Importance of Startup India Registration
The Importance of Start-up India Registration
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In the context of promoting the development and innovation of products, services and processes in India, the government initiated the Startup India initiative in 2016. The program provides benefits such as tax deductions, relaxation of labour laws, and streamlined processes for intellectual property rights.
To be eligible for Startup India Registration, your company must meet certain criteria. First, the business must be less than ten years old. Then, its annual turnover must be less than 100 crore for any financial year since incorporation or registration. Finally, the business must be working towards innovation, development or enhancement of products or services that have the potential to create employment and wealth in the country.
In addition to the other benefits, Startup India Registration opens doors to various government schemes and funding options that are designed to support and encourage startups. It can even help you attract venture capital firms and angel investors to your company, providing essential capital to help it grow and expand. Once you've met all of the eligibility requirements, you can apply for Startup India Registration through an online portal. Then, you must submit the required documents for approval. Once your application is approved, you will be notified of your recognition number.
Additionally, startups registered under this scheme can make use of e-marketplaces that are used by Government Departments to procure services and products. Startups are also eligible for self-certification of compliance with six labour laws and three environmental laws.
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