Startup India Registration
Startup India Scheme Registration
A Startup Company is a newly formed business with particular momentum behind it based on perceived demand for its product or service. The intention of a Startup is to grow rapidly as a result of offering something that addresses a particular market gap.
There are no fixed parameters on what type of company can be considered a startup, but the term most frequently applies to high-tech companies creating products that leverage technology to offer something new or to perform an existing task in a novel way.
There are no firm rules on when a startup ceases to be considered a startup. Some suggest a startup stops being one when it hits a certain size, completes its path to profitability, receives a high level of investment funds, becomes a public company or is acquired by a larger corporation.
Eligibility of Startup India Registration
The start-up must be registered as a Private Company, LLP or Partnership Firm
- It should be a new firm or not older than five years, and the total turnover of the company should be not exceeding 25 crores .
- The firms should have obtained the approval from the Department of Industrial Policy and Promotion (DIPP).
- To get approval from DIPP, the firm should be funded by an Incubation fund, Angel Fund or Private Equity Fund.
- The firm should have obtained a patron guarantee from the Indian patent and Trademark Office.
- It must have a recommendation letter by an incubation .
- Capital gain is exempted from income tax under the startup India campaign.
- The firm must provide innovative schemes or products.
- The start-up must not be a product of re-structuring, The business must be involved in a new product or service.
Benefits of Startup India Registration
- Startups shall be allowed to be self-certify compliance for 6 Labour Laws and 3 Environmental Laws through a simple online procedure.
- In the case of labour laws, no inspections will be conducted for a period of 5 years. Startups may be inspected only on receipt of credible and verifiable complaint of violation, filed in writing and approved by at least one level senior to the inspecting officer.
- In the case of environment laws, startups which fall under the ‘white category’ (as defined by the Central Pollution Control Board (CPCB)) would be able to self-certify compliance and only random checks would be carried out in such cases.
- The Building and Other Constructions Workers’ (Regulation of Employment & Conditions of Service) Act, 1996
- The Inter-State Migrant Workmen (Regulation of Employment & Conditions of Service) Act, 1979
- The Payment of Gratuity Act, 1972
- The Contract Labour (Regulation and Abolition) Act, 1970
- The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952
- The Employees’ State Insurance Act, 1948.
- The Water (Prevention & Control of Pollution) Act, 1974
- The Water (Prevention & Control of Pollution) Cess (Amendment) Act, 2003
- The Air (Prevention & Control of Pollution) Act, 1981