One of the largest initiatives to support and foster the development of entrepreneurs in India is Startup India Registration. The Indian government flagship program, Startup India, is run by the Ministry of Commerce and Industry. Indian Prime Minister Narendra Modi made the initial announcement about Startup India Registration becoming available nationwide on August 15, 2015, during a speech during a campaign. This was formally introduced on January 16, 2016, as a wake-up call to the country’s innovators, business owners, and intellectuals. Arun Jaitley, a former Indian finance minister, gave the event its start.
What is a Startup as per Startup India Registration Certification?
Startups that fit the requirements outlined in G.S.R. notification 127 (E) are qualified to apply for program recognition under the Startup India Action Plan. When applying, startups must include supporting documentation. To be eligible for DPIIT startup recognition, your organization needs to fulfill the following requirements:
- Company Age: The duration of the business’s operations and existence cannot be longer than ten years from the date of incorporation.
- Organization Type: incorporated as a limited liability partnership, registered partnership firm, or private limited company.
- Yearly Turnover: Must not have exceeded Rs. 100 crore in a yearly turnover for any of the fiscal years after its incorporation.
- Initial Organization: It was improper to create an entity by dismantling or rebuilding an already-existing firm.
- Creative and Expandable: should strive to produce or enhance a good, method, or service, and/or have a scalable business plan with a strong chance of generating income and jobs.
Why Startup India Certifications Matters for the Businesses in India?
In order to get the following startup India Registration benefits this mentioned certification is must for the businessessess and that is why it is important for the businesses in India:
Startup India Action Plan
The Action Plan established the framework for the government’s programs, incentives, and assistance aimed at fostering a thriving startup ecosystem throughout the nation. In addition, the Action Plan offers expedited patent review at a reduced expense and a quicker exit for the businesses, together with legal help. It offers a self-certification-based compliance system that includes portals and mobile applications rollout.
Startup India Hub
Startup India Hub provides a single point of contact for all parties involved in the startup ecosystem. It facilitates communication, knowledge sharing, and the formation of fruitful alliances in a fast-paced setting, all while giving companies easy access to free tools and resources. A four-week free online learning program called Startup India Learning Program (SILP) assists startups in brainstorming and talking about their company strategies. The startups will have access to information from a variety of sources, government initiatives, and business programs thanks to the virtual incubator support. The dedicated support staff is available by phone, email, or Twitter account to address questions.
Startup Yatra
To showcase entrepreneurial talent and foster the growth of the startup ecosystem, the Startup India Yatra was initiated to reach Tier 2 and Tier 3 cities in India. This fantastic platform facilitates communication with the startup community utilizing broad exposure through print, digital, social media, boot camps, and other channels. 78,346 budding entrepreneurs have been impacted by the Startup Yatra, which has been held in 220 districts and 23 states. The Startup India Mobile Van & quot; traverses various states while documenting concepts.
States Startup Ranking
By fostering partnerships between investors and innovators and assisting their success via creation, Startup India seeks to establish a robust ecosystem across the nation. Additionally, they evaluate the States and UTs concerning critical intervention areas that are essential to creating a thriving startup ecosystem helps states find best practices and learn how to copy them. Emphasize the state-led policy intervention aimed at fostering the startup ecosystem. Encourage governments to compete with one another to establish the finest startup ecosystem.
Startup India Seed Fund Scheme
The capital invested is one of the toughest problems that new businesses or entrepreneurs must overcome. This could pose a significant challenge for the company, which is why the Startup India Seed Fund Scheme has allocated Rs. 945 crores in funding to help. Sector-neutral, SISFS seeks to fill the growing funding gap for startups in numerous sectors. Application and process are conducted entirely online, with scalability achieved through debt or debt-linked securities or convertible debentures.
Startup India Showcase
The most promising firms in the nation may be found online with Startup India. October 6, 2020, saw the launch of this fantastic platform. The startup presents social, health, financial, and educational aspects.
- Visibility
- Star repository
- Networking
- Discovery.
Taking Startup India Global
The primary aim of the Startup India Registration initiative is to facilitate the worldwide networking of Indian startups employing international alliances and participation in diverse international forums.
- International Bridges
- India Israel Innovation Bridge
- India Portugal Startup Hub
- India Singapore Entrepreneurship Bridge
- India Sweden Startup Sambandh
- India Dutch Startup Link
- India Finland Bridge
- Indo Korea Startup Hub
- Indo Japan Startup Hub
- India Russia Collaboration
- India UK Collaboration
Women Entrepreneurship
By providing them with a platform in society and a large number of job prospects, Startup India Registration elevates the status of female entrepreneurs. In order to support balanced growth throughout the nation, India needs to see a sustainable increase in the number of female entrepreneurs. This may be achieved by bolstering the ecosystem of female entrepreneurs through various policies and initiatives. The Women Capacity Development Program (WING) facilitates connections between financial institutions and venture funds backed by SIDBI, as well as capacity building for female-owned businesses. According to state startup policies, a special portal with all the incentives for female entrepreneurs is created specifically for them.
Conclusion
Although the Startup India Registration process is a straightforward online process, it is not easy to complete the same. Hence it requires expert advice. After getting Startup India Registration Online, all the Startups will be able to get startup India Registration benefits which includes, self-certify compliance with six labor laws and three environmental laws. Regarding labor rules, there won’t be any inspections for a full five years. Only when a written report of a violation is received, verified, and approved by an officer at least one level above the inspecting officer, may a startup be subject to an inspection. Regarding environmental regulations, startups that fit within the Central Pollution Control Board’s (CPCB) would be allowed to self-certify compliance; in these situations, only sporadic inspections would be conducted.
