start up india registration in Gujarat
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What is Start Up India Registration in Gujarat Scheme?
To boost up the innovative & talented entrepreneurs, the Govt of India under the leadership of PM, has launched the all new scheme to promote and encourage the start ups. Under the start up india registration in Gujarat initiative, eligible companies can get recognized as Startups by DPIIT, in order to access a host of tax benefits, easier compliance, IPR fast-tracking & more. Under the Startup India Action Plan, startups that meet the definition as prescribed under G.S.R. notification 127 (E) are eligible to apply for recognition under the program.
What are the criteria to get recognized as a start up india registration?
You must fulfill the following criteria to get recognized as a start up india registration in Gujarat.
- For a company, a period of existence and operations should not be exceeding 10 years from the Date of Incorporation
- Incorporated as a Private Limited Company, a Registered Partnership Firm or a Limited Liability Partnership
- Should have an annual turnover not exceeding Rs. 100 crore for any of the financial years since its Incorporation
- Entity should not have been formed by splitting up or reconstructing an already existing business
- 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
What is the objective of this scheme?
To reduce the regulatory burden on Startups, thereby allowing them to focus on their core business and keep compliance costs low.
What are the benefits of this scheme?
- Startups will be permitted to self-certify compliance with nine labour laws and environmental laws. In the case of labour laws, no inspection will be conducted for a period of three years.
- Startup India enables companies to register through their mobile application and upload relevant documents. There will also be single window clearances for approvals, registrations and filing compliances among other things.
- Patent filing approach will be simplified. The Startup will enjoy a rebate of 80% of the fee in the patent application. The startup will bear only the statutory fees and the government will bear all facilitator fees. Start ups will get 50 % discounts in trademarks filing fees also.
- The Startup India programme will encourage research and innovation among students who are aspiring entrepreneurs and seven new research parks will be set up to provide facilities for startups in the R&D sector.
- Equal opportunities will be provided for both startups and experienced entrepreneurs. Earlier this was not possible because all applicants required either ‘prior experience’ or a ‘prior turnover’. But now, public appropriation norms have been relaxed for startups.
List of documents for registration under start up India scheme.
- A letter of recommendation/support. You can submit any of the following document as a letter of support.
(i) An Incubator established in a post-graduate college in India has to provide a recommendation (regarding innovative nature of business) from in a format specified by the Department of Industrial Policy and Promotion (DIPP); OR
(ii) A letter of support by an incubator, which is funded (in relation to the project) by Government of India as part of any specified scheme to promote innovation; OR
(iii) An Incubator recognized by the Government of India has to provide a letter of recommendation (regarding innovative nature of business) in DIPP specified format; OR
(iv) Any Incubation Fund/Angel Fund/Private Equity Fund/Accelerator/Angel Network with not less than 20% in equity, duly registered with SEBI that endorses innovative nature of the business has A letter of funding; OR
(v) A letter of funding by Government of India or any State Government as part of any specified scheme to promote innovation; OR
(vi) A patent filed and published in the Journal by the Indian Patent Office in areas affiliated with the nature of the business being promoted.
- Incorporation/Registration Certificate of company
- Description of your business in brief
