what is startup india program and what are the benefits of it ?

STARTUP IN INDIA 

Startup India is a flagship initiative of the Government. It was launched on 16th January, 2016; Startup India is defined as a newly established business venture that is aimed at developing or providing innovative products, services or processes. It has rolled out several programs with the objective of supporting entrepreneurs, and transforming India into a country of job creators instead of job seekers.

To get registration under startup India an entity must be incorporated or registered in India as a Limited liability partnership or private limited company, and is not more than 10 years old. Furthermore such entity should have an annual turnover of less than INR 100 Crores and must be working towards development, innovation, deployment or commercialization of new products, processes or services driven by technology or intellectual property.

The ecosystem of startup in India is getting significant growth over the past few years, because the Indian government launching various initiatives to support and promote the growth of start-ups like the setting up of startup incubators and accelerators across the country. 

BENEFITS OF START UP INDIA

Startup India is an initiative by the Government of India aimed at promoting the growth of startups in the country. The initiative provides various benefits to startups, some of which are:

Income Tax benefits: A startups registered under DPIIT is eligible to avail the  tax benefits such as a 100% tax exemption for the first 3 years of operation, and exemption from capital gains tax for investments made in the startup.

Benefits of funding: A startups registered under DPIIT is eligible to avail the benefits of various funding schemes and programs offered by the government, like  the Fund of Funds for Startups (FFS) and the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE).

Ease of compliance: A startups registered under DPIIT is eligible to avail the benefits of  exemptions from certain compliance requirements such as labor law inspections for up to 3 years, self-certification under environmental and labor laws, and faster patent examination.

Benefits of networking and mentorship: A startups registered under DPIIT is eligible to avail the benefits of mentorship and guidance through various incubators and accelerators set up by the government of India, and can also connect with industry experts, other start-ups and investors through various networking events and platforms.

Government schemes and support: A startups registered under DPIIT is eligible to avail the benefits of various government schemes and initiatives for supporting startups, like the Technology Incubation and Development of Entrepreneurs (TIDE) scheme.

Overall, the initiative for startup taken by india government under startup india program is really helpful to create a positive ecosystem for startups in India and is very supportive and instrumental to promote innovation, entrepreneurship, and job creation in the country.

CA KHALID REHMAN

(M.Com, Chartered Accountant)

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