Tag: Startup India Registration

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Startup

Startup India Scheme: What Qualifies a Startup Under This Scheme? Here’s How Can One Register a Profile Online on startupindia.gov.in

Startups (Photo Credits: Pexels)

The Startup India initiative launched by the government on January 16, 2016, aims at fostering entrepreneurship and promoting innovation by creating an ecosystem that is conducive to the growth of startups. In India, as many as 44,534 startups have been recognised by the department for the promotion of industry and internal trade (DPIIT).

What qualifies as a ‘Startup’ under Startup India Scheme

An entity shall be considered as a Startup:

1. If it is incorporated as a private limited company or registered as a partnership firm or a limited liability partnership in India

2. Up to 10 years from the date of its incorporation or registration

3. If its turnover for any of the financial years since incorporation/registration has not exceeded Rs 100 Crores

4. If it is working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation

It must be noted that an entity formed by splitting up or reconstruction of a business already in existence shall not be considered a ‘Startup’.

How Can I register a profile online on the Startup India website:

  1. Visit the Startup India website startupindia.gov.inand click on ‘Register’ at the right side of the website where the profile photo box appears on the screen.
  2. Fill in the details as required in the registration form.
  3. An OTP will be sent to your registered email address, post submitting which your profile will get created.

 

Categories
Startup

Startup India Initiative Gains Momentum, Total 44,534 Startups Recognised by DPIIT So Far, 339 Startups Granted Income Tax Exemptions

startup ipo india

New Delhi, March 12: Under the Startup India initiative launched by the government, as many as 44,534 startups in India have been recognised by the Department for the Promotion of Industry and Internal Trade (DPIIT). The numbers have been updated as of February 24 this year, Minister of State for Commerce and Industry Som Parkash said in the Parliament on Wednesday. Startup India is a flagship initiative of the Government whoch aims to build a strong ecosystem that is conducive for the growth of startup businesses, to drive sustainable economic growth and generate large scale employment opportunities.

Startup India, a flagship initiative of the government launched on January 16, 2016, aims at fostering entrepreneurship and promoting innovation by creating an ecosystem that is conducive to the growth of startups. “Since, the launch of Startup India initiative, a total of 44,534 startups have been recognised by the DPIIT as on February 24, 2021,” he said.

Reports inform that as many as 339 startups have been granted income tax exemptions till January 2021. The recognised startups are eligible for several benefits under the Startup India initiative. They avail tax exemptions besides other support measures. Prakash said that startups are eligible for an 80 percent rebate in patent filing fees and 50 percent on trademark filing fees.

Giving details about the startups in India, the Minister informed that so far, 5,253 applications for patents have been filed by startups under the SIPP (startups intellectual property protection) Scheme, out of which 514 patents have been granted. Till November 2020, a total number of Trademark applications filed – 12,264.

Under the Startup India initiative, the Government aims to empower startups to grow through innovation and design. Several programs have been undertaken since its launch in January 2016 with an aim to contribute to his vision of transforming India into a country of job creators instead of job seekers. These programs have catalyzed the startup culture, with startups getting recognized through the Startup India initiative and many entrepreneurs availing the benefits of starting their own business in India.

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Startup Strategy

Startup Permissions: Here Are Some Licences And Permits Required To Start Your Own Business in India

Permit (Representational Image, Photo Credits: Picpedia)

Starting a business in India requires a set of permission and licenses for its smooth functioning. Fulfilling the legal formalities is one of the first steps which startups should never ignore. Otherwise, there may be huge penalties and other legal complications which will hamper the name and growth of the company.

Depending on your business, there are certain licenses and permissions that are required. Government agencies can fine or shut down a business that operates without a licence.

Business Licence: A legal document that grants you the right to operate a business in your city. It is a permit which indicates that the company has the approval of the government to operate.

Various Kinds of Business Registration: The various kinds of business registration in India are-Private Limited Company, One Person Company, Partnership Firm, Public Limited Company or an NGO/Trust. A business will have to get registered under any of the above type o structure.

Safety Registration/Fire Permits

Depending on the type of business you intend to operate, you may need to get an inspection and permit from the local fire department.

GST Registration:

It has now become mandatory for all businesses to get their GST registration done. It needs to be obtained within 30 days of business incorporation, otherwise, the startup will be subject to heavy penalties.

MSME Registration

MSME Registration can be obtained by micro, small and medium enterprises in India to enjoy few subsidies and benefits in terms of loans, taxation, and other schemes.

Startup India Registration

When the business comes under the definition of a startup as per the DIPP Notification, it can get its Startup India registration done. There are a few criteria for it, for e.g., it has not been more than 10 years from the date of business registration. The annual turnover of the entity for any financial year since its registration has not exceeded Rs. 100 crores.