The Government of India has created various beneficial schemes to boost entrepreneurs and help them establish their businesses. Here’s a quick guide.
The program was started on January 16, 2016, by Prime Minister Shri Narendra Modi. The Indian government’s effort intended to create jobs and wealth by assisting new enterprises in numerous ways. Its goal is to create a stable climate where developing entities can thrive and grow, resulting in economic growth and job opportunities. The government thinks that this program would enable enterprises to grow through innovation and design. Better networking, financial aid, and access to various government project tenders are all made possible by Startup India. Three Pillars of the Scheme are:
With better networking with various participants and access to a myriad of knowledge and support resources. It aims to create a supportive ecosystem for the continuous growth and development of these entities.
Steps to Register Your Startup with Startup India
Startup India Registration requires the following steps:
Incorporation and Eligibility Criteria
The first step towards getting the entity registered for the scheme and getting recognition is to incorporate the entity and check for the various eligibility parameters defined within the particulars of the scheme.
Once the entity is incorporated and the eligibility criteria are fulfilled, the next step is to create an account on the GOI start portal (www.startupindia.gov.in). A user can register the entity by browsing the portal and clicking the new user. Registration can be done by filling up the details or using any of the social media accounts. Once the OTP-based validation is done, an account is created for the entity.
Entities can access higher-level facilities, thanks to the Department for Industry Promotion and Internal Trade recognition. Existing and new users can get the DPIIT recognition through scrolling to get ‘DPIIT Recognition’ and ‘Get Recognition,’ respectively. The benefits of DPIIT recognition are,
- Tax Benefits
- Relaxed Public Procurement Norms
- Intellectual Property facilities
- Easy Winding-up
- Access to Funds of Funds
A detailed form for entity recognition needs to be filled out. Here, the details for recognition can be accessed.
An entity has to furnish the required documents to complete the entity recognition process.
All the documents to be submitted for recognition have to be self-certified before filling.
Certificate of Recognition
The DPIIT certificate of recognition will be issued once all required documents have been submitted and the application has been reviewed. Once the entities are registered, they are permitted to use the DPIIT G2B portal. The portal provides options to file online applications, queries, pitch something, file an application, and history of filed applications and license obtained previously.
List of Documents required:
- Proof of registration: Certificate of Incorporation
- Director details
- Questionnaire received
- Entity Pitchbook: A pitchbook for startup registration, indicating how the entity fits the required parameters of the Startup India Initiative.
- Reference Letter:
- A letter of funding from the Indian government or a state government as part of a specific scheme to encourage innovation; OR
- A reference from an Incubator as required by the Department of Industrial Policy and Promotion (DIPP); OR
- A letter of support from a government-funded incubator mentioning innovation concerning the project; OR
- A letter of recommendation from an Incubator indicating innovative nature of entity OR
- A letter of funding and support from any SEBI registered approved entity indicating endorsement of business; OR
- A patent was filed by the Indian Patent Office and published in the Journal in areas related to the nature of the business being promoted.
Benefits of Signing up with Startup India
For the initial three years, registered Entities will be getting tax exemption so that revenues can be employed for further development.
Registered Entities get the ability to self-certify compliance for nine labor and environmental regulations, thus reducing the regulatory pressure.
Registered entities will be entitled to fast-track application of patents, additionally will have the eligibility to 80% rebate on the patent fee.
Registered entities will have relaxed norms for going public to raise capital.
Registered entities will be enabled to use the knowledge and support of Incubators to have a conducive growth environment.
With 49000 users registered on Startup India Portal, registered entities can broaden the range of networking possibilities. Registered entities also get networking opportunities through fest conducted under the scheme. It is done twice a year.
Registered entities get equal footing to obtain high-value government tenders with relaxed norms and incentives.
Boost in Research and Development
Research parks are being set up to promote research and development for budding entrepreneurs and students. Registered entities will be able to exploit these resources to innovate and develop their products/services.
How Do I Know My Registration is Complete?
Startup gets recognized after filling the application with duly required documentation. Subsequently, you can download a copy of your certificate of recognition from the portal. Certificate of recognition gets available for download in two working days after completion of forms.
Conclusion: Register Your Entity Today
Startup India Statistics stands at:
- 15475 recognized entities.
- 148897 Jobs created.
- 45% o these entities have women directors
Examples of Startup India registered Success Stories:
- 108 COUTURE LLP,
- 21-century polymers Pvt ltd,
- 360 DEGREE FOOD AND BEVERAGES PRIVATE LIMITED
To see the complete list of registered entities, click here.
There are many other schemes that the Government of India provides for entrepreneurs in India. Each of these schemes provides a unique kind of assistance to the entities. With a supportive environment and assistance from varied resources, the startup initiatives of India are indeed a boon to upcoming entrepreneurs. Here is the list of Government of India Schemes.
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