The Startup India Scheme was launched in 2016 and is an initiative of the Government of India. The purpose of the scheme is to facilitate entrepreneurship in the country. The Scheme seeks to provide support to nascent job creators.
- The startup should be a registered LLP, a Limited Company or a Partnership firm
- Approval by the Department of Industrial Policy and Promotion is a necessity.
- It cannot be more than 10 yrs in existence since its incorporation
- The annual turnover cannot be more than 100 crores in any of the financial years of its existence.
- It should have a vision of innovation, novelty, and development in its venture.
- It should not be a company that was created after a split from another older company.
Startup Support by Government
- The Government will provide platforms for easy registrations and applications.
- The initiative would be functioning through an application also to make the process accessible.
- Patents would be handed out with a rebate of 80% in its filing cost.
- For 5 years, a startup has the power to self certify certain environmental and labour laws for compliance.
- Income tax exemptions can be availed by a startup for 3 years.
- Relaxation and easy winding up of a start-up has been provided where 90 days are required to complete the process.
- Platforms would be provided for networking and liaising with experts and investors.
- A fund of Rs 10,000 crore has been created by the Government to make investments in startups in 4 years.