Before going deep into the dynamics of the eligibility and procedure, let us understand what exactly a startup is.
“A startup is a business managed by the collection of a few people that solves a problem”.
The StartUp India Project has been in the inception stage for quite a time.
With relief from Angel Tax, reduction in Corporate Tax and a cut in Repo Rate, Measures are taken to create a lateral shift in the startup economy. The slowdown in the economy seems to be a difficult hurdle to overcome, which possesses a huge risk. However, the beauty of a startup lies in its risk, the single most crucial trait that distinguishes it from the rest.
Heres a Brief Guide for the Risk Takers to be part of the Indian Startup Programme:
Eligibility criteria to be a startup under startup India programme:
Obtaining recognition as a Startup:
Post incorporation of the company or firm or LLP, registration is required under the Startup India Scheme of the government on the Startup India website.
The Startup can avail tax exemption for the initial 3 years if it is certified by the Inter Ministerial Board. DIPP registered companies can also avail of such exemption.
Following are the documents required at the time of registration on the website:
- Letter of Recommendation from DIPP along with the registration form
- Incorporation Certificate
- Brief Description of the Business
- Self Certification of the existence of the company or firm or LLP, Incorporation is less than 5 yrs, Turnover of the company < 100 cr, Innovative Product and business is a fresh idea and reconstruction or splitting up of existing business
The Indian government is providing enough help to the startups to cope up with the economy. Moreover, many startups have registered themselves under this startup India regime so as to get maximum benefits from the government. Let’s Join the Movement!