As we all know that Modi government has announced the benefits for start up India, here we discuss the meaning of start up India for the scheme and benefits of start up India.
Meaning of Start up Business as per Start up scheme
Entity covered under start up India – As we discuss in our earlier blog there are various business entities in India, on this in start up India entity covered will be Private limited company/Limited liability partnership of partnership firm.
So Entity not covered will be Individual, Proprietorship, and HUF
How old an entity can claim his business as an start up
As the name suggest the benefits are for the start up , Government has notified an entity less than 5 year will considered in start up.
Turnover criteria for start up business –
Start up benefits will be available to only small entity so an entity having turnover not exceeds 25Cr will be covered in the scheme.
Nature of Business for start up –
Entity business should covered the innovative products which should be useful for the consumer, To check your product in innovative or not take a approval from the DIPP.
How to take a approval from DIPP?
Give a recommendation letter from any of the following
- Incubator in Post graduate collage
- Incubator Funded by government
- Incubator Recognised by government
- Is Funded by an Private equity fund/Angel network
- Patent granted by the Indian Patent and trademark office related to the business
