STARTUP INDIA REGISTRATION
How to save more money while running a firm?
Do you want to save more money while running a firm?
Starting a new venture or running an existing venture cannot be easy or pocket- friendly. With having taxes to pay, labour charges, rent, supplies and other incurring charges. The margin of profit can be low for a new firm. And there’s a possible chance of loss if the profit margin is low for a long time. So Is there a way to save more money? Can you do business with comfort? Yes, you can. With the government initiative Startup India
What is startup India?
Startup India is an initiative by the Government of India. It was launched on 16th of January 2016 by Prime Minister Narendra Modi with an aim to help startups and spur entrepreneurs to start their business.
What benefits will you get from startup India?
1. INCOME TAX benefits
You can save more profits for your firm with tax exemption benefits up to 3 years available U/s 80IAC and U/s 56 relief for angel tax relief. And also get concessions on your capital gains.
Startup India: Tax Exemption under Section 56 of the Income Tax Act (Angel Tax)
Post getting recognition a Startup may apply for Angel Tax Exemption.
Eligibility Criteria for Tax Exemption under Section 56 of the Income Tax Act:
- The entity should be a DPIIT recognized Startup
- Aggregate amount of paid up share capital and share premium of the Startup after the proposed issue of share, if any, does not exceed INR 25 Crore.
2. Self-certificate
Compliance Authority based on a self- certificate which can give you benefits of 9 labour laws and one environmental law.
Instead of making a pile of data, save time and focus on your core business as there is no regulatory inspection for 3 years.
3. SPECIAL FUNDINGS
You can have handholding support by the Government in all conditions with a total of 10,000 Cr rupees special fund to back startups in the next 4 years. 2500 crore per year.
4. STARTUP INDIA HUB
You can have access to a single point of contact where you have direct interactions with the government. Discover new moves, plans the government is coming up for your sector.
5. 80% concession on IPR Govt. Fee
Save more money & time with 80% reduction in patent filing fee and faster application means to file a patent. Example:- for a trademark, patent.
6. Tender participation
You can make your company name stand out in a crowded market place and also Invite people to bid in your project. As the government and PSU give relaxation for startups to participate in public procurement job through tenders.
7.Grow your social network
Discover a wide range of companies. Get ideas, insights of other companies which can work for your firm. Get mentorship. Connect with investors and industries.
8. Participate in various schemes
Government releases day-to-day various schemes for a startup to participate. Choose a scheme which suits your firm and do business with more comfort with useful resources. For example- raw equipment assistance scheme, sustainable finance scheme, bank credit facilitation etc.
Check your eligibility criteria for startup India
● Your firm should be Pvt. Ltd or LLP
The Startup should be incorporated as a private limited company or registered as a partnership firm or a limited liability partnership.
● Should have a turnover of less than INR 100 crores
Turnover should not exceed more than INR 100 Crores in any of the previous financial years.
● Not older than 10 years
A firm shall be considered as a startup up to 10 years from the date of its incorporation.
● Should provide value to customers
- The Startup should be working towards creating new products/services which brings value to customers.
- Improving existing products, services and having the potential to generate employment/ create wealth shall be considered as a startup.
Note: An entity formed by splitting up or reconstruction of an existing business shall not be considered a “Startup”
If you want any sort of guidance regarding the process of Startupindia Registration you can feel free to contact our business advisor at +91- 9900213022 or 9035002290