What is the Startup India Scheme?
The Startup India Scheme is a flagship initiative of the Government of India to promote entrepreneurship and innovation in the country. The scheme was launched in 2016 and offers a number of benefits to startups, including tax exemptions, easy access to funding, and regulatory simplifications.
Eligibility for the Startup India Scheme
To be eligible for the Startup India Scheme, a startup must meet the following criteria:
- The startup must be incorporated in India.
- The startup must not be older than 10 years.
- The startup must have an annual turnover of less than ₹100 crore.
- The startup must be working on an innovative product or service.
Tax Exemptions for Startups
Startups registered under the Startup India Scheme are eligible for a number of tax exemptions, including:
- Exemption from income tax on profits for three consecutive years out of the first ten years of incorporation.
- Exemption from capital gains tax on investment in startups by eligible investors.
- Exemption from angel tax on investments in startups by angel investors.
Types of Benefits under the Startup India Scheme
In addition to tax exemptions, the Startup India Scheme also offers a number of other benefits to startups, including:
- Easy access to funding: The Startup India Scheme provides startups with access to a number of funding schemes, including the Startup India Seed Fund and the Startup India Fund of Funds.
- Regulatory simplifications: The Startup India Scheme has simplified a number of regulations for startups, such as the process of obtaining a company registration certificate and a PAN card.
- Access to government programs: The Startup India Scheme provides startups with access to a number of government programs, such as the Atal Innovation Mission and the Make in India initiative.
How to Register for the Startup India Scheme
To register for the Startup India Scheme, startups can visit the Startup India website and follow the steps given below:
- Click on the “Register Your Startup” button.
- Enter your basic information, such as your name, email address, and mobile number.
- Create a password and click on the “Submit” button.
- You will receive a verification email on your registered email address. Click on the link in the email to verify your account.
- Once your account is verified, you can log in and complete the registration process.
Unique features of the Startup India Scheme
Here are some unique features of the Startup India Scheme:
- The Startup India Scheme is one of the most comprehensive startup programs in the world. It offers a wide range of benefits to startups, including tax exemptions, easy access to funding, and regulatory simplifications.
- The Startup India Scheme is very easy to register for. Startups can register for the scheme online in a few minutes.
- The Startup India Scheme is very affordable. There is no fee to register for the scheme.
- The Startup India Scheme is supported by a number of government agencies and private organizations. This provides startups with access to a wide range of resources and support.
How the Startup India Scheme has benefited startups
The Startup India Scheme has benefited startups in a number of ways, including:
- Increased access to funding: The Startup India Scheme has made it easier for startups to raise funds from investors. This has led to an increase in the amount of funding raised by startups in India.
- Reduced regulatory burden: The Startup India Scheme has simplified a number of regulations for startups. This has made it easier for startups to start and operate their businesses.
- Access to government programs: The Startup India Scheme provides startups with access to a number of government programs. This has helped startups to get the support they need to grow their businesses.
Conclusion
The Startup India Scheme is a great initiative that has benefited startups in a number of ways. If you are a startup entrepreneur, I encourage you to register for the Startup India Scheme and avail of the benefits offered by the scheme.