Startup India is an initiative of the Government of India. The initiative is taken to promote innovation and development. If you are a startup and want to register under Startup India there are some conditions that needs to be fulfilled. There are few eligibility criteria.
- The start should be a Private Limited Company or a Limited Liability Partnership or has a Registered Partnership.
- The date of corporation should not be more than 10 years.
- Annual turnover of the company does not exceed INR 100 Crores for any financial year.
- The company, firm or LLP is not formed by splitting up or by reconstruction of a business already in existence.
- The company should work towards innovation, development or improvement of products or processes or services.
- In case if the company does not work towards innovation, the business model of the company, firm or LLP should be scalable or has a potential of generating employment or creation of wealth.
Benefits of registering in startup India are:
- Self-Certification with 9 labour laws and Environment laws.
- No inspection under labor laws for 3 years.
- The is exemption in the Income tax for 3 consecutive years.
- Tax exemption will be given if the company is incorporated on or after 1st April 2016
- The is a rebate of 80% in the fees for patent application.
- On Public Procurement Policy there is an exemption on EMD and no minimum eligibility requirement.
- Mentorship is also provided to the startups if they register themselves.
Mangalmay Innovation and Entrepreneurship Foundation highly encourages and supports the students to come up with their dream project or an innovative idea.
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