Startup India Benefits | You Should NOT Miss Out

 

The Startup India Scheme or the DIPP Registration was launched by the Indian government in 2016. Startup India benefits in the development of companies, the creation of jobs and the yielding money.

Startup India has launched several business ideas aiming at promoting a thriving startup environment. 

In fact, it has been working on transforming India into a land of job creators rather than job seekers. 

The Department of Industrial Policy and Promotion is in charge of these programmes (DPIIT).

Startup India aims to provide, among other things, the following:

• Less complicated work
• Financial assistance
• Possibilities for networking, and
• Tenders issued by the government.

 

8 Startup India Benefits You Must Know

1) Self-certification 

The corporation must follow the various labour laws. Violations of such statutes result in strict liability. Because they are relatively new to the eco-systems, startups tend to overlook them.

Startups, on the other hand, can self-certify compliance with nine labour and environmental rules in order to decrease regulatory responsibilities. In this instance, no inspections will be carried out for three years.

 

2) Tax Deduction

Startups registered under the Startup India scheme are tax-free, as depicted in a fantastic film. This exemption is only available for the first three years. Incubators are free from paying taxes on any investment that is worth more than the market price.

Angel investor investments likewise excludes from the scheme's taxation. 

A tax break for the first three years or achieving a specified threshold limit means that the company can use all of its profits for business expansion.

 

3) Clearance from a single-window using a mobile app

One of the advantages of Startup India is that it allows qualifying businesses to register using a single form. It can be done through the Startup India smartphone app. The application features a single form that startups can use to register.

This app also offers single-window clearances for approvals, registrations, and filing compliances, among other things. 

It is the most straightforward way for anyone to launch a business.

 

4) Patent Coverage

If you've ever tried to register a patent, you'll know how time-consuming it can be. However, the system takes various efforts to safeguard valuable intellectual property. This includes a speedy review of patent applications.

The efforts aren't limited to expedited patent applications. Once the patent files, an additional rebate of 80% of the entire patent price is given.

 

5) Public Procurement Norms Relaxation

Previously, a corporation had to have 'previous experience' or a required turnover' to participate in public procurement. 

It is not the case, however. Startup India has cleared the road for both new and seasoned entrepreneurs to have equal opportunity. 

Startups now have more leeway when it comes to public procurement. As a result, they will find it easier to engage in public procurement.

 

6) A Setup for an Incubator

An incubator is part of the Startup India programme. The public-private collaboration supports in this module. 

The module provides the startup with the necessary knowledge and support.

Currently, 118 incubators throughout India are fuelling the startup environment and assisting the startup ecosystem.

 

7) Networking Alternatives

Startups participating in the programme will have the opportunity to meet with other startup stakeholders at a specific location and time. These gatherings are held as festivals. These festivals are held twice a year.

The festivals are on a national and international scale. It gives entrepreneurs a fantastic opportunity to seek finance. Also, to learn from and grow from other startups. 

It also gives them a bigger picture of what they're doing on a daily basis.

 

8) Tenders from the government

The majority of government projects are substantial and come with significant financial incentives. It is, however, quite difficult to obtain one. The main reason for this is their competitive nature of them.

Startups, on the other hand, are offered incentives to receive government tenders under this scheme. 

They are also not required to have any prior experience in order to consider these bids.

 

DIPP Registration under DPIIT

The DPIIT – Department for Promotion of Industry and Internal Trade – must recognise startups. 

This phase completes once you've done the entire identity-building procedure on Startup India's website. 

To receive DPIIT recognition, go to the 'Dashboard' button and then to the 'DPIIT Recognition' option if you already have a profile.

 

Eligibility for Startup India Registration

To be eligible for the scheme's benefits, you must meet the following eligibility criteria:

• You must either have a private limited company registration online, limited liability partnership or partnership registration.
• The Department of Industrial Policy and Promotion must have granted permission to the company (DIPP).
• It must have a letter of recommendation from an incubator.
• The company must come up with new ideas or products.
• It should be a new company with a maximum age of five years.
• The company's overall revenue should not exceed 25 crores.
• It should not be the outcome of any existing firm, such as a corporation formed as a result of the reorganisation scheme.

A start-up that meets the above criteria is eligible to avail of all the Startup India Benefits.

 

Required Documents for Startup India Registration

• Verification Details for the Director's Complete Profile.
• PAN Card
• Proof in writing for your official website, link, or pitch deck. Validation, speaking, early traction, or a staged startup require this.
• Incorporation certificate/company registration online certificate for a startup.
• Information on patents and trademarks.
• Articles of Association/Incorporation for a Trademark
• A Non-Disclosure Agreement (NDA) is a contract that prohibits the disclosure of (NDA)
• Contracts and Offer Letters for Employees
• Bylaws of the Shareholders' Agreement
• Agreements on the Assignment of Intellectual Property
• Agreement Between Founders and Co-Founders
• Pitch Deck/Business Plan

 

Various Government Schemes for Startup India Benefits

Startup India has launched a number of initiatives aimed at fostering a vibrant startup ecosystem and transforming India into a job-creating rather than job-seeking nation. 

Some of the initiatives launched by Startup India include:

• Small Business Innovation Research Initiative (SBIRI) Dairy Entrepreneurship Development Scheme Stand Up India Single Point Registration Scheme (SPRS)
• Pradhan Mantri Mudra Yojana
• Agro Processing Cluster Scheme of the NewGen Innovation and Entrepreneurship Development Centre
• Support for Procurement and Marketing
• Assistance Program for Raw Materials