Startup is a buzzing term we cite in day-to- day conversations a way lot, but lesser do we know its insight. This is no philosophical cliché that the modern India is ranting, it is very palatable & is powered by in the context of Make In India initiative by Prime minister Shri Narendra Modi to provides tax benefits, exemptions from various compliance, free legal helps etc. to startups India.
Startups are trending & booming business models that are sizable participant towards the economy. The government of India recently announced its flagship initiative “Startup India” to create a convenient, dynamic & conducive environment for the India-based startups to find success. There is not an iota of doubt that Indian ecosystem will be turning to a startup major soon enough.
It ensures justice beyond welfare while navigating the maze of bureaucracy which intend to catalyze innovative entrepreneurship in people of the nation. Though its no new notion that even startups in India had to face obstacles naming a few like complex approval system, qualifications of a startup to get funded and lots more.
Eligibility for companies to be a Startup?
1) A private limited company or LLP which should not be more than five years old, from its date of incorporation.
2) The turnover in the last five financial years should not be exceeding Rs 25 crore.
3) The company should be working towards innovation, development, and commercialization of new, products or services based on technology and intellectual property.
Basically, it should derive a value for the customers.
4) The company gets the approval from Department Of Industrial Policy & Promotion (DIPP). & needs to be registered with the Ministry of Corporate Affairs under the Companies or the LLP (Limited Liability Partnership) Act.
5) The Startup India App will only clear eligible startups and register them for the purpose of benefit.
Who can apply for a startup venture?
It includes inventors, creators, designers, game changers, visionary leaders, prime movers, and anybody who Dreams big and Dares to fail.
What is the Agenda of Startups ?
The “Startup India”or “Startup Revolution” initiative is designed to foster innovation among the people nation in the meanwhile create jobs and facilitate investment. The government is committed to make this initiative into a happening reality and to provide a conducive environment for Startups to thrive in India.
Hence, startups in India is expected to fast change the face of Indian economy & business avenues. One can refer to government’s official website startupindia.gov.in for any further clarifications and information on the related topic.