12 March 2021
Startup India is a flagship initiative of the Government of India. The campaign was first announced by Prime Minister, Narendra Modi in his speech on August 15, 2015. The Startup India Initiative is a part of the action plan to realise the government’s aim to create a networking platform for accelerators, entrepreneurs, investors, incubators, government agencies and bodies, mentors and newfound companies. It will allow registered participants access to useful tools and resources free of cost and include them in various programs targeted at Startups. In addition to that, the scheme has also provided massive networking opportunities by means of startup festivals held by the Government of India both domestically and internationally.. Through this scheme, the government is looking forward to driving sustainable economic development and enhanced employment opportunities in India.
The numerous benefits of registering as a startup forms a promising narrative of the government to support the entrepreneurial ecosystem, enabling jobs and innovations.
The exemption that is available to a registered startup is the levy of tax on this excess consideration. This exemption is particularly beneficial at the stage of an angel/VC round, where the angel or VC invests at the excess of the fair market value.
Public procurement refers to the process by which governments and state-owned enterprises purchase goods and services from the private sector. Government contracts are usually marked by high eligibility requirements and therefore, often only established entities may participate in the bidding process.
An entity shall be considered as a startup:
A Startup shall make an online application over the mobile app or portal set up by the Department of Promotion of Industry and Internal Trade (DPIIT).
The application shall be accompanied by
The DPIIT may, after calling for such documents or information and making such enquiries, as it may deem fit
The Startup India is a one of its kind scheme and it has driven more and more entrepreneurs to start their own businesses, which in turn has resulted into creating a conducive environment for increased employment opportunities and has boosted entrepreneurship.
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