What is Startup India Initiative?
Startup India Initiative is a flagship program by the Government of India to build a strong ecosystem for nurturing innovation and enterprise in the country. The initiative is aimed at empowering startups to grow through innovation and design.
The government has rolled out an action plan to enable a transition in how businesses launch and operate. A bunch of benefits have been announced to promote start-up ecosystem in India under the program.
How do i know if my business qualifies to be registered under the Startup India initiative?
If you fulfill following conditions, you are eligible to apply under the scheme subject to government qualifiers:
To avail the benefits under this initiative, the startup entity should be registered as one of the below:
ClearTax can assist you with all procedural requirements to get registered under the scheme so that you can avail the benefits listed under the scheme.
What are the benefits under Startup India Initiative?
The scheme has brought a bunch of benefits for the startup to launch in a cost effective manner, procure funds, get their intellectual rights protected at subsidised rates among others.
Tax benefitsRelaxation in Income Tax for first three years
Intellectual Property rights protectionFast track processing and 80% rebate on Startup Patent Registration
Simplified processSimplified route to incorporate business and getting other government registration via dedicated web portal and mobile app
Mentorship by industry experts & ease in procurement of fundsAcademic Partnership & Incubators support in Research & Analysis
How can ClearTax help me get through the registration process under the Start Up India Initiative?
ClearTax taps into its network of consultants and other industry experts. Following services make us one-stop-shop for getting launched:
I want to register my business as a Private Limited Company? What is the fastest way to get started.
Ministry of Corporate Affairs (MCA) has initiated a fast track registration procedure called Simplified Proforma for Incorporating Company Electronically (SPICe). SPICe enables a single form application process of company registration. The normal registration route can take up to thirty days but if SPICe is followed the whole process can be closed within 7 days.
ClearTax aims at rendering premium services and delivering it in a speedy manner. The incorporation services shall be delivered following the SPICe route.
What registrations typically apply to startups?
Typically depending upon the nature of product or service rendered by the business entity following one-time government registrations are required to start business operations:
Note: With effect from 1st April, 2017, Goods & Service Tax (GST) will phase out most indirect state and central imposed taxes like VAT (Value Added Tax), service tax, excise etc.
What are the various options to raise funds?
Funds form backbone of a business. Options used during procurement of funds can affects the capital structure, decision making power concentration etc. The various options include:
How can ClearTax help me become investment ready?
Investors be it Angels,Venture Capitalists or others invest based on project prospects in terms of feasibility, expected ROI (Return On Investments), commercial viability etc. The credentials help instil confidence in the investors.
ClearTax can assist you on your fund procurement journey by:
I want to start a business in app development. What other registrations will apply to me?
Apart from getting your service tax registration, you must also consider protecting your brand by registering the trademark for your brand. Also, if you are building any proprietary software or any other intellectual property, you must secure a copyright. Our experts can assist you with trademark and copyright registration.
I need to raise capital from external sources. I am considering approaching Investors. Do i get any advantage on getting registered as a private limited company over other forms?
The capital structure of a private limited company can easily accommodate equity funding. So Venture Capitalists prefer pvt. Ltd. over any other structure.
Being a regulations compliant entity, it becomes easy to attract capital infusion from financial institutions like banks, NBFCs etc.
Do I need to be physically present during company registration process?
The Ministry of Corporate Affairs (MCA) has made the new company registration process a completely online process. All the document flow happens in electronic form and there is no need of any physical presence.
I have already incorporated my company. What other services would I need to run my business?
After you have got your company registered, you will need one or more of the following services:
Many of these services will required on an ongoing basis. ClearTax has a special monthly package for new business to manage their business compliances on an ongoing basis. Talk to our experts or write to us at email@example.com to know more
What are the year round compliance a Startup needs to observe?
The compliance need of a startup depend primarily on the nature of its structure, product or service it is rendering etc. The general ones can be listed as below:
I need to hire employees. What are the regulatory compliance that come with hiring hands?
When an organisation employees people, to regulate the working conditions, protection and promotion of employee rights etc various regulations are imposed by authorities under various act. These include:
ClearTax Experts will help you assess the requirement for registrations under the various acts based on analysis of your case.
What aspects are covered under Human Resource Management(HRM)?
Cleartax taps into its wide network of HR consultants and other platforms like LinkedIn to cater to Human resource procurement needs of its clients.
To know more, You can write to us at firstname.lastname@example.org
What are the premium business services?
ClearTax understands the needs of entrepreneurs in this country. Hence, we have partnered with service providers and banks in the ecosystem to offer the best in breed solutions for startups.
I need to sell my products online. How will you assist me with online payments?
We have partnered with Instamojo for below services to startups at a special rate for ClearTax customers.
You will have following benefits
Once you avail our startup package, ClearTax representatives will directly connect you with our partners to avail these benefits.
How can you help me find a workspace for my business?
We have partnered with coworking spaces such as Awfis, BHIVE and 91 Springboard to help you find the best workspace across 50 locations in the country for your business. Not only that, ClearTax customers will get the following benefits
Once you avail this package, ClearTax representatives will directly connect with our partners based on your requirement.
I need email and other productivity applications for my business. Can you help me?
No Sweat. We have collaborated with Google to offer you G-Suite - Gmail, Docs, Drive, Calendar and much more at a special discount of 20% to ClearTax customers
I need to set up a website domain. Can you help me out?
With BigRock as our domain hosting partners, you will be able to set up your website in no time. As a ClearTax customer, you will be eligible for special offers.
I need help with banking services for my business. How can Cleartax assist me?
As a startup, we understand the banking needs for entrepreneurs. We have collaborated with India’s leading banks to offer comprehensive banking solutions for your business
As a ClearTax customer, our representatives will direct connect you with our partners to avail these services.