Startup India is an initiative of the Government of India to boost the Indian economy, encourage entrepreneurship and generate large-scale employment opportunities. The Government through this initiative aims to empower Startups to grow through innovation and design.
Through VS IPR & LEGAL ADVISORS avail various resources to manage & grow your Business plus a Start-up-India Recognization Certificate by Registering your Company / LLP / Registered partnership firm under Start-up-India.
BENEFITS OF STARTUP INDIA SCHEME
Fast Track Startup Patent Application and with up to 80%rebate in filing patents1
50% Subsidy in Trademark Application
Relaxation on Early deposit money in Government Tender
Relaxation on Eligibility criteria in Government Tender and Various other public Procurement Norms.
Tax Exemption on Investment Above Fair Market Value.
Tax Exemption for Three Years.
Self Certification under Labor and Environmental Laws.
You can register for the GEM portal of government.
Fund of Funds.
Easy Winding Up of Company
Resource free such as getting access to Learning and Development Program,
Gov Schemes, State Polices for Startups & pro-bono services.
Startup India Recognition Certificate.
ELIGIBILITY CRITERIA FOR STARTUP INDIA CERTIFICATE
An entity shall be considered as a Startup:
Note: An entity formed by splitting up or reconstructing a business already in existence shall not be considered a ‘Startup’.
WHAT DOCUMENTS ARE REQUIRED?
3 LAYER OF STARTUP INDIA CERTIFICATE
|Get DPIIT Recognition Certificate||Angel Tax Exemption on Equity Investment|
Eligibility Criteria for Tax Exemption
under Section 56 of the Income Tax Act:
|On receipt of an application, DPIIT issues a Startup India certificate to the newly incorporated company after validating the unique business process and other eligibility criteria.||Post getting recognition a Startup may apply for Angel Tax Exemption.|
a. The entity should be a DPIIT recognized Startup.
b. The aggregate amount of paid-up share capital and share
premium of the Startup after the proposed issue of a share, if any, does not exceed INR 25 Crore.
c. For availing of angel tax exemption, a startup needs to file a declaration under Form-2 to DIPP.
Income Tax Exemption
Post getting recognition a Startup may apply for Tax exemption under section 80 IAC of the Income Tax Act. Post getting clearance for Tax exemption, the Startup can avail of tax holiday for 3 consecutive financial years out of its first ten years since incorporation.
The income Tax authority shall grant the certificate or reject the application.
Eligibility Criteria for applying to Income Tax exemption (80IAC):
a. The entity should be a recognized Startup
b. Only Private limited or a Limited Liability partnership is eligible for tax exemption under Section 80IAC
c. The Startup should have been incorporated after 1st April 2016
| CONCLUSION |