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Start up india recognition

Startup India is an Indian Government initiative that is intended to build a strong eco-system for nurturing innovation and startups in the country to drive sustainable economic growth and generate large scale employment opportunities. Through this initiative, the government aims to empower Startups to grow through innovation and design.

We at RSAV understand the impact of Start UP India and MSME sectors. We help then configurate there structure so that they do business with out any litigation hassles. Consult them about new taxation benefits, registrations and several others.

Objectives

Promote ‘Make in India campaign’;
Support innovation in the Nation;
Improve the country’s Ease of Doing Business;
Positively impact the youth of the nation; and O
Generate wealth and employment.

Eligibility Criteria

Existence of Entity should not exceed 10 years from the date of formation.
Type of Entity: Only Private Limited Company, Limited Liability Partnership (LLP), Registered Partnership Firm can apply DPIIT Recognition.
Annual Turnover should be less than 100 crores for any financial year since incorporation.
Company should not have been incorporated by splitting up or recreating an already existing entity.
The entity should be working towards development or improvement of a product, process or service

Documents Required for DPIIT Registration

The Incorporation or Registration of entity Certificate.
Proof of Funding (In case any funding received).
Document of Award: If any received by entity.
Patent Documents: The Patent should be published in the patent journals.
Brief description of the nature of the business, including details of how the company is working towards innovation, scalability in terms of employment count, and product or service development.

Benefits for DPIIT Recognized Startups

Self Certification: the entity will be allowed to self-certify compliance under 3 Environmental Laws and 6 Labour Laws.

Startup Patent Application: The DPIIT recognized startups are required to pay only 80% of the fees on Patents, trademark, copyrights and design, and the fast-tracking of a patent application will be available for startups.
Easier Public Procurement Norms:

Get opportunity to list the product on Government e-Marketplace
exempted from submitting Earnest Money Deposit
Exemption from Prior Experience/Turnover is provided for Start-ups in all Central Government ministries and departments.

Easy winding up of Company: Entity can be wound up within 90 days of applying for insolvency.
1. Funds: The startups will be eligible for Rs.10000 crore funds of funds from the Alternative Investment Funds.

Credit Guarantee fund: The startups can avail Rs.2000 crore Credit Guarantee fund through the National Credit Guarantee Trust Company or SIDBI over 4 years.

Tax Exemptions:

exemption under section 80 IAC of the Income Tax Act.
Angel Tax Exemption
After obtaining the clearance for Tax exemption, the DPIIT recognized startups are exempted from income tax for 3 consecutive fiscal years out of its first ten years since formation.