Let us Educate ourselves about Start Up India Program & support new entrepreneurs of the country who are equipped with New Business Ideas, Technology & Innovations.
a) Glimpse of Program
Start up India initiative is designed to foster innovation, create jobs and facilitates investment. Government of India is committed to make this initiative a scalable reality and to provide an environment for our start ups to thrive in.
b) Start-up Definition (only for the purpose of Government schemes)
Start-up means an entity, incorporated or registered in India :
a. Not prior to five years,
b.
With annual turnover not exceeding INR 25 crore in any preceding financial year, and
c.
Working towards innovation, development, deployment or commercialization of new products, processes or services driven by technology or intellectual property
Provided that such entity is not formed by splitting up, or reconstruction, of a business already in existence. Provided also that an entity shall cease to be a Start-up if its turnover for the previous financial years has exceeded INR 25 crore or it has completed 5 years from the date of incorporation/ registration. Provided further that a Start-up shall be eligible for tax benefits only after it has obtained certification from the Inter-Ministerial Board, setup for such purpose.
c) Start-up Recognition
Under the Start-up India Action Plan, start-ups that meet the definition as prescribed under the G.S.R. notification 180 (E), are eligible to apply for recognition under the program. The Start-ups have to provide support documents, at the time of application.
Find out more how you can apply and get recognized here:
http://startupindia.gov.in/startup-recognition.php
d) Start-up Benefits
i) Up to 5 years from its date of incorporation / registration
ii) Incorporated as either a Private Limited Company or a Registered Partnership Firm or a Limited Liability Partnership
iii) Turnover for any fiscal year has not exceeded INR 25 crore
iv) Entity should not have been formed by splitting up or reconstruction a business already in existence
v) Working towards innovation, development, deployment or commercialization of new product, processes or services driven by technology or intellectual property
e) INCUBATOR RECOGNITION
In order to avail the benefits announced in the Start-up India Action Plan, an entity would be required to be recognized as a Start-up. To this effect, it would be required to submit an application along with a relevant recommendation/ support/ endorsement letter. One of the options available to the registering entities is to obtain a recommendation letter from any incubator recognized by Government of India.
Incubator Recognition is provided under the Start-up India initiative to recognize and identify incubators that are eligible to provide the said recommendation letter. This would enable Start-ups to access a wider base of incubator(s) to obtain the same.
For GUIDELINEs, APPLICATION & VALIDATION OF INCUBATOR RECOGNITION, check below link:-
http://startupindia.gov.in/incubator-recognition.php
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