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What is Startup India Scheme, Features, Benefits, Eligibility, how to register for the startup India scheme Startup India registration fees and Startup India loan, click here to get full information?
What is Startup India Scheme?
Nowadays startup is a new route for teenagers, where youth are coming into the field with innovative and fantastic startup ideas. Many want to get profit from their business and many want to enhance human lives. Therefore, to support newcomers Govt. Comes with a scheme that was Commenced on 16th January 2016, the Startup India Initiative has rolled out various policies with the motive of favoring entrepreneurs, building a strong startup ecosystem, and modifying India into a nation of job creators rather than job seekers. Moreover, These programs are governed by a dedicated Startup India Team, which reports to the (DIPP) Department for Industrial Policy and Promotion.
The motive of the Startup India Seed Fund Scheme
The major goal of the Startup India Seed Fund is to give funds to the entrepreneurs for their startups so, they can grow their businesses. Through this policy now entrepreneurs require to go to banks and financial institutions in order to receive funds for their business idea. Moreover, They can easily apply through this scheme and get funds immediately from the government. Whereas, the Startup India seed fund scheme will attain the early requirement of capital at the right time. Therefore, product improvement, trials, market-entry, etc can take the spot at the right time. This scheme will also produce huge employment and validate the business ideas of startups
Who is Eligible for Registration under Startup India?
As per the Startup India Action agenda, the followings limitations must be fulfilled to be qualified as Startup :
-Being registered or incorporated in India up to 10 years from the date of incorporation.
-Should be a private Ltd company or documented as a partnership firm or an LLP (limited liability partnership).
-Has an annual turnover not exceeding 100 crores for any of the financial years’ incorporation/registration.
-Should working towards innovation, development, or improvement of products or processes or services, or if it is a scalable business type with a huge potential of employment generation or wealth creation.
-Important thing is if an entity formed by branching out or reconstruction of an existing business will not be considered a ‘Startup’. Also, an entity will not be called a startup After completion of 10 years from the date of its incorporation/registration or Achieving turnover in any of the previous year more than Rs. 100 crore.
What is Startup India Process of Registration?
Step 1:- First Go to the Shram Suvidha Portal of the Ministry of Labour and Employment. Click here
Step 2:- Second Register at Shram Suvidha Portal and then log in.
Step 3:- After successful login, click the link “Is Any of your Establishment a Startup?”
Step 4:– Follow the instructions.
What Are The 7 Benefits Given under Startup India?
Simple and Easy procedure
The Govt. of India has started a mobile application and a website for easy enrollment for startups. If Anyone interested in setting up a startup can fill up a form on the website and upload obvious documents. This entire procedure is totally online.
Reduction in cost
The government also gives schedules of facilitators of patents and trademarks. Hence, They will deliver high-quality Intellectual Property Right Services containing a fast examination of patents at lower fees. The government will bear all facilitator payments and the startup will bear only the statutory payments. They will enjoy an 80% deduction in the cost of filing patents.
Easy access to Funds
A 10,000 crore rupees fund is set up by the government to capitalize funds to the startups as venture capital. The government is also giving assurance to the lenders to motivate banks and other financial institutions for providing venture capital.
Tax holiday
This is great for startups that will be exempted from income tax for 3 years. they also receive a certification from (IMB) Inter-Ministerial Board.
Apply for tenders
Startups can apply for govt. tenders. They are exempted from the “prior experience/turnover” standards applicable for ordinary companies answering to govt. tenders.
R & D facilities
Seven new Research Parks will be set up to provide capabilities to startups in the R&D category
Less time-consuming compliances
Several compliances have been facilitated for startups to save time and money. Startups shall be allowed to self-certify compliance (through the Startup mobile app) with 3 environments and 9 labor laws.
Support for Startup India
Startup India movement has earned worldwide help for its attempt to bring Startups to the forefront of India’s development story. Also, It enables entrepreneurs to concentrate on their core business (rather than time-delaying regulatory compliances) – while empowering them with a powerful eco-system to promote their creativity and growth.
Budget 2022:- GOVT ALLOCATES RS 283.5 CRORE FOR STARTUP INDIA SEED FUND SCHEME
We have seen in recent years there is a startup wave in India. Seeing this the Government of India has announced to increase the funds for Startup India Seed Fund Scheme in Budget 2022-23 from Rs 100 crore to Rs 283.5 crore. And according to the reports now Fund of Funds for Startup (FFS) is controlled by the Small Industries Development Bank Of India (SIDBI) and has a collection of Rs 10,000 crore of funds.
5 Startups in India and their valuation in 2022 updated.
Conclusion
Any startup registration in India has gotten very simple if we calculate it from the beginning to finish. The government has done a lot to maintain the economy, from startup registration to incubation help, government funding, and tax cuts. The government is helping in improving a bright future for Make in India and preventing brain drain to foreign countries by making the Indian geography extra attractive for teeming startup.
FAQ
WHAT IS STARTUP INDIA SCHEME?
Government of India announced startup India scheme on 16th Jan 2016 to empower and building a strong startup ecosystem and modifying India into a nation of job creators rather than job seekers.
Who is Eligible for Startup india?
Is who’s been registered or incorporated in India up to 10 years from the date of incorporation and should be private limited or a partnership firm or an LLP and has an annual turnover not exceeding 100 crores for any of the financial years’ incorporation/registration.
What is Startup India registration process?
Step 1:- First Go to the Shram Suvidha Portal of the Ministry of Labour and Employment. Click here
Step 2:- Second Register at Shram Suvidha Portal and then log in.
Step 3:- After successful login, click the link “Is Any of your Establishment a Startup?”
Step 4:– Follow the instructions.
What are Startup India scheme benefit?
Simple and Easy procedure
Reduction in cost
Easy access to Funds
Tax holiday
Apply for tenders
R & D facilities
Less time-consuming compliances
When was Startup India scheme announced?
16th January 2016
Startup India scheme comes under which ministry?
Ministry of Commerce and Industry
How much fund was allocated for Startup India seed fund scheme in Budget 2022?
Rs.283.5 crores.
Who controlled fund of funds for startup?
Small industries development bank of India (SIDBI)
How launched Startup India seed fund scheme?
Shri Piyush Goyal Minister of Textiles, Minister of Commerce and Industry and Minister of Consumer Affairs, Food and Public Distribution, launched Startup India seed fund scheme .
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