India is a rapidly developing country, and one of the main reasons behind this rapid development is the numerous entrepreneurs in the country. Because of the entrepreneurship, only multiple jobs are created across the country. Startup India is a separate plan to elevate and nourish the entrepreneurship by providing them financial and other supports to encourage their path of business. India is the third largest spot for the startups in the world, based on the reports by NASSCOM and Zinnov. Around different types of sectors, various startups are growing like a wildfire. This is absolutely a healthy development and it should be encouraged so that only it can lead to new innovations and job creation around the country and can positively impact the social economic conditions of the country.
Establishing a startup in India
Several steps are there in fixing a startup with a firm foundation.
At first, the business should be incorporated as a private limited company or a limited liability partnership or even a partnership firm, so that it will be a legal entity. Furthermore, certificate of partnership and incorporation registration, PAN and other compliances should be obtained.
To register in the startup India website, go to the portal and register your business details as the startup. Fill the form about all the details of the business. All the necessary requirements such as important documents and other needed details should be uploaded. Documents should be in the PDF format while uploading in the portal. Following are the must document to be uploaded in the firm registration process,
- i) Letter of support or recommendation
Letter of recommendation should be attached to the registration form while submitting.
- ii) Incorporation/Registration Certificate
The certificate of incorporation of the company is an important identity for the company and so it should be uploaded.
iii) Description explaining about the business
Provide information about the products and services of your business and other innovative outcomes from your business. The products and outcomes should be innovative enough, with new methods of incorporation than conventional methods.
Availing the tax benefits
Startups were able to release from the income tax up to 3 years. These kinds of benefits can be only able to get by the company if it is a certified startup by the Inter-Ministerial Board. Startups which are recognized by DIPP from the Government of India can easily get the benefits of Intellectual Property Rights, instead of availing the additional certification from IMB, with just a single of “YES” the application will be shared directly with the Inter-Ministerial board.
Checking out the conditions
The following conditions should be satisfied by the startup,
- The startup should be registered as the private limited company or partnership or limited liability partnership.
- In the previous 5 years, the business should not be registered in India.
- The total turnover gained per year should not exceed 25 crores.
- The business process should move on towards innovative things or should be capable of emphasizing the existing technological features.
- The startup business must not be an outcome as a remodel of prevailing business.
Getting the recognition number
After the investigation of all the necessary documents, the certificate of recognition will be given and a separate recognition number will be assigned. The uploading process of documents should be carried out meticulously, as if any errors such as missing of any important document or any other wrong document or if the document is found to be forged, it can lead to several problems as paying a fine of 50% of paid-up capital of the considered startup and additional minimum fine of Rs. 25000.
The above-said steps are the necessary steps should be done for the registration of a startup in Startup India scheme.
Benefits and outcomes from the startup India scheme
- Self-certification for the startups is comprised of nine labor laws and environmental laws. For the labor laws, there will no inspection for a period of three years.
- This scheme enables the startups to communicate easily through the mobile application so that the process of uploading the relevant documents to the portal becomes very easy one for the companies. Other processes such as clearances for the approvals, filing complaints are also done through the app.
- Startup India eases the patent filing approach. The companies are able to get a rebate which is 80% of the fee of the patent application. For the startup, it is enough to bear only the statutory fees and the government will take care of other facilitator fees.
- Above all the other things, this scheme can boost up the research and innovation among the youngsters who are very eager to implement their own skills in creating a company. Aspiring entrepreneurs can develop through these outcomes, and new research parks are provided for the startups in the R&D sectors.
- Because of this scheme, aspiring entrepreneurs are no need to worry about their prior experience in launching their business. Earlier, experience and prior turnovers are required as the major criteria in providing wide scope and opportunities. But now, these are all changed and equal opportunities are offering by the government to both startups and experienced entrepreneurs.
- This campaign can easily evoke indigenous startups and aspiring entrepreneurs which can create several job opportunities and expand the country economic values. People lives can be made easier through various affordable services, which can be leading support for the country development.