Start-up India is a one stop platform for all the stakeholders in the start-up ecosystem to exchange knowledge, to interact among each other and form successful partnership in a highly dynamic environment. This initiative empowers the start-up ventures to boost Economic growth,
Entrepreneurship, and employment all over India. This initiative will lead in significant way in retreating Government of India commitment to making India the hub of innovation design and start-ups.
In further article taxpotter will make aware you and help you with the Start-ups ,it’s origin, benefits , registration procedures, documents required, laws applied .
The start up India definition tried to create potential employment in Business Ecosystem .In addition to this, the requirement of letter of recommendation from an industry association was also removed to avail benefits offered under the initiative. Under the provisions of this plan start-ups were entitled to get a number of benefits such as tax incentive including capital gain tax exemption, governments assistance in funding, prioritisation off start-up in public procurement. the benefits also included a provision for start-ups to avail assistance of a self-certification compliance system with respect to labour law and environmental laws and get exemption from any inspection of their place of business. In 2021 Indian start-ups turned to Unicorn .Last year India Witnessed ,44 unicorns taken birth of having total value of 94.37 bn USD . Some big unicorns which offered IPO namely Policy Bazar ,Paytm, Zomato , Freshworks and Nykaa.If we take example of Flipkart only then we will be able to relate facts easily. Flipkart was started 15 years ago in 2007 by Sachin Bansal and Binny Bansal ; focused only on online book selling &used to take 100 orders per day only but now it’s business is spread over all over India and started competing Amazon (CEO Jeff Bezos) .Till March 2017, Flipkart only covered 39.5% of market share of India's e-commerce industry
It will be vague to say that start-up has been developed in 21st century but if we see in 80s also some start-ups for example TCS ,Infosys, Wipro ( IT Companies )has represented India into world global economy. Due to advent of technology, start-ups in India established. We often relates the word startup to United State’s Silicon Valley, Which shows the great start-ups like Google , Facebook Etc. Now start-ups are also related to Bangalore in India and Shanghai in China. After USA and UK India stands at 3rd position in start-up economy
This initiative aims at fostering entrepreneurship and promoting innovation by creating an ecosystem which is conductive for growth of start-ups’ main objective is that India must become a nation of job creators not a nation of job seekers. A vision that aimed to accelerate the entrepreneurship potential of the people of India.
The official website of start-up India is https://www.startupindia.gov.in/
The website as be used by any people for the purpose of Information as well. It fall under the Ministry of Commerce and Industry.
This campaign is an initiative of the Government of India which was announced by Indian Prime Minister Narendra Modi during his speech in 15th August 2015.But the event was inaugurated on 16 Jan, 2016 at Vigyan Bhavan , New Delhi.
Note:- Shram suvidha portal has been developed by Government of India Which allows start-ups to submit Self certification Under applicable labour laws to avoid any inspection till 5 years.
Note:- An entity shall be considered as start-up to 10 years only from the date of its incorporation.
Examples of Start-ups: - Flipkart, Oyo, Policy bazar, Paytm, Big Basket, Delhivery,
The popular challenges faced by many start-ups has been accessing finance. due to lack of experiences securities and existing cash flows, entrepreneur fails to attract investors here. Beside these, the high-risk nature of start-ups, edge a significant percentage failed to take off puts off many investors. In order to provide funding, support the government has set up fund with an initial amount of 2500 crore and a total amount of 10,000 crore over a period of 4 years that is 2500 crore per year. the fund is in the nature of fund of funds which means that it will not invest directly into start-ups but shall participate in the capital of security exchange board of India registered venture funds.
All the Start-ups are exempted from income tax for 3 years only. But to avail above told benefits, they must be certified by the (IMB)Inter-Ministerial Board. Those Start-ups which incorporated on or after 1st April 2016 can apply for the income tax exemption.
Start-ups which satisfy all the conditions of start-ups can apply to be recognised by department for promoting of industry and internal trade DPIIT (Department for Promotion of industry and Internal Trade managed by Government of India) using start up India portal.
Start-up India registration main focused to reduce the burden on Start-ups, because they want to allow them to focus on their main business and Keep compliances very low , but it must be noted that the total cost of start-up India registration with professional utilities each ₹7499 only and the total time this process would take ages around 15 to 20 working days.
Firstly, one have to incorporate his/her business as a private limited company or a partnership firm or a limited liability partnership. have to follow all the normal procedures for registration of any business like
Obtaining the certificate of incorporation Or partnership registration, pan and other required Adherence.
The entire process of registration is very simple and online. all one have to do is log on to the startup India website and fill up the form with details of business. next fill the otp which is sent to email and other details like start-up as a type of user name and stage of the startup .After entering all the details the start-up India profile get created
Once the profile is created on the website start-up can apply for various acceleration, membership program and other challenges on the website together with getting access to resources like learning and development program government scheme state policy for start-ups pro bono services as well.
Next step after creating the profile on the start-up India website is to avail DPIIT
The DPIIT (Department for Promotion of Industry and Internal Trade) recognition process provided a boost to the overall ecosystem and enabled start-ups to access various support initiatives under the title start up India.
DPIIt recognition helps the start-ups to avail benefits like,
The action plan also presents a common platform for stakeholders to partnership with academy and private sector entreaties, to interact them and facilitation for funding support. Some other benefits that the action plan Included 80% of the rebate in patent registration fee and 50% of the rebate in trademark filing as well. Start-ups could also get benefit from faster exit norms and free of cost assistance provided by patent and trademark facilitators in filing for Intellectual Property Rights.
The page recognition application details gets opened. On this page Fill up the start-up recognition form and submit it
On applying one will immediately get recognition number of his /her document start-up. the certificate of recognition will be issued after the examination of all the document. It must be noted that if anyone submits wrong document or forged document then here’s shall be liable to a fine 50% of paid up capital of the start-up with a minimum fine ₹25,000.
The launch of recognition initiative under start-up India provided all the stakeholders 100% online platform. on this platform, the certificates of recognition are issued to eligible and complete applications within 48 to 72 working hours.
Currently there is at least one recognised start-up in each state and Union Territory. Up to February,2020 54 industrial sectors with maximum number of start-ups registered under IT services, healthcare and Lifesciences followed by educational sector.
Narendra Modi unveiled An action plan consist of 19 action points Which act as a Guiding document for any start-up initiative
Start-up India Has brought revolution in the Economy system. From the above article we are able to understand that how it has changed and made life and business easily. if we keep our attention before start up India initiative the life was not as easy as now it is. It has made easy and fair competition in the market. Start-up India has made Indian youth more enthusiastic and innovative. if we see in the society not each and every person want a 9 to 5 job but a number of youths are inspired & oriented towards marketing field also. So, if we see the data of unnatural death(suicide), then we find it got reduced. With this plan the government of India hopes to accelerate spreading of start-up movement as it worked positively till now.
Please fill this form to start your Business Journey with us