Here is a detailed instruction on how to register as an MSME in order to apply for Startup India benefits:
How to Apply for Startup India through MSME Registration: A Comprehensive Guide.
Sign Up for Your MSME:
Go to the registration portal for Udyam.
Enter your business information and Aadhaar number in the box.
You will obtain an MSME (Udyam) certificate upon submission.
Make an account with Startup India:
Visit the website www.startupindia.gov.in.
After selecting “Register,” enter your business and personal details.
To be considered for DPIIT Recognition:
Go to your Startup India profile and log in.
On the DPIIT Recognition tab, select “Get Recognized.”
Provide information such as the type of the firm, invention, and the certificate of company incorporation.
As supporting paperwork, upload the MSME registration certificate.
Awaiting Acceptance:
You will receive Startup India designation after being validated by DPIIT, which opens doors to advantages including tax breaks, financial assistance, and simpler compliance.
The advantages of applying through MSME registration
>include access to Startup India and MSME programs.
>quicker approval process because the company’s identification has been confirmed.
>Dual eligibility for government credit, mentoring, and subsidies.
Under the Startup India initiative, the following are the main rewards and advantages for startups:-
Important Startup India Incentives & Advantages:
Key Incentives and Benefits for Startups under Startup India:
> DPIIT Acknowledgment Startups
acknowledged by the Department for Promotion of Industry and Internal Trade (DPIIT) receive access to a variety of government advantages and assistance programs.
>Tax Exemptions
Enjoy a 3-Year Income Tax Holiday as outlined in Section 80-IAC. Take advantage of exemptions on Capital Gains and investments exceeding fair market value.
>Startups Simplifying Public Procurement
Established startups can now participate in government tenders without needing prior experience or specific turnover levels, and they can take advantage of more flexible EMD standards.
>Streamlined IPR Processing
Enjoy an 80% discount on patent fees Quick reviews for your patent and trademark applications Free access to IPR facilitators for your support
>Self-Certification for Compliance
Startups have the opportunity to self-certify under six labor laws and three environmental laws, making it easier to manage regulatory requirements.
>The Startup India Seed Fund Scheme (SISFS)
offers a grant of up to ₹20 lakh for validation and an investment of ₹50 lakh to support commercialization and scaling efforts.
>Access to Funding via AIFs
Startups that meet the eligibility criteria can tap into a substantial ₹10,000 crore Fund of Funds for Startups (FFS) managed through venture capital funds registered with SIDBI.
>Incubation and Mentorship Programs
Startups have the opportunity to participate in government-supported incubators, accelerators, and mentorship programs, which can significantly speed up their growth.
>Easy Winding Up
Startups have the option to close their operations in as little as 90 days, thanks to the provisions of the Insolvency and Bankruptcy Code.
CONCLUSION
The collaboration between MSMEs and the Startup India initiative represents a significant leap forward in boosting innovation, entrepreneurship, and economic growth in India. MSMEs are vital to the Indian economy, playing a critical role in job creation, industrial output, and exports. With the support of the Startup India program, these enterprises now have improved access to financing, streamlined regulations, tax incentives, and a robust ecosystem that fosters innovation and growth. This partnership not only strengthens the competitiveness of MSMEs but also supports the rise of tech-driven startups with innovative ideas. Consequently, there’s a harmonious blend of traditional and modern businesses, paving the way for inclusive growth and sustainable development. To maintain this positive trajectory, ongoing support through policy reforms, infrastructure development, skills training, and digital integration is essential. Ultimately, MSMEs backed by the Startup India initiative have the potential to become dynamic forces for job creation and economic resilience, steering India toward becoming a global center for innovation and entrepreneurship.
