Startups are in trend nowadays in India. The government has started promoting Startup India under the leadership of PM Narendra Modi. Startup India Initiative believes in building a strong and powerful ecosystem that is beneficial for the growth of startups. Its main aim is to empower startups through technology and innovation.
In order to promote growth and help the Indian economy, many startup India benefits are given to upcoming and innovative entrepreneurs initiating startups. Therefore, those startups who got recognized through Startup India Initiative are offered many benefits for initiating their own business in India.
Eligibility for Registration under Startup India Initiative
To be eligible to get startup India registration benefits, the following conditions must be fulfilled as per the Startup India Action Plan:
● The startup should be registered or incorporated in India for up to 10 years.
● Should be a private limited company or Limited liability partnership or registered as a partnership firm.
● The startup should have an annual turnover of not more than 100 crore rupees for any financial years since its registration or incorporation.
● The startup should be working towards the development, innovation, and improvement of services or products.
Important Note:
The entity formed by splitting up or reconstruction of an ongoing business is not considered as a ‘Startup’ and is not eligible to get startup India Initiative benefits. In addition, an entity would not be known as a startup after:
● Completion of ten years from its date of registration or incorporation.
● Have a turnover of more than 100 crores rupees in any previous year.
Conclusion
Startups are being recognized and promoted by the Government. Get the most of the startup India benefits by applying for the Startup India Initiative. If you have any more questions or need help registering your startup in the Startup India Initiative, seek out Ontaxco.
