Eligibility of Registration for Start-up India

The Startup India initiative launched by the Government of India aims to create a supportive ecosystem for startups in the country. The scheme provides various benefits and incentives to eligible startups, including tax exemptions, funding support, simplified compliance procedures, and networking opportunities. In this article, we will explore the eligibility criteria for registration under the Startup India scheme

1. Entity Type: To be eligible for registration under the Startup India scheme, the entity should be registered as a private limited company, limited liability partnership (LLP), or partnership firm. Sole proprietorship firms and public limited companies are not eligible for registration under the scheme.
2. Age Criteria: The startup should not be more than 10 years old from the date of incorporation. However, for startups in the biotechnology sector, the age limit is extended to 15 years.
3. Turnover Limit: The turnover of the startup should not exceed Rs. 100 crore in any of the previous financial years. Startups that exceed this turnover limit are not eligible for registration under the scheme.
4. Innovation Criteria: The startup should be working towards innovation, development, deployment, or commercialization of a new product, process, or service driven by technology or intellectual property. Startups that are replicating existing business models are not eligible for registration under the scheme.
5. Certification: To register under the Startup India scheme, the startup should have obtained a certificate of recognition from the Department for Promotion of Industry and Internal Trade (DPIIT). The certificate is issued based on self-certification and can be obtained by submitting an online application on the Startup India portal.
6. Compliance Criteria: The startup should comply with all legal requirements such as the Companies Act, Income Tax Act, and Goods and Services Tax Act. The startup should also have a bank account in the name of the business and provide the details of the same during registration.
7. Funding Criteria: The startup should not have received funding from any other scheme of the Government of India. However, startups that have received funding from family and friends or angel investors are eligible for registration under the scheme.
8. Job Creation: The startup should aim to create jobs or have the potential to create jobs in the future. The scheme encourages startups that create employment opportunities in the country.

Upon successful registration, startups can avail of various benefits and incentives provided by the government, such as tax exemptions, funding support, simplified compliance procedures, and networking opportunities. Additionally, startups registered under the scheme can also participate in various government schemes and initiatives aimed at promoting innovation and entrepreneurship in the country.

In conclusion, the Startup India scheme provides a supportive environment for startups in the country. To be eligible for registration under the scheme, the entity should be registered as a private limited company, LLP, or partnership firm, and should comply with all legal requirements. The startup should also aim to innovate and create jobs in the country. By registering under the Startup India scheme, startups can avail of various benefits and incentives offered by the government and accelerate their growth journey.