Startup India is an initiative taken by Prime Minister Mr Narendra Modi in the 68th year of independence. The three main pillars of this initiative are:
- Simplification and handholding
- Funding Support and incentives
- Industry-Academia Partnership and Incubation
Furthermore, let us understand the startup India Scheme plan, eligibility and registration process in detail.
What is Startup India?
Startup India is an initiative of the Government of India that intends to build a robust ecosystem favourable for the growth of startup businesses. This initiative tends to drive sustainable economic development, including generating large scale employment opportunities. The Government aims to promote Startups to grow through innovation and design.
Here is the eligibility for the Startup India program
The organisation should not have completed ten years from the date of incorporation/registration.
Should be a private limited company or registered as a Partnership Firm or a Limited liability partnership.
The annual turnover should not exceed Rs. 100 crore since its incorporation or registration for any of the financial years.
Your Startup organisation should be working towards innovation or improvising the existing products, services and processes. Also, the organisation should be capable of generating employment and creating wealth.
Your organisation should not form by splitting up or replacing a business that is already in existence.
Procedure for Startup India registration
1. Log on to Startup India Portal
2. Firstly, you need to enter your Legal Entity.
3. Then, Enter your Incorporation/Registration No.
4. Next, enter your Incorporation/Registration Date.
5. Enter the PAN Number (optional).
6. Next, enter your address, Pin Code & State.
7. Enter details of the Authorised Representative.
8. Add the Details of Directors and Partners.
9. Upload the essential documents and Self-certification in the prescribed manner.
10. File the Incorporation/Registration certificate of the company.
Startup India seed fund scheme
The startups in India suffer from a lack of capital in the ‘Proof of Concept’ development stage. Hence, the capital that the startups require at this stage often presents a make-or-break situation for startups that have good business ideas.
Many innovative business ideas fail stability due to critical capital requirements at an early stage for proof of concept, model development, product trials, position in the market and commercialization.
The Seed Fund will be offered to such promising startups that can have a good economic effect. Validating such business ideas of many startups will lead to employment generation.
People generally believe startups are about thinking about a new idea or plan, but what about finance? Hence, the Government of India initiated Startup India to boost economic growth and stability. Moreover, for the success of any new business, a competent workforce is essential. But in the case of startups, lack of funds at the initial phase is one of the reasons why a skilled workforce is not affordable. But with the help of the Startup India Scheme Plan, we are also looking forward to employment opportunities.
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Frequently Asked Questions
Q1. Who is eligible for startup India?
Ans- The one who is eligible for startup India is:-
- The organization should not have completed ten years from the date of incorporation/registration.
- Should be a private limited company or registered as a Partnership Firm or a Limited liability partnership.
- The annual turnover should not exceed Rs. 100 crore since its incorporation or registration for any of the financial years.
- Your Startup organization should be working towards innovation or improvising the existing products, services and processes.
- Also, the organization should be capable of generating employment and creating wealth.
Q2. What is start-up India scheme?
Ans- Startup India Scheme is an initiative by the Government of India to generate employment and also for wealth creation.
Q3. Which startup is best in India?
Ans- The Best startup in India is:-
Q4. What is the aim of startup India?
Ans- Startup India is an initiative of the Government of India, that intends to accelerate that startup culture in India. It also helps in building a strong and inclusive environment for innovation and entrepreneurship in India.