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Startup India Recognition at a glance
Startup means an entity, incorporated and registered in india
- As a Private Limited Company or Limited Liability Partnership or Registered as a Partnership Firm.
- With an annual turnover not exceeding Rs. 100 crore for any of the financial years since incorporation/registration.
- Working towards innovation, development or improvement or of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation.
- An entity formed by splitting up or reconstruction of an existing business shall not be considered a ‘Startup’.
- Shall not be more than 10 years old for Startup recognition OR not incorporated before April 2016 to claim Tax Exemption certificate.
An entity shall cease to be a Startup,
- On completion of 10 years from the date of incorporation/registration.
- If its turnover for any previous year exceeds Rs. 100 crore
Benefits of StartupIndia Recognition (DPIIT) Certificate
- Easy Public Procurements:- Startups are exempted from otherwise stringent selection criteria such as Prior Experience, Prior Turnover and Earnest Money Deposits in Central Govt. and PSU Tenders.
- GeM Startup Runway:- DPIIT Recognized startups can view the GeM Startup Runway on their GeM dashboard, where they can spread awareness about their product by completing a form that describes their product as well as intended buyers and uses (Ministries/Departments).
- 3 years Income Tax Exemption Benefits:- recognised Startup can Apply for this benefits separately with DPIIT subject to meet other criteria.
- Govt. Funding Opportunity under startup Scheme
- IPR Govt. Fee Concession - 50% rebate in Trademark fee and 80% in Patent.
- Self Certifications and compliance under 9 environmental & labour laws.
- Participate in various Govt. financial assistance scheme in innovative solutions
- Networking with other startups
- Easy Winding up in 90 days under insolvency & Bankruptcy code 2016.
For more about Startup Indian visit www.startupindia.gov.in
FinTax Startup Consultant - STARTUP INDIA Advisor
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