Importance of Start-up India Registration
Importance of Startup India Registration
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In the current times, the government of India is offering numerous benefits for entrepreneurs. One of the most important schemes is Startup India which provides financial support, regulatory exemptions and single-window clearances for startups. The government has made the process easier by providing a mobile application and a website for Startup registration. Startups can avail a variety of benefits under this scheme such as tax rebates, a single-window clearance for filing compliances and fast-tracked patent processing. Startups can also avail lists of facilitators who help them file their patents and trademarks at lower fees.
For a startup to get registered under Startup India, they need to meet the following eligibility criteria. The company must be a private limited company or a partnership firm or an LLP and should have been incorporated not earlier than five years ago. It must be working towards innovation, development or improvement of items, procedures or services and has a potential for wealth creation and employment generation. The annual turnover of the business should not exceed Rs 100 crore. The business must not be the result of a split up or reconstruction of an existing trade.
Once the business is a registered Startup, it can avail a variety of benefits such as tax exemption for three years and easy winding up of the company. To apply for Startup India, one must register as a private limited company or a partnership firm with the Ministry of Corporate Affairs (MCA). The government is also providing a fund of Rs 10,000 crore which will provide finances to Startups as venture capital.
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