Startup India Scheme
Startup India Registration online
It promotes bank financing, simplifies the incorporation process and grants exemptions to startups. But, you need to qualify as an “Eligible Startup” to avail all these benefits.
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An Overview
Startup India Scheme
One of the goals of the scheme has been simplifying how to register a startup in India by reducing regulatory burdens and allowing them to focus on their core business while keeping compliance costs low and also providing multiple benefits, aside from the massive networking opportunities provided by the bi-annual startup festivals held by the Government of India both domestically and internationally.
1
O-1 Visa (Individuals of Extraordinary Ability): Any individual that possesses an extraordinary ability in domains like science, art, business, education or athletics can apply for a non-immigrant visa. In addition, individuals with extraordinary achievements in the television/motion picture industry and with national/international recognitions can apply for a non-immigrant visa.
2
Diplomatic Visa (A Visa): A-1 or A-2 visas is for diplomats and other foreign government officials to enter the United States to engage only in official duties or activities on behalf of their national government.
3
Employment Eligibility Verification: Form I-9 is used for verifying the employment authorization and identity of foreign nationals hired for the purpose of employment in the United States.
Startup India Registration
Checklist under the Startup India Scheme
An organisation will be eligible under the scheme if
- It is incorporated as a private limited company or registered as a partnership firm or a limited liability partnership in India
- It has been less than ten years from the date of its incorporation/registration
- Its turnover for any of the financial years since incorporation/registration has not exceeded INR 100 Crores
- It should possess a DIPP number
- It is funded by an incubation fund, angel fund, or private equity fund that is registered with the Securities and Exchange Board of India (SEBI)
- It has a recommendation letter from an incubator
- Capital gain is exempt from income tax
- It is working towards the innovation, development, or improvement of products or processes or services, or if it is a scalable business model with a high potential for employment generation or wealth creation
Benefits of Startup India Scheme
Income Tax Benefits
DPIIT (Department for Promotion of Industry and Internal Trade), and if the aggregate amount of paid-up share capital and share premium of the startup after the proposed issuing of shares, if any, does not exceed INR 25 Crore, the startup will also be exempt from capital gains tax under Section 56 of the Income-tax Act,1961-2014.
Registration Benefits
Startup registration in India is still extremely complex, with incorporation and registration being considered more difficult than the actual running of a business due to the arduousness of the requirements. Under the scheme, the Startup India Hub, a portal to create networking opportunities and assistance for startups.
Regulatory Benefits
Under the Startup India Scheme, startups are allowed to self-certify compliance for six labour laws and three environmental laws through a simple online procedure. For labour laws, no inspections will be conducted for a period of 5 years unless there is a credible and verifiable complaint of violation, filed in writing, and approved.
Documents Required for Udyam Registration (SSI/ MSME) Certificate
Aadhaar card
A bank passbook with a picture
Election ID card
Passport, PAN card
Information about the initial registration procedure for the business
A driving permit
A government-issued ID card for employees (if any)
Certificate of caste (for SC, ST, and OBC category)
Owner's name and Aadhar number for the business
Name of the business
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Our experience with Bluedex has been awesome and their execution method is Superb and just awesome. Would like to continue my association with VS for a longer tenure.
Our experience with Bluedex has been awesome and their execution method is Superb and just awesome. Would like to continue my association with VS for a longer tenure.
Our experience with Bluedex has been awesome and their execution method is Superb and just awesome. Would like to continue my association with VS for a longer tenure.
FAQs
Let’s clear all the doubts!
A startup defined as an entity that is headquartered in India, which was opened less than 10 years ago and has an annual turnover of less than ₹100 crores (US$14 million).
Most small businesses take at least 2 to 3 years to be profitable and become truly successful once they've hit the 7 to 10-year mark. Most small businesses take years to be successful, despite the overnight success of companies like Facebook.
If you have all the documents in order, it will take no longer than 15 days. However, this is dependent on the workload of the registrar.
Any individual, or even a company or an LLP, can become a partner. However, only an individual can become a ‘designated partner’ in an LLP.
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