What is Startup India Scheme | Key Advantages of Registering your Business as Startup | Enterclimate

#Start-up is a term used to refer to a #company which is in the first stage of its operations. They are small and initially financed and managed by a handful of founders or one individual. The Start-up India program, launched by the #Indian government in 2016, aims to support the Indian start-up ecosystem across various business segments. The program intends to assist start-ups by reducing the regulatory burden. In this video, we will learn about this program and how it benefits start-ups that focus on sustainability. We will also see how you can register with the government and get the benefits under this program. So Let's start the video.
By fostering innovation, job creation, and economic growth beyond economic prosperity, the program has also proven to be highly successful in promoting sustainability in start-ups. The Support and Incentives under the Start-up India Scheme include
Enabling a start-up-friendly Ecosystem and Support Mechanisms
Focus on Innovation and Technology
Access to Funding and Capital
Incubation and Mentorship
Collaboration and Partnerships
Job Creation and Inclusive Growth
And most importantly
Encouraging businesses to adopt Sustainable Practices.
It is important here to note that The Start-up India program strongly emphasises promoting sustainable practices among start-ups. It encourages entrepreneurs to adopt environmentally responsible approaches, such as energy efficiency, waste reduction, and carbon footprint reduction. Start-ups are also encouraged to integrate social impact and inclusivity into their business models, fostering sustainable development and addressing societal challenges.
Now lets us also understand the Eligibility Criteria to be Recognised as a Start-up.
These are Company Type: The Start-up should be incorporated as a private limited company or registered as a Limited liability Partnership or a partnership firm.
Annual Turnover: Turnover should be less than 100 Crores rupees in any of the previous financial years
Company Age: An entity is considered a start-up upto 10 years from the date of incorporation.
Innovation and Scalability: The Start-up should be working towards the creation/ improvement of existing services, products and processes and must have the potential to generate employment and wealth creation.
Original Entity: An entity formed by splitting up or reconstructing an existing business should not be considered a "Start-up."
Now if your business is eligible under the definition of a start-up and you want to be recognised under this scheme, here is a list of Documents Needed for Recognition as a Startup
• Business Registration
• MSME registration
• Shop And Establishment License
• Import Export Code Registration
• Pollution NOC
• Environmental Clearance (if required)
• Incorporation Certificate in Case of Private Limited Company
• Agreement letter in case of an LLP
• Recommendation Letter from Government Recognised Incubator
• Company Details such as category, industry, sector, office address etc.
• Details of Directors/Partners
• Authorised Representative detail such as Name, contact details, and designation).
• Description stating product uniqueness
• Brief info regarding business operations and products
• Overview of a business plan and the Revenue model.
Now what all Benefits of being recognised as Startup will you be getting once you are recognised as a start-up by the government? Here is the list. Firstly you will be provided with the
Provision for Self Certification: Start-ups can self-certify compliance with 6 Labour Laws and 3 Environmental Laws through a simple online procedure.
The next benefit is for the Self certification for Compliance in case White Category Industry: In the case the start-ups fall under the 'white category' they would be able to self-certify their compliance.
Another advantage of this recognition is the Exemption in Taxes. After getting a DPIIT Certificate, Start-ups can Apply for 80 IAC Tax Exemption and Exemption under Section 56 of the Income Tax Act (Angel Tax) for a period of 3 years.
Now before we end today's video, here is a list of Other Government Schemes that assist Startups introduced by the government to help Indian start-ups. These are
• Multiplier Grant Scheme
• Dairy Entrepreneurship Development Scheme
• Credit Guarantee Fund Trust for Micro and Small Enterprises
• Single Point Registration Scheme
• Zero Defect Zero Effect Scheme
• Start-up India Seed Fund Scheme
• Software Technology Parks
• Mudra Banks
• eBiz Portal
• Atal Innovation Mission
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