- January 17, 2016
- Posted by: greendot
- Category: Achievement, Creative, entrepreneur, Marketing/Branding, Narendra Modi, start up india, Super Success, talent, Uncategorized, youth
Start-up India Action plan – Inspire, Innovate, Create.
- Our Beloved PM. Narendra Modi has created new incentives for start-up
- Self certification regime
- hassle free registration fro mobile application
- no labor inspection for next 3 year
- funding support worth rs 100 cr through funds of fund
- 80% rebate in patent application
- income tax benefit for first 3 years
- Exemption from capital gaintax
- easy exit with help of the proposed bankruptcy code
- incubation centers to support start ups across country
- relaxed norms of public procurement for start-up
Definition of Start-up
start up meas an entity in corporate or registered in India not prior to fie years.with annual turn over less than 25 cr in any proceeding financial year.working towards innovation, Development Commercialization of new product, processes, or services driven by technology or intellectual property.
Provided that such entity is not formed by spitting up, or reconstruction, of a business already in existence.
provide also that an entity shall cease to be a start up of its turn over for previous financial years has not exceeded 25 cr rupees turn over or it has completed 5 year from the date of incorporation
provided the start up shall be eligible for tax benefit only after it has obtained certification from inter – ministerial board set up such purpose.
Identification business under scheme Start-up india
- A business is covered under the definition if it aims to develop and commercialize • a new product or service or process; or
- a significantly improved existing product or service or process, that will create or add value for customers or workflow. The mere act of developing
- products or services or processes which do not have potential for commercialization; or
- undifferentiated products or services or processes; or
- products or services or processes with no or limited incremental value for customers or workflow would not be covered under this definition. In order for a “Startup” to be considered eligible, the Startup should
- be supported by a recommendation (with regard to innovative nature of business), in a format specified by DIPP, from an Incubator established in a post-graduate college in India; or
- be supported by an incubator which is funded (in relation to the project) from GoI as part of any specified scheme to promote innovation; or
- be supported by a recommendation (with regard to innovative nature of business), in a format specified by DIPP, from an Incubator recognized by GoI; or
- be funded by an Incubation Fund/Angel Fund/ Private Equity Fund/ Accelerator/Angel Network duly registered with SEBI* that endorses innovative nature of the business; or
- be funded by GoI as part of any specified scheme to promote innovation; or
- have a patent granted by the Indian Patent and Trademark Office in areas affiliated with the nature of business being promoted. * DIPP may publish a ‘negative’ list of funds which are not eligible for this initiative.
Hope the information is useful to you for building a new business and Making your organisation to run better with another vertical to add in to it