Sharing an office space or working in a coworking is sometimes considered a generational phenomenon, where young entrepreneurs and start-ups wanting to share either their desk or part of their office while building a realm for themselves. But whether you are having an office to rent out or looking for a space to set up your workstation, it looks like coworking is here to stay.
As flexible workspace moves into mainstream and business owners increasingly recognize the benefits of a collaborative,service-led workplace, there has been a noticeable upswing in workspace focusing on the wellbeing of its users.
Here’s a list of links useful for the startups to register their companies or helpful for GST filling, tax exemptions and so on :
1.Start-up India: https://www.startupindia.gov.in/
For availing various benefits under the Startup India scheme, an entity would be required to be recognized by DIPP as a startup by applying at https://www.startupindia.gov.in/content/sih/en/startupgov/startup-recognition-page.html.
The benefits provided to recognized startups under the Startup India initiative are:
1. Self-Certification: Self-certify and comply under 3 Environmental & 6 Labour Laws
2. Tax Exemption: Income Tax exemption for a period of 3 consecutive years and exemption on capital and investments above Fair Market Value
3. Easy Winding of Company: In 90 days under Insolvency & Bankruptcy Code, 2016
4. Startup Patent Application & IPR Protection: Fast track patent application with up to 80% rebate in filing patents
5. Easier Public Procurement Norms: Exemption from requirement of an earnest money deposit, prior turnover and experience requirements in government tenders
6. SIDBI Fund of Funds: Funds for investment into startups through Alternate Investment Funds
Further, the Startup India portal – www.startupindia.gov.in – is a one-stop platform for all stakeholders in the startup ecosystem to interact amongst each other, exchange knowledge and form successful partnerships in a highly dynamic environment.
To know more about the benefits under Startup India, visit https://www.startupindia.gov.in/content/dam/invest-india/startup_kit.pdf
WHAT QUALIFIES AS A “START UP” UNDER THE START UP INDIA SCHEME
An entity shall be considered as a Startup:
1. If it is incorporated as a private limited company or registered as a partnership firm or a limited liability partnership in India
2. Up to seven years from the date of its incorporation/registration; however, in the case of startups in the biotechnology sector, the period shall be up to ten years from the date of its incorporation/registration
3. If its turnover for any of the financial years since incorporation/registration has not exceeded INR 25 Crores
4. If it is working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation
Note: An entity formed by splitting up or reconstruction of a business already in existence shall not be considered a ‘Startup’.
2.DPIIT Reorganisation: https://www.startupindia.gov.in/content/sih/en/startup-scheme.html
For DIPP-recognition, the Startups have to apply at
https://www.startupindia.gov.in/content/sih/en/startupgov/startup-recognition-page.html to avail beneﬁts like access to high quality Intellectual Property services and resources, relaxation in public procurement norms, self-certification under labour and environment laws, easy winding of company, access to SIDBI Fund of Funds, tax exemption for 3 consecutive years, and tax exemption on investment above fair market value.
3.Online courses: https://www.startupindia.gov.in/content/sih/en/reources/l-d-listing.html
There are many schemes provided by government for start ups such as :
# Venture capital scheme :Venture Capital Assistance is financial support in the form of an interest free loan provided by SFAC to qualifying projects to meet shortfall in the capital requirement for implementation of the project.
- Help in assisting agripreneurs to make investments in setting up agribusiness projects through financial participation
- Provides financial support for preparation of bankable Detailed Project Reports (DPRs) through Project Development Facility (PDF).
# Stand-Up India for Financing SC/ST and/or Women Entrepreneurs
Small Industries Development Bank of India (SIDBI)
Stand Up India Scheme facilitate bank loans between 10 lakh and 1 crore to at least one scheduled caste (SC) or Scheduled Tribe, borrower and at least one women per bank branch for setting up a greenfield enterprise. This enterprise may be in manufacturing, services or the trading sector. In case of non-individual enterprises at least 51% of the shareholding and controlling stake should be held by either an SC/ST or Woman entrepreneur.
# Single Point Registration Scheme
Ministry of Micro Small & Medium Enterprises
The Government is the single largest buyer of a variety of goods. With a view to increase the share of purchases from the small-scale sector, the Government Stores Purchase Programme was launched in 1955-56. NSIC registers Micro & Small Enterprises (MSEs) under Single Point Registration scheme (SPRS) for participation in Government Purchases.
#Support for International Patent Protection in Electronics and & Information Technology (SIP-EIT)
Ministry Of Electronics & Information Technology
SIP-EIT is a scheme to provide financial support to MSMEs and Technology Startup units for international patent filing to encourage innovation and recognize the value and capabilities of global IP along with capturing growth opportunities in ICTE sector.
@Startup India: Tax Exemption under Section 56 of the Income Tax Act (Angel Tax)
Post getting recognition a Startup may apply for Angel Tax Exemption.
Eligibility Criteria for Tax Exemption under Section 56 of the Income Tax Act:
- The entity should be a DPIIT recognized Startup
- The aggregate amount of paid-up share capital and share premium of the Startup after the proposed issue of share, if any, does not exceed INR 25 Crore.
@Startup India: 80 IAC Tax exemption:
Post getting recognition a Startup may apply for Tax exemption under section 80 IAC of the Income Tax Act. Post getting clearance for Tax exemption, the Startup can avail tax holiday for 3 consecutive financial years out of its first ten years since incorporation.
Eligibility Criteria for applying to Income Tax exemption (80IAC):
- The entity should be a recognized Startup
- Only Private limited or a Limited Liability Partnership is eligible for Tax exemption under Section 80IAC
- The Startup should have been incorporated after 1st April, 2016
# GST filling
- GST filling portal: https://reg.gst.gov.in/registration/