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Startup India is a flagship initiative of the Government of India, under the administration of the Ministry of Commerce & Industry. The initiative is intended to boost the Indian economy and encourage entrepreneurship. Start-up India, Stand-up India was initiated in January 2016 by the Government of India to uplift and grow Indian Startups. The DIPP (Department for Promotion of Industry and Internal Trade) registration comes with several advantages that startups can leverage by registering a business entity under the Startup India scheme.
A company registered under the Startup India Scheme is eligible to apply for an exemption of income tax under section 80 IAC of the Income Tax Act. It can avail tax exemption for 3 consecutive financial years out of the first 10 years.
A Startup with the certification can avail of tax exemption benefits from the funds received as angel investment. The exemption is provided if the total amount of paid-up share capital and share premium doesn’t surpass INR 25 Crore after the proposed issue of shares.
The Startup registered under this scheme is entitled to a rebate on the government fees for filing a trademark application. They can also get an 80% rebate on Patent applications and the benefits of the fast-tracking applications.
The Startup can self-certify its compliance under 6 Labour Laws and 3 Environmental Laws, for a period of 05 years from the date of its inception.
Registering an entity under the DIPP recognition scheme assists the Startups to apply for Government tenders. Startups recognized under DIPP are exempted from giving the Earnest Money Deposit (EMD) while filing government tenders.
Networking is an important key for any entrepreneur to get recognition in the market. After registering under the DIPP scheme, the startup gets a platform to meet other startups at different fests and summits organized by the Government, and benefit from the wider exposure.
The startup entities registered under the Ministry of Corporate Affairs can exit on a fast-track basis. Under the Insolvency and Bankruptcy Code, 2016, Startups with a simple debt structure or that meet particular income specified criteria can be wound up within 90 days of applying for bankruptcy.
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Today, by virtue of many outsourced accounting firms, many startups in India can avail of the maximum benefits from the outsourced accounting services, bookkeeping s...Read More
Startup India initiative was launched on January 16, 2016, by the government of India. The objective was to support entrepreneurs and build a strong ecosystem for promoti...Read More