In this post, I am going to explain you an overall overview of Startup India Action Plan,2016 so that you can easily understand the process to add your prestigious Pvt. Ltd. Company, L.L.P or Partnership firm into The most recognized plan of Government of India which is "Startup India Action Program 2016".To understand the content of this post, First, you need to know:
What is Startup India Action Program:
"Startup India Action Program, 2016" is a Government Initiative drive/policy for inventors, students, research enthusiastic personalities, Young Entrepreneurs and for those who want to create something unique and creative for people of India."Startups" have an innovative solution to complex problems. As per Tracxn, 3500 startups was founded in 2015 in India.Some of the famous Startup in India are Paytm, Flipkart, Ola, Delhivery, Swiggy etc.
Some of the Benefits given to "Startups" in India:
1.) Tax Exemption for 3 years.
3 Years Income Tax Exemption will be given to Startups. To catch this opportunity, Startups have to take the certificate from Inter-Ministerial Board. It is subject to Non-Distribution of Dividend of Startup.
2.) Startup will get 80% rebate on Patent Fee.
It is a very good news for all inventors, research enthusiastic and Entrepreneurs who have something unique in their mind. If you want to create something which is novel, non obviousness and have Industrial Application and Enabling then go ahead and grab this opportunity.This will definitely fast track the Patent Filing Process in India.In this scheme, A list of Facilitators is provided by Government, the cost would be borne by central govt.
3.) Very Easy Exit Procedure for Startups.
It is also a very good step taken by the Government of India to support Young Entrepreneurs, Researchers and inventors to give them a burden proof platform in which they can show their creativity and provide an easy solution to a big problem of the world. If somehow, Startup unable to generate revenue and attract an audience or if Startup Owner wants to wind the business, then they can easily do it. They can easily wind up the business in 90 days from the application made for winding up business.
4.) Entrepreneurs Relationship Building
A Business is a Network of Networks. If you want to expand your business then you have to build a positive relationship with other business. Govt. is also providing this kind of facility and creating a platform for startups to meet nationally or internationally by holding two startups fest annually.
5.) No Inspection
No inspection will be conducted for 3 years in case of "Labour Laws".In case of Environment Laws, Startup falling in the list of the white category are allowed to self-certify compliances.
6.) Research and Development
Government plans to setup 7 new research and development research parks for "Startups" in India.
7.) Pick up Investors on your own
Government has given a power to "Startups" which means Startups can choose among their VC
Eligibility to Register in Startup India Action Plan→
You must follow 1 to 5 points and any of 6 to 10 points→
Before registering in startup India action plan,
1.) You must be
a.) Pvt. Ltd.
b.) Partnership firm.
2.) Turnover does not exceed INR 25 Cr in any of the financial years.
3.) It must not be older than 5 years.
4.) It must create innovation product for commercial use.
5.) It must get certification of innovative product from Dept of Industrial Policy & Promotion
Any of 6 to 10 points→
6.) Either get validated by incubator in Post Graduate Indian College or get recommendation letter from same.
7.) Either get validated by incubator which is funded by Government of India or get recommendation letter from same.
8.) Either get validated by incubator which is recognized by Govt of India or get recommendation letter from same.
9.) Get funded by:
a.) Angel Network.
b.) Angel Fund.
c.) PE Fund.
10.) A "Patent" granted by Controller General of Patents, Designs and Trademarks as per your Business Model.
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