applying to 80IAC Tax exemption:
Angel Tax Exemption u/s 56
After startup India registration, you may apply for Angel Tax Exemption.
Criteria for Angel Tax Exemption u/s 56 of the Income Tax Act 1961:
Self-Compliance for Labour Laws
Startups can do self-assessment for labour law compliances and there will be no inspection or physical visit by public officers during the first 3 years. Startups can self-certify through the startup India portal with the given below 6 labour laws.
Our professionals can assist In order to self-certify labour laws compliances.
Trademark, Patent, IPR related exemption
On obtaining a startup India certificate, the startups can avail various assistance in applying for intellectual property rights e.g. Trademark registration, patent and copyright registration.
Recognised startups can avail following reliefs in IPR:
Easy Winding Up of Company
Startups registered under the startup India scheme can avail easy exit route for winding up the company within 90 days under Insolvency & Bankruptcy Code, 2016, in case the startup business model failed.
Startup India Certification
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