A startup technically refers to any business that is working on the expansion, commercialization, and creation of innovative products such as services, mechanisms, or products that are fueled by intellectual property rights or the latest technology. In the last two years in the last two decades, the Indian startup community has exploded quickly, and assistance is now accessible in all dimensions.

The Startup India Benefits

The following are the advantages that come with understanding of how to register for Startup India scheme:

1. Easy Access to funds

Rs. 10,000 crores fund has been set up through the Indian Government to provide funding to startups in the form of Venture Capital. The government scheme for startups in India also provides guarantees to lenders to encourage banks and others financial institutions offer Venture Capital.

2. Tax savings for investors

Investors who invest their capital gains in venture funds established by the Government will be granted exempt of Capital Gains and this will assist all Startups in attracting more investors. This is one of the best startup India tax benefits for investors.

3. Income tax exemption

Startups with a qualifying status can be exempt from taxation on income for 3 consecutive F.Y. (Financial Years) in the first 10 years after incorporation.

4. You can easily apply to Government Tenders

Startups in India are able to easily apply to Government Tenders and they are exempt from the prior experiences or turnover requirements that are in place for regular companies who respond for Government Tenders.

The Role of Startups in the Development of Indian Economic System

Let's examine the role that startups play in the development of Indian economic system:

1. Job Creation

India is home to 112 million active people aged between 20-24, in comparison to China's 94 million. With no employment opportunities in the government sector, this dividend is helping to boost the country's entrepreneurial culture. At the time of writing, on August 29, 20, India was ranked as third largest startup ecosystem in the world with more than 77,000 DPIIT-approved startups scattered across 656 districts.

2. Research and Development

Startups are heavily subsidizing Research and Development (R&D) in countries such as India since they are often required to handle technologically advanced and knowledge-based services. Startups' R&D team serves as an innovator and ensures that the company is up-to-date. Startups therefore encourage an approach that is practical or independent research in the academic institution.

3. Higher GDP

Despite rising inflation pressures due to rising fuel and food prices Indian gross domestic product (GDP) is projected to increase by 6.9% during FY 2022-25. Because GDP plays a significant part in a country's economic growth, it will be feasible to boost revenue in the domestic market and consumer capital could also be circulated throughout the country as we continue to promote and assisting in the development of more start-up projects.

4. The Benefits of Technology—Democratizing

Many startups are not only driving the development of technology and innovation and innovation, but also show how their services can reach most remote clients. Fintech companies are reaching out to areas that are not accessible through their services and making available financial services to Tier 2 and 3 cities.

Hesa is one of the Fintech as well as Agritech startup, is a solution to rural issues by bridging the urban-rural divide using technology and human resources. It has been able to facilitate bank transactions, managing supply chains as well as increasing the exposure of the rural agricultural products that farmers produce.

Startup India Scheme Eligibility Criteria for Registration

This Startup India Registration Certificate or DPIIT Certificate of Recognition is offered to any company that can be registered under the name of the LLP, Private Limited Company or a Partnership Firm that is registered.

To receive registration certificate, the company must have a turnover less than Rs. 100 crores during any previous Financial Year.

The firm or entity must have a flexible business model that has a high chance to create wealth and employment. The firm or company should be able to create employment or wealth.

Required Documents for Startup India Company Registration

Below are the required documents to be submitted for startup India online registration:

• CoI also known as Certificate of Incorporation
• List of the designated Directors and Partners
• Contact information of the Partners or Directors
• Latest Images of each Directors and Partners;
• Details about the investment amount and the amount invested by investors;
• Details on IPR Registration;
• Website (or mobile App link (if there is one)
• Growth Plans and a Business Plan
• Udyam registration or MSME Registration

Conclusion

Policies that support startups in India don't always require massive amounts of money or rewards. However, they do require the assistance of successful entrepreneurs and strategic angels at every stage of development, like business strategies, community building and connecting with experienced business mentors. Because India has a large and diverse population, with a lot of talented people looking for work, it is vital to create state-level ecosystems by setting up a startup strategy along with a startup portal and a helpline for each state.