Startup India Scheme 2024 : Benefits, Eligibility & Registration Process

India offers a rich environment for aspiring entrepreneurs with its young population still increasing and its rising economic goals. The Indian government recognized this potential and in 2016 introduced the Startup India scheme program. This large-scale initiative seeks to create an environment that is helpful to entrepreneurs, promoting their creativity and helping them succeed. In this post, you get all the necessary information regarding this scheme including its benefits, objectives, overview, necessary documents, eligibility criteria, registration process and much more.

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Startup India Scheme 2024

The Central Government launched the Start-up India program on 16 January 2016 with the goal of encouraging entrepreneurship in India. Start-up India was implemented with the aim of lowering India’s unemployment rate, which rose from 4% in 2017 to 7.6% in 2019 on 16 January 2016.

The Government of India launched the Start-up India project to give the nation’s entrepreneurs access to reasonably priced business financing. The programme offers women business owners and business owners from SC and ST groups subsidized loan amounts ranging from Rs. 10 lakh to Rs. 1 crore.

Overview Of Startup India Scheme 2024

Name of the Scheme	Startup India Scheme 2024
Launched By	Central Government of India
Department	Department for Promotion of Industry and Internal Trade
Beneficiaries	Citizens
Objective	Encouraging entrepreneurship in India
Official Website	www.startupindia.gov.in

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Objective Of Startup India Scheme

The goals of Startup India include increasing employment rates in India and encouraging the development and innovation of goods and services. The scheme offers several advantages, including financial help, government tenders, networking possibilities and job simplification.

Benefits Of Startup India Scheme

The benefits of this scheme are given below:

• Startups are permitted to self-certify that they comply with many labor and environmental rules. By doing this, they may concentrate on their main company operations and lessen the administrative load.
• The initiative protects entrepreneur’s intellectual property by streamlining and subsidizing the patent, trademark, and design filing processes.
• Startups may now present their ideas and win important contracts with easier access to government bids.
• The Startup India Seed Fund Scheme (SISFS) offers up to Rs. 10 lakhs in funding to facilitate market entrance, prototype development, and proof-of-concept.

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Eligibility Criteria

The eligible criteria of this scheme are given below:

• It is necessary for applicants to be older than 18.
• Companies shouldn’t be more than five years old.
• Applications may be submitted by private limited companies or partnership firms.
• The organization shouldn’t have exceeded the Rs. 25 crore turnover limit.
• The Start-up India loan is available to businesses where women or members of the SC or ST groups own 51% of the company.

Required Documents

The required documents of this scheme is given below:

• Certificate of Company Registration.
• The resolution of the board is to recognize the startup.
• Depending on the structure of your business, more documents can be needed.

Types Of Startup India Funding

• To qualified entrepreneurs, this plan offers equity-free finance up to Rs.10 lakhs. Early on in the development process, this cash boost might be quite helpful.
• Access to bank loans with credit guarantees is made easier by the scheme. This makes it possible for companies to obtain financing with better conditions and cheaper interest rates.
• Startup India assists entrepreneurs in obtaining larger finance for company expansion by connecting them to venture capitalists and angel investors.

Startup India Investment And Loan

• In return for a share in the company, angel and venture capitalists offer equity-based investments. This gives businesses access to large amounts of funding, but it also entails ownership sharing and possible control dilution.
•  Banks provide debt funding by way of loans that come with government-issued credit guarantees. With this option, you can obtain funds without giving up ownership, but you will have to pay it back with interest.

Who Can Apply For A Startup Loan?

Applications for financing under the program may be made by startups approved by the Department of Industry and Internal Trade (DPIIT) through certain partner institutions. Depending on the bank selected, the precise loan conditions and qualifying requirements may change. Still, entrepreneurs with an established company structure, good financial predictions, and a history of success are often better positioned to get financing.

Registration Process

• First, you have to visit the Official Website of the portal.

• The homepage will appear on your screen.
• Click on the register button.
• The application form will appear on your screen.
• Enter all the required details in the application form.
• You have to upload all the necessary documents including its company registration certificate and board resolution for startup recognition.
• Pay the nominal registration fee.
• Click on the submit button.

FAQ’s