Everything about "Startup India" – A Government of India Initiative

 

Startup India Scheme is an initiative by the Government of India for generation of employment and wealth creation. The goal of Startup India is the development and innovation of products and services and increasing the employment rate in India. Benefits of Startup India Scheme is Simplification of Work, Finance support, Government tenders, Networking opportunities. Startup India was launched by Prime Minister Shri. Narendra Modi on 16th January 2016.

 

Under the Startup India initiative, eligible companies can get recognised as Startups by DPIIT, in order to access a host of tax benefits, easier compliance, IPR fast-tracking & more. Learn more about eligibility and benefits below.

 

Is Your Company A Startup…?

 

Your company must meet the following criteria to be considered eligible for DPIIT startup recognition.

 

Company Age :

Period of existence and operations should not be exceeding 10 years from the Date of Incorporation

 

Company Type :

Incorporated as a Private Limited Company, a Registered Partnership Firm or a Limited Liability Partnership

 

Annual Turnover :

Should have an annual turnover not exceeding Rs. 100 crore for any of the financial years since its Incorporation

 

Original Entity :

Entity should not have been formed by splitting up or reconstructing an already existing business

 

Innovative & Scalable :

Should work towards development or improvement of a product, process or service and/or have scalable business model with high potential for creation of wealth & employment

 

 

But Why Register…?

DPIIT recognised startups can get the following benefits under the Startup India Initiative

 

A. Objective

To reduce the regulatory burden on Startups, thereby allowing them to focus on their core business and keep compliance costs low.

 

B. Benefits

- Startups shall be allowed to be self-certify compliance for 6 Labour Laws and 3 Environmental Laws through a simple online procedure.

 

- In the case of labour laws, no inspections will be conducted for a period of 5 years. Startups may be inspected only on receipt of credible and verifiable complaint of violation, filed in writing and approved by at least one level senior to the inspecting officer.

 

- In the case of environment laws, startups which fall under the ‘white category’ (as defined by the Central Pollution Control Board (CPCB)) would be able to self-certify compliance and only random checks would be carried out in such cases

 

Labour Laws:

 

- The Building and Other Constructions Workers’ (Regulation of Employment & Conditions of Service) Act, 1996

- The Inter-State Migrant Workmen (Regulation of Employment & Conditions of Service) Act, 1979

- The Payment of Gratuity Act, 1972

- The Contract Labour (Regulation and  Abolition) Act, 1970

- The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952  

- The Employees’ State Insurance Act, 1948

 

Environment Laws:

 

The Water (Prevention & Control of Pollution) Act, 1974

The Water (Prevention & Control of Pollution) Cess (Amendment) Act, 2003

The Air (Prevention & Control of Pollution) Act, 1981

 

Registration Process :

 

- Visit the Shram Suvidha Portal of the Ministry of Labour and Employment 

- Register at Shram Suvidha Portal and then login.

- After successful login, click link "Is Any of your Establishment a Startup?"

- Follow the instructions.

 

 

Visit : https://www.startupindia.gov.in/