Importance of Startup India Registration


Importance of Startup India Registration

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Launched in 2016 to encourage startups to create more jobs and wealth, the Startup India initiative has already seen a surge in innovative ideas. The Indian government has taken active measures to support the growth of startups, including offering tax benefits and facilitation for their registration. This article explores the Importance of Startup India Registration and the benefits it can bring to your business.

To be eligible for Startup India recognition, your business must be a private limited company or a registered partnership or LLP and not more than ten years old. It must be involved in innovation, development or deployment of new products and services. Additionally, it should have a scalable business model and the potential to generate employment and wealth.

Once you receive Startup India recognition, you can access a range of benefits, including tax exemption for three years, faster winding up and a simplified process for obtaining licenses and compliances. You can also get a rebate of up to 80% on patent filing fees. The government will bear the facilitator fees and you'll have to pay only the statutory fees.

Startups can also avail of government schemes, mentorship programmes and acceleration programmes, which help them grow quickly. To apply for Startup India, one must register as a private limited company or a partnership firm with the Ministry of Corporate Affairs (MCA). Incubators and angel investors can be of great value to startups, assisting them in building their network and connecting with big companies.

 

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