“To accomplish great things, we must not only act, but also dream, not only plan, but also believe.” - Anatole France
Now a days everyone is talking about Start-up India scheme & people wants to know more & more about the benefits associated with this scheme. Government of India has introduced very efficient policy to support startup's & new business ventures with creative & innovative's ideas. Start-up's with innovative ideas always look for proper infrastructure with financial support to survive in the competitive business environment.
Startup India is a campaign which is based on an action plan to promote banks for financing new ventures to encourage entrepreneurship and star ups with jobs creation. First time, it was announced by hon’ble Prime Minister Narendra Modi in his lecture on 15th August, 2015 from the Red Fort. The main reasons behind Start-up India Scheme are to encourage entrepreneurs for creating jobs instead of doing jobs and increase employment in India.
The purpose of this Scheme is to restrict role of States in policy domain and to eliminate of “License Raj” and break hurdles like in land permissions, foreign investment, environmental clearances, political interference's etc. It was regulated by DIPP (Department of industrial policy and promotion).
It is estimated that start up India scheme is very effective for Indian entrepreneurs. The scheme intends to increase Entrepreneurship in the country by providing soothing environment for the business persons.
Encourage Entrepreneurship: Startup India Scheme comes into the force for encouraging entrepreneurship. The motive behind this campaign is to inspire entrepreneurs for creating jobs in India. Under this campaign, India stands as a Start-up hub.
Single Window clearance: Startup India Scheme is a Single Window Clearance with the help of a Mobile Application. It reduces some barriers to enter into the market for entrepreneurs. Now , entrepreneurs have opportunity to start their business by using Startup India Scheme.
Tax Benefits: There no Capital Gain Tax and Tax in Profits for 7 years after getting registration into Startup India Scheme.
Startup Patent Application: Registration fees for Patent Application have been reduced upto 80%.
Startup Trademark Registration: For Startup Entity, the trademark registration fees is Rs.4,500/- for online and Rs. 5,000/- for physical filling whereas for others, it is Rs. 9000/- 0r Rs.10,000/- respectively.
Funds For Investment: The Government provides INR 10,000 crore funds for investment into Startup through Alternate Investment Funds and guaranteed funds for Startup through National Credit Guarantee Trust Company/SIDBI over 4 years.
To get the “Startup” recognition under per Startup India one need a registered entity either as Private Limited Company or Registered Partnership firm or Limited Liability Partnership.
Registration process of Private Limited Company:
For Private Limited Company Registration , One need to apply for Digital Signature Certificate to Obtain Director Indentification Number for minimum 2 director's. After getting DSC or DIN for both the director's , applicant has to file name approval application to Registrar of Companies in form INC-1.
Once ROC approves Company name in form INC-1, applicant has to prepare & submit certain mandatory documents like declaration's & disclosure regarding his directorship in other company to Registrar in Form Inc-32 along with Memorandum & Article of Association in Form INC-33 & INC-34. ROC usually take time of 5-8 working days to approve this form.
If all documents are correct & in order then ROC approves Company name & Company get registered under the jurisdiction of that ROC. ROC issues final Certificate of Incorporation . Now one can open Company's bank account along with Company Registration Certifiacte, MOA, AOA, Copy of PAN Card of the Company etc.
Registration process of Limited Liability Partnership:
For Limited Liability Partnership registration, One need to apply for Digital Signature Certificate & Director Identification No for minimum two Designated Partner. 2 partners are minimum requirement for registration of Limited Liability of Partnership. After processing of DSC & DIN for both the partners, One has to apply for LLP name approval in Form-1 to ROC under the jurisdiction of his/her state.
After LLP name approval, Certain mandatory documents has to prepare & submit to ROC for final LLP Registration in Form-2. ROC usually take time of 20-25 working days to approve this form.
Once you register one of entity mentioned above, you will be eligible to file an application to http://startupindia.gov.in/ for recognition as startup.