What does one mean by “Startup India”?

Startup India is one in all the foremost initiatives by the Government of India. This program was first announced by Prime Minister Shri Narendra Modi during his Independence speech in 2015. The action plan of this initiative is focusing on three areas: Simplification and Handholding, Funding Support, and Incentives.

  • Eligibility of Startup India Scheme:
  1. Any private limited company, or a Partnership Firm or a Limited Liability Partnership is eligible for the Startup India scheme 
  2. Its annual turnover does not exceed Rs.100 crore in any financial year since its inception/ incorporation.
  • How do I apply for a Startup?
  1. Register the business on the Startup India portal.
  2. After that, apply for DPIIT(Department for Industrial Policy and Promotion)recognition.
  3. Avail of the 80 IAC exemption certificate from here.
  4. Fill in all details with the required documents uploaded and submit the applicationform.
  • What are the benefits of Startup India registration?
  1. Startup India Registration is a very easy process. There is a mobile app and a website for registration under this scheme.
  2. It gives quick access to funds. The main purpose of the Startup India scheme is to fund support and Incentives. An Rs. 10000 crore fund is set up by the Government to provide funds to Startups as venture capital. 
  3. Startup India registration provides three years tax holiday.
  4. The enterprises registered under Startup India can apply for Government tenders without the prior experience/turnover criteria.
  5. A startup can close its business within 90 days from the date of application of winding.

The government’s Startup India scheme has recognized 50000 startups in five years and created 5.5 lakh jobs. The main purpose of this initiative was to build a robust and all-encompassing environment for innovation and entrepreneurship in India.

Settlemytax is an online platform that provides services that support this initiative of Ease of Doing business in India. We provide an in depth range of Business Setup services so that it is easier to incorporate a new business enterprise.  Settlemytax is a one stop solution to all your incorporation and compliance needs.

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