startup india standup india scheme
TRANSCRIPT
Startup India Standup India
Analysis by Accurate Solutions Consulting Services
www.ascs.info
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What is startup as per SISI ?
Under Startup India Scheme Startup means an entity, incorporated or registered in India not prior to five years, with annual turnover not exceeding INR 25 crore in any preceding financial year, working towards innovation, development, deployment or commercialization of new products, processes or services driven by technology or intellectual property.Provided also that an entity shall cease to be a Startup if its turnover for the previous financial years has exceeded INR 25 crore or it has completed 5 years from the date of incorporation/ registration.Provided that such entity is not formed by splitting up, or reconstruction, of a business already in existence.
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Startup Entity/Business
Must be Registered as :• Private Limited Company (under The
Companies Act, 2013) or• Limited Liability Partnership (under The
LLP Act, 2008) or• Registered Partnership Firm (under The
Indian Partnership Act, 1932)
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Age of the Company
• Company must not be older than 5 years• It means on the date of application for
Startup India scheme, the startup must be registered for less than 5 years.• Any company registered before the
date of announcement of the scheme is also eligible for the Scheme
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Annual Turnover
Not more than Rs. 25 crore in any
preceding financial year
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Highly Innovative Product or Service
Startup must be working towards innovation, development of new products, processes or services driven by technology or intellectual property
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No splitting of existing Company allowed
It means dividing an existing company and floating a new company to get benefit under Plan is not allowed
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ELIGIBILITY TO TAKE BENEFITS UNDER START UP INDIA INITIATIVE?
Criteria – 1
Business must be Private Limited Company, One Person Company (OPC), LLP or registered Partnership Firm Criteria – 2
Turnover of Company to be less than Rs. 25 crore in last financial year Criteria – 3
Entity Eligibility Date Important PointPvt. Ltd. Company Company incorporated after
1st April 2014On the date of application under Scheme, the entity must not be registered for more than 5 yearsOne Person Company
(OPC)OPC incorporated after 1st April 2014
LLP LLP incorporated after 1st January 2012(tentative period)
Partnership Firm Firm registered after 1st January 2012 (tentative period)
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ELIGIBILITY TO TAKE BENEFITS UNDER START UP INDIA INITIATIVE? Criteria – 4 Only Startups involved in developing and commercializing
• New product or service or process
• Significantly improve the existing product or service or process to create or add value for customers or workflow Criteria – 5
Certification from the Inter-Ministerial Board is a must for getting 3 years tax exemptions. Criteria – 6 Recommendation or Funding requirement
The startup application for the scheme must be supported by a recommendation certificate for innovative nature of business from any one of the following establishment:
• Incubator established in a post-graduate college in India like IIT, IIM etc. OR
• Incubator funded from Government of India (in relation to the project) OR
• Incubator recognized by Government of India OR
• Funding by an Incubation Fund or Angel Fund or Private Equity Fund or Business Accelerator or Angel Network duly registered with SEBI that endorses innovative nature of the business;
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BENEFITS & EXEMPTIONS UNDER SISI
• Easy availability of Seed Funding• Income Tax Exemptions for 3 years• 80% Patent fee will be refunded• Labour & Environment laws
exemptions. No Inspection from PF, ESIC & Environment departments for 3 years.• Capital Gain Tax exemption for
investment in eligible Startup• Exposure to best startup mentorship• Easy Exit from the Startup within 90
days
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