Everything you need to know about Startup India Scheme and Startup India Portal

In this article information on Startup entrepreneurs, Startup India scheme, Startup ideas in India, Startup Companies in India, Startup Funding India, E startup India, Unicorn Startup India, and Startup benefits in India is included. Startup India is the government of India’s flagship initiative aimed at catalyzing Startup Culture and Creating a robust and inclusive ecosystem for innovation and entrepreneurship in India. Since its inception on January 16, 2016, Startup India has launched many initiatives aimed at assisting entrepreneurs and changing India into a country of job creators rather than job seekers.

What is Startup India Scheme?

The Government of India has launched a program called Startup India. Indian Prime Minister Narendra Modi first announced the campaign during a speech on August 15, 2015. This initiative’s action plan focuses on three areas: Simplification, Handholding, and Collaboration.

Information on Startup India Portal

The Startup India Portal is an online forum for Startup Entrepreneurs in India. It is home to one of the largest networks in the Indian Startup Ecosystem, linking tens of thousands of key stakeholders (investors, startups, incubators) on a single platform, allowing them to discover and engage with one another.

By providing critical information, a database of government initiatives, online courses, market research reports, free software applications, and other relevant resources, the Portal strives to eliminate knowledge asymmetry and better equip entrepreneurs for success.

Eligibility Criteria for Startup Companies in India

The following conditions must be met in order to be considered a startup, according to the Startup India Action Plan

• It can be incorporated or registered in India for a period of up to ten years from the date of incorporation.

• Is the business a Private Limited Company, a Limited Liability Partnership, or a Partnership Firm.

• For any of the financial years since incorporation/registration, the yearly turnover has not exceeded INR 100 crore.

• Is it a scalable business model with a strong potential for job creation or wealth creation, or is it working toward innovation, development, or enhancement of products, processes, or services.

It is vital to highlight that an entity formed through the division or rebuilding of an existing firm is not a “Startup.” Also, an entity will no longer be referred to as a Startup if it:

• Achieving a turnover of more than INR 100 crore in any prior year,

• Completing ten years from the date of registration/incorporation.

StartUps Benefits in India

• Funds are easily accessible

The government has set up a fund of 10,000 crore rupees to offer enterprises with venture capital. The government is also giving guarantees to lenders in order to encourage banks and other financial institutions to supply venture capital.

Suggested Read: How to raise funds for Startup?

• Easy Process

The Indian government has launched a smartphone app and a website to make it easier for entrepreneurs to register their businesses. Anyone interested in forming a business can use the website to fill out a simple form and upload papers. The entire process is conducted fully online.

• Can apply for Government Tenders

Government tenders are open to startups. They are exempt from the previous turnover/experience requirements that apply to regular businesses responding to government tenders.

• Lesser Time Consuming

To save time and money, certain compliances have been streamlined for startups. Startups will be able to self-certify compliance with nine labor and three environmental rules (through the Startup mobile app).

• Investors can save money on taxes

Capital gains taxes will not apply to anyone who invests their profits in government-run venture funds. This will help startups to attract additional investors.

• Cost reductions

A list of patent and trademark facilitators is also published by the government. They will provide high-quality Intellectual Property Rights services, such as expedited patent examinations at a lower cost. The government will fund all facilitator fees, allowing the startup to cover only the statutory expenses.

Information Unicorn Startups in India

The words “Unicorn Startup” are made up of two words: “Unicorn” and “Startup.” A unicorn is a business phrase that refers to a startup having a market capitalization of more than $1 billion. Aileen Lee, a venture capitalist, and seed investor originated the term.

As of 2022, India will have over 80 Unicorn Startups, making it the world’s fastest-growing Startup Ecosystem. Unicorn Startups are becoming more popular today; yet, creating a Unicorn Startup is not easy. Climbing the unicorn ladder requires dedication, hard work, and tenacity throughout the Startup journey.

Examples of top Unicorn Startups in India

• Groww

• CRED

• CoinDCX

• Zerodha

• Razorpay

Conclusion

The government has proposed holding two Startup fests each year, one on a national level and one on an international level, to bring together the numerous stakeholders of a Startup. This will open up numerous doors for networking. The government is very supportive of new businesses. They reap enormous benefits, which is why more people are attracted to start their own Businesses.