Startup India is an initiative by Govt of India, to promote Startups which can generate employment and create wealth
The following are the eligibility criteria for the Startup India Registration.
Eligibility criteria for the Startup India Registration
- i. Date of registration of the entity is not more than 10 years old
- ii. An entity is registered as a Private Limited company or Registered Partnership Firm, Limited Liability Partnership
- Annual Turnover of the company or entity doesn't exceed Rs 100 crores for any financial year since incorporation
- iv. An entity should have a plan for development or improvement of a Product, process or Service and/or have a scalable business model with high potential for the creation of wealth and employment.
Benefits of Startup India Registration.
- i. Startups are allowed to self certify compliance for six labor laws and 3 environment Laws.
- ii.Startups will be inspected only on a receipt of a credible and verifiable complaint on violation in the form of writing to the inspecting officer.
- iii.Exemption from Income tax for any three consecutive years out of the first 10 years. For availing this exemption, the startup should be approved by the inter-ministerial Panel in addition to approval by DIPP.
- iv.Exemption from Agel Tax.i.e Tax on share premium received in excess of Fair Market Value.
- v.Easy winding up of startups under the Insolvency and Bankruptcy Code, 2016
- vi.Rebate on cost and Fast Track Approval for IPR (i.e Patent, copyright, trademark) applications..