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STARTUP DEFINITION AS PER STARTUP INDIA ACTION PLAN | Company Vakil

STARTUP DEFINITION AS PER STARTUP INDIA ACTION PLAN

PM Narendra Modi concluded what might be India’s biggest start- up conference for entrepreneurs with its action plan, which included new policies and initiatives that would make it easier for investors and start- up founders to incubate their businesses in India.

Utilizing the benefits of the Start-up India action plan therefore below are certain conditions that the start-ups fulfil.

Conditions for benefiting from the start-up scheme:

  1. It must be a registered / incorporated entity as:
    1. LTD company under companies act, 2013
    2. Registered partnership company under Indian Partnership act, 1932
    3. LTD liability partnership under LTD liability partnership act, 2008
  2. Five years from the date of incorporation / registration must not have elapsed.
  3. The annual turnover (as defined in the Companies Act, 2013) shall not exceed Rs 25 crores in any previous financial year.
  4. Start-up must work to innovate, develop, deploy or market new technology or intellectual property products, processes or services.
  5. The start-up must aim to develop and market:
    1. a new product or service or process; or
    2. An existing product or service or process that will create or add value for customers or workflows that is significantly improved.
  6. The start-up must not just be involved in:
    1. Developing products or services or processes that have no marketing potential;
    2. Products or services or processes undifferentiated; or
    3. no or limited incremental value of products or services or processes for customers or workflows
  7. The start- up should not be formed by the division or reconstruction of a company that already exists.
  8. The company was certified by the Inter- Ministerial Board, established by DIPP to validate the innovative nature of the company and

 

  1. be supported by a recommendation( in view of the innovative nature of the business) from an Incubator established in a postgraduate college in India in the format specified by the DIPP
  2. be supported by an incubator funded by GoI( in connection with the project) as part of any specific innovation promotion scheme
  3. be supported by a recommendation( in view of the innovative nature of the business) from an Incubator recognized by GoI in the format specified by the DIPP
  4. be funded by the duly registered SEBI* Incubation Fund / Angel Fund / Private Equity Fund / Accelerator / Angel Network endorsing the innovative nature of the business; or e. be funded by GoI as part of any innovation promotion scheme
  5. Have an Indian Patent and Trademark Office patent granted in areas related to the nature of the business to be promoted.

*A ‘negative’ list of funds not eligible for this initiative may be published by DIPP.

From tax exemptions to start- ups to the creation of a corpus fund to facilitate the start- up of the new company, Prime Minister Narendra Modi unleashed a range of incentives at the start of his pet project: Start- up India.

Here are the top ten PM speeches which cheered the start-ups in the arena.

  1. Tax exemption for start-ups for three years.
  2. 10,000 crore corpus fund to support start-ups.
  3. Tax on capital gains to be exempted from investment in venture capital.
  4. 80% reduction in patent registration fee.
  5. To ensure that start- ups close businesses with a 90-day window.
  6. self-certification compliance for start-ups across India
  7. No government inspection for newly formed start- ups for three years.
  8. New scheme to protect IPRs for start- ups and new companies.
  9. Program for innovation to start 5 lakh schools for 10 lakh children.
  • The government is prepared to launch an app to create a platform for start- up interaction.

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