Startup India is a government initiative program launched in 2016 to boost the economy via generating employment through new entrepreneurs. In India, many youngsters are having new and innovative ideas on technology and for them, Startup India is the best platform. The scheme of Startup India Registration enables you to get aid from the Government to run a smooth business by resolving the financial hurdles and enormous taxes. In this article, we present you with a detailed guide to the Benefits of Startup India Certification.
Top 10 Benefits Of Startup India Certification
- 3 Years Tax Holiday
The certified Startup India companies can avail the exemption of income tax for 3 years. Provided that, they have been authentically certified by IMB (Inter-Ministerial Board).
- Tax Exemptions Under Section 80 IAC
The Limited Liability Partnership or Private Limited Companies, can avail of the tax benefits under 80 IAC provided that they are incorporated on or after the 1st April 2016.
- Angel Tax Exemption Under Section 56
The DPIIT (Department for Promotion of Industry and Internal Trade) recognized startup company can avail the Angel Tax Exemption benefits if the overall share value is less than 25 crore rupees.
- Easy to Manage Financial Needs
Up to a fund of 10,000 crore rupees is set by the government of India to support the entrepreneurs operating their business without worrying about the financial crisis.
- One App to manage the services
The easy navigation Startup India app can assist you in applying for Startup India certification from the main dashboard. The user can also track and manage all the other services from one window featured at Startup India’s official mobile application.
- Apply for Government Tender
Generally, the government tenders need a huge amount, enough experience, or some sort of eligibility to bid on the projects. But one of the best benefits of Startup India certification is, you can apply to the eligible government tenders without any prior experience or eligibility.
- R&D Wings (Research & Development Parks)
The Startup India scheme is packed with the proposal of 7 research and development parks to give the best learning environment to the entrepreneurs and the students.
- Spread your wings
The Startup India certification benefits you to access the events organized for the stakeholders registered with them. One can participate in the national and international level fest to make a professional relationship with their neighborhood stakeholders.
- Self Declaration
With 9 labor and 3 environmental laws, the startups can self-certify their compliance through Startup India mobile app to reduce the legal liabilities.
- Easy Exit
Last but not least! If a company wants to come out from the Startup India scheme, it can easily wind up the business within 90 days after applying the exit request.
Know the eligibility Criteria For Startup India Certification
- Age: The company that is existing or operated for not more than 10 years.
- Turnover: The company whose turnover is less than 100 crore in any of the financial years. Thus, The company must not have crossed the turnover limit of 100cr.
- Company Type: The incorporated company can be a Private Limited company Registration (Pvt Ltd), LLP Company Registration (LLP), or the Partnership firm Registration
- Entity: The company entity must be original and shouldn’t have been reformed by splitting an old company.
- Innovative: The company must aim to contribute towards improving the economical and wealth condition of the country.
If your company meets all the above criteria, you can enjoy the tax exemption and other lucrative benefits provided under Startup India – a government initiative scheme for entrepreneurs.
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