Startup India is a flagship initiative of the Government of India, intended to build astrong eco-system for nurturing innovation and Startups in the country that will drive sustainable economic growth and generate large scale employment opportunities.
Eligibility Criteria for Startup Scheme:
An entity (Private Limited Company or Registered Partnership Firm or Limited Liability Partnership) shall be considered a “Startup” –
- Upto 5 years from the date of its incorporation/ registration,
- And If its turnover for any of the financial years has not exceeded INR 25 crore,
- And It is working towards innovation, development, deployment or commercialization of new products, processes or services driven by technology or intellectual property.
Steps for registration under Startup scheme:
- An entity can register itself through MCA or Registrar of Firms
- Register itself on the Startup India portal and mobile app
Click here for online application
- One of the following documents is required to be uploaded along with the application for registration as a Startup on Startup India portal and mobile app:
- recommendation (with regard to innovative nature of business), in a format specified by Department of Industrial Policy and Promotion, from any Incubator established in a post-graduate college in India; or
- letter of support by any Incubator which is funded (in relation to the project) from Government of India or any State Government as part of any specified scheme to promote innovation; or
- recommendation (with regard to innovative nature of business), in a format specified by Department of Industrial Policy and Promotion, from any Incubator recognized by Government of India; or
- Letter of funding of not less than 20 percent in equity by any Incubation Fund/ Angel Fund/ Private Equity Fund/ Accelerator/ Angel Network duly registered with Securities and Exchange Board of India that endorses innovative nature of the business. Department of Industrial Policy and Promotion may include any such fund in a negative list for such reasons as it may deem fit; or
- letter of funding by Government of India or any State Government as part of any specified scheme to promote innovation; or
- Patent filed and published in the Journal by the India Patent Office in areas affiliated with the nature of business being promoted.
- On successful registration, you would be able to download a system generated verifiable certificate of recognition.
Click Here for Certificate.
Benefits under this Scheme:
- Tax Exemption on Capital Gains
- Tax Exemption to Startups for 3 years
- Tax Exemption on Investments above Fair Market Value