A startup is a company incorporated as a Private Limited Company , a Registered Partnership Firm or a Limited Liability Partnership. Since its incorporation/registration, the business has been in existence for ten years.
If its annual turnover has not exceeded In any of the financial years after incorporation/registration; the company has made not more than Rs. 100 crores; if it is working on product development, innovation, or enhancement, procedures, or services, It is a scalable business strategy with a strong potential for job or wealth creation. A company formed by severing or reconstructing current commerce is not called a 'Start up.'
In addition, a startup must be less than ten years old to be recognized as a startup.
Obtain self-certification and comply with three environmental laws and six labour laws. For three years, no inspections will be done on labour laws.
a. Labour Laws
b. Environmental Laws
Section 80-IAC provides an income tax exemption for three years. And exemption u/s 56 of the Income Tax Act of 1961.
Criteria for applying for the 80-IAC (Income Tax Exemption):
Under the Bankruptcy Code of 2016 can be wound up in 90 days.
Get a head start on your patent application with a discount of up to 80% on patent filing expenses.
There seems to be no necessity for an initial deposit, prior turnover, or experience in government tenders.
Alternative Investment Funds for investing in startups.