Innovation is the key to success and development. For a country to progress, the country must take initiative to create a better environment for progress and innovation. The youth is one of the most important assets of every country and it is important to create a platform for them to grow and learn and thereby leading the country to success. Startup India is an initiative of the Indian Government that aims at boosting the Startup culture of the country and creating a favourable and better environment for entrepreneurship in India. Launched in the year 2016, Startup India has proved to be a significant success and supportive of the youth by concentrating primarily on its core aims and objectives.
The following are the supports provided for entrepreneurs as part of the Startup India initiative;
• Advanced infrastructure and incubation centres
• Facilitates IPR and Patent filling and makes these processes easier
• Tax benefits, easier compliance, improved of setting up a company, faster exit mechanisms, and many other benefits are facilitated by Startup India.
• Increased funding opportunities
• A wide range of useful resources and vast networking databases are made available in the Startup India Portal.
Eligibility criteria to become a part of the Startup India Project
For your company to be a part of the Startup India Initiative, there are some criteria that you should meet. The following are the factors that determine the eligibility of your startup to be a part of the Startup India Project;
1. The age of your company should not exceed ten years from its date of incorporation.
2. The company must be incorporated as a Private Limited Company, a registered partnership firm or a limited liability partnership.
3. The annual turnover of the company should not exceed one hundred crores from its date of incorporation.
4. The company must not be formed by splitting up and must not be a reconstruction of an already existing business.
5. The company should be innovative and scalable. The company should be aimed at the development or improvement of a product or service. It must have a scalable business model with high potential in creating wealth and also employment.
Following are the important steps to register with Startup India
1. Incorporation of the Business; to become a part of Startup India, the first step is to incorporate your business as a Private limited company or a Partnership firm or a limited liability Partnership firm.
2. Register with Startup India: the second step is to register the business as a Startup. The process is simple. On the website of Startup India, you can find a Register Button. Then proceed with the application.
3. Get DPIIT Recognition: The next step after registering in Startup India Portal is to get DPIIT (Department for Promotion of Industry and Internal Trade) Recognition. For this, you need to click on the 'DPIIT Recognition for Startup' button on the 'Schemes and Policies tab.
4. Fill up the Recognition Application: Next step is to fill out the details on the 'Startup Recognition' form. On the right-hand side of the form, you can find a plus button. Press that button and fill out each section.
5. Submission of documents: Following are the documents required for the registration;
• Incorporation or registration certificate of the Startup.
• If any, the documents of proof of funding.
• Authorization letter of the authorized representative of the company, LLP or Partnership firm
• Proof of concept; pitch deck or website link or video (in case of a validation/ early traction/scaling stage startup)
• If any, the details of the patent and trademark.
• If any, list of awards or certificates
• PAN Number
6. Recognition number: After the successful registration, your company will get a Recognition number.
7. Other areas: Next step concentrates on other areas like Patents, Trademarks or design registration, funding, self-certification under employment and labour laws and Tax exemption.
The above are the key things to keep in your mind while registering with Startup India. Make use of the services from the Government and give life to your dreams and ideas.
1. The age of your company should not exceed ten years from its date of incorporation.
2. The company must be incorporated as a Private Limited Company, a registered partnership firm or a limited liability partnership.
3. The annual turnover of the company should not exceed one hundred crores from its date of incorporation.
4. The company must not be formed by splitting up and must not be a reconstruction of an already existing business.
5. The company should be innovative and scalable. The company should be aimed at the development or improvement of a product or service. It must have a scalable business model with high potential in creating wealth and also employment.
