Startups are very common and popular now-a-days in India. Everyone wants to open a startup for wealth creation and become a successful entrepreneur. To promote talented entrepreneurs and employment creation, the government of India launched the startup India program on 16th January, 2016. Startup India Scheme is an initiative by the Government of India for the generation of employment and wealth creation.
The goal of Startup India is the development and innovation of products and services and increasing the employment rate in India. Startup India has initiated several programs for building a robust startup ecosystem and transforming India into a country of job creators instead of job seekers. These programs are managed by the Department for Industrial Policy and Promotion (DPIIT).
Eligibility Criteria for Startup Recognition
The startup should be incorporated as a private limited company or registered as a partnership firm or a limited liability partnership.
Turnover should be less than Rs. 100 crores in any of the previous financial years.
An entity shall be considered as a startup up to 10 years from the date of its incorporation.
The startup should be working towards innovation/ improvement of existing products, services and processes and should have the potential to generate employment/ create wealth. An entity formed by splitting up or reconstruction of an existing business shall not be considered a “startup”.
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