How to Register in Startup India Scheme? - Startup India Eligibility

Government of India has introduced a flagship initiative to nurture innovations and startups in the country.

#startupindia - Prarambh!

The Central Government of India, under the authorization of Hon'ble Prime Minister Narendra Modi, put forward the Startup India initiative to empower the startup culture of the country and boost employment, entrepreneurship and economic growth across India.

This central government startup scheme focuses on nurturing the young and passionate, wanna-be entrepreneurs in India and acts as a catalyst for promoting the startup culture and building an eco-system for inclusive innovation and entrepreneurship in India.

Like the Skill India, Startup India initiative aim to boost India's economic growth. Skill India focuses on developing a skilled workforce, while Startup India aims to foster a vibrant startup ecosystem. A skilled workforce is crucial for startups to find the talent they need to succeed.

So, do you want to become a successful entrepreneur, too?

Enroll in the Startup India initiative. Come, let's check out how!

Before that,

What is Startup India Scheme?

Laying foundation for creating a large eco-system that nurture innovations and startups in India, the central government startup scheme, Startup India is giving rise to exemplary entrepreneurs in India.

The Startup India initiative was launched on 16th January 2016 by Prime Minister Narendra Modi. It aimed to create a robust ecosystem that fosters entrepreneurship and innovation in India.

Startup India - Action Plan

Startup India focuses on various aspects to support startups, including:

• Simplification of regulations: Making it easier for startups to register and comply with regulations.

• Tax exemptions: Providing tax holidays and other benefits for eligible startups.

• Funding assistance: Facilitating access to capital through venture funds and angel investors.

• Simplification of bankruptcy laws: Making it easier for startups to exit if necessary.

• Skill development: Encouraging programs to equip youth with the skills needed for startups.

• Support for innovation: Fostering a culture of innovation and research.

This multi-pronged approach aims to make India a breeding ground for successful startups, ultimately generating jobs and boosting the economy of the country.

Startup India - Registration Process

The Startup India initiative by the Government of India is offering an online portal where you can enrol in this flagship initiative to promote innovations and startups in India.

So, how do you register in Startup India?

The Startup India registration process involve two major steps:

1. Incorporation of your Business

Of course, the first step to be part of the Startup India initiative is to incorporate a business idea. And this essential means to register your startup as a legal entity. You can choose any structure that goes like, Private Limited Company, Limited Liability Partnership(LLP) or even as a partnership firm.

2. Register in Startup India

Here, follow the steps to register your startup or business with the Startup India initiative:

• Visit the Startup India website - https://www.startupindia.gov.in/

• Click on "Register" on the top-right corner of the homepage.

• Fill in the details such as name, email id, mobile number and password to register your your account and click on "Register"

• An OTP will be sent to your email. Fill in the OTP and click on "Submit".

• Log in to your account by entering your email ID and password.

• Now, from the list of categories, click on "Startup" if you are planning to start your entrepreneurial journey with Startup India and then click on "Next Step".

• Fill in the details about your startup, which will be having 4 steps:

• About Startup

• Contact Info

• Category

• Your interest

• After filling in filling in the details, you are now part of the Startup India initiative.

After you register your account in Startup India, the next part is to get the recognition from the Department for Promotion of Industry and Internal Trade(DPIIT). The DPIIT recognition may not be mandatory, yet in order to have access to some of the high-quality benefits from the Startup India scheme.

Startup India - DPIIT Registration

In order to get the DPIIL recognition and benefits, you have to visit the National Single Window System introduced by the government of India. Follow the below steps to commence the DPIIT recognition process:

• Visit the National Single Window System(NSWS) - https://www.nsws.gov.in/

• On the NSWS homepage, click on "Log in" and then "Investor Login".

• Click on "Sign Up" and fill in your your login details.

• After registering in NSWS portal, the next step is to set-up your profile in NSWS portal.

• As part of setting up the NSWS profile, you have to enter the entity type, the PAN Card number.

• After the validating your PAN Card, you have to fill in the address and other postal details.

• Finally the authorized signatory details and click on "Save".

The next step is to register as a startup in NSWS portal:

• Go to NSWS portal home page and Click on "Central Approvals" then "All Approvals".

• You will be redirected to another page and on the search bar search for "Register as Startup" and then click on "Add to Dashboard.".

• Now go to "Dashboard" and click on "Apply Now."

• A form will be appearing which will be asking you to fill in the startup details.

• After filling in the startup application form, click on "Review" and then on "Submit".

• To have access to the application, go to the dashboard and click on the application form.

• The form will be displaying the status of approval as well as the DPIIT number.

You can further download the DPIIT certificate from the portal itself. And that how you commence DPIIT Registration process through NSWS portal.

Startup India - Eligibility Criteria

If you are planning to register in Startup India, there are some eligibility criteria you or your form should be part of. Here are the major Startup India eligibility criteria:

• Any Indian citizen who are above the 18+ age group are eligible to apply for the Startup India scheme.

• If the incorporation date of your company is less than 10 years, the company is eligible to be registered in the Startup India Scheme.

• The company that are incorporated as Private Limited Company, Limited Liability Partnership(LLP) and a partnership firm are only eligible for being register in Startup India scheme.

• The company's previous financial year turnover should be below 10 crore to be eligible for registering in Startup India.

• Your company should not be a result of splitting up or reconstructing an existing business.

• Your startup should be working towards innovation or a significant improvement of existing products, services or processes.

Startup India Scheme - Benefits

The Startup India Scheme is offering a wide range of benefits for the entrepreneurs of India. Here is a list of benefits offered by this central government startup scheme:

• Tax Breaks: Startups can get income tax exemption for up to 3 out of their first 10 years. This frees up valuable resources for them to invest in growth.

• Easier Registration: The registration process is designed to be simple and hassle-free.

• Funding Help: The scheme provides access to funds through a Fund of Funds with a large corpus. This can be a great source of capital for startups.

• Relaxed Norms for Public Procurement: Startups can participate in government tenders even if they don't have a long track record. This can be a great way for them to get their foot in the door with potential big clients.

• Faster Patent Processing: Startups can get their patents reviewed and approved quicker and at a lower cost. This is crucial for protecting their intellectual property.

• Regulatory Support: The scheme offers help with various compliances and regulations, saving startups time and money.

• Networking Opportunities: The Startup India initiative helps connect startups with other entrepreneurs and investors. This can be a valuable resource for building partnerships and finding mentors.

These benefits offered by Startup India Scheme for the passionate entrepreneurs of India will nature them to thrive and bring more innovative startups in India.

Startup India Seed Fund Scheme(SISFS)

Planting the seed has been done with the central government startup scheme - The Startup India. Now it's the time to fertilize those seeds.

The Government with a goal to initiate financial assistance to startups in India, have put forward the Startup India Seed Fund Scheme(SISFS). The scheme was announced on January 16, 2021, by Prime Minister Narendra Modi, during the time of addressing the "Prarambh", the Startup India initiative.

The Startup India Seed Fund Scheme(SISFS) was launched by Mr. Piyush Goyal, Minister of Commerce and Industry (MoCI) on 19th April 2021. By initiating this scheme, the Government of India is providing financial aid to startups in India in their initial stages. This funding helps them with crucial activities like validating their ideas, building prototypes, testing the market, and launching commercially.

After "Make in India", the "Startup India" initiative by the Government of India works in tandem to achieve the larger goal of making India a self-reliant and innovative economy.

So, ready to be part of this so-called central government startup scheme - The Startup India!