Startup and Entrepreneurship Support

When a single person or a group of individuals setup a new business which is small in nature, that business is known as a startup. It is known as a startup because of the novelty in its idea and concept i.e. absence of any similar existing business henceforth aiding innovation. Any enterprise that indulges in developing a new product or service or redeveloping the current into something new and better makes it a startup.

In the year 2016 startup India campaign was launched in India by Prime Minister Shri Narendra Modi with the intent to boost entrepreneurship. The action for this campaign was to promote bank finance for startups, simplification of the process of registering a startup, and provide tax-related aid to the newly established startup.

The critical components of a startup ecosystem are skills, time, and money and there are different entities responsible for aiding this ecosystem, such as shareholders, incubators, accelerators, investors, research institutions, etc. without the help of the right consultants it is impossible for a business to survive in this critically demanding and continuously changing ecosystem.

Eligibility Criteria for Startup Recognition

1. Any organization which for a period of 10 years from the date of its incorporation is integrated as a private company as defined in the Companies Act, 2013 or a limited liability partnership under the LLP Act, 2008.
2. It is registered as a partnership firm under provision 59 of the Indian Partnership Act.
3. Only from the date of registration till the completion of 10 years a company will be considered as a startup.
4. The turnover of the company for any of the financial years since its incorporation should be less than one hundred crore rupees.
5. The working area for the company must be directed towards innovation, development, and enhancement of products, processes, or services.
6. The organization should be a scalable enterprise model with the possibility of generating employment and creation of wealth.
7. Any organization which by means of splitting up, renewal, etc. registers itself as a new entity will not be considered as a startup.

Documents Required for Startup Recognition

1. Copy of certificate of incorporation or LLP registration along with PAN card.
2. Copy of memorandum of association or LLP agreement
3. Brief details about the company, its products and services.
4. Brief profile of directors and authorized representatives such as email ID, contact details, address, etc.
5. Annual accounts of the startup for the last three financial years
6. IT Returns for the last three financial years
7. URL link of a website and social profile of the entity
8. Mobile app link or any video that is related to the business product
9. trademark, patent, or any other IPR filing number and logo (if filed or registered)

Process of Startup Recognition

1. An online application shall be made in the portal
2. The application needs to be supplemented with a copy of the registration certificate of business along with a detailed description of the nature of the business which must comprise a unique product or process.
3. The description of the startup in the application form must focus on innovation, creativity, or any economy-enhancing area of work.
4. The authority after receiving all the Documents and details may recognize the entity as a startup if they consider all the Documents to be true in nature and sufficient.
5. If the above-said Documents are not in accordance with the rules, the authority can reject such applications.

Benefits to Startups in India under the Startup India Program

1. Simple online process for compliance
2. Rebate up to 50% in IPR filing to aid innovation and novelty and security of the same.
3. Tax exemption under section 80IAC of the income Tax i.e. a startup can gain exemption of income tax for 3 consecutive years upon fulfillment of certain criteria.
4. Exemption in income tax under section 56 of the Income Tax Act i.e. upon the angel tax levied on the issue of shares at a value that exceeds the fair market value.
5. Easy winding up of the companies i.e. very simple process to close or wind up operations only condition being that the company fulfills the eligibility criteria under the insolvency code.
6. Public procurement benefits i.e. a chance to list the products on the government E-marketplace.
7. Funding benefits through fund of funds for startups (FFS).

Challenges for Startups in India

1. To find the right talent who understands and aids the motive behind the establishment of the startup.
2. An old-style workplace with no place for ideas and innovation which most organizations have become is one of the biggest challenges for a business in India, creating an innovation-friendly and attractive workplace is important.
3. Most startups face failures because they fail to identify a problem in their product leading to delays in finding solutions resulting in a decrease in the market need of their product.
4. Challenges in gaining sufficient funding result in the incapability to hire the right human resources affecting the smooth functioning of the business.
5. The minds behind the establishment of a startup are highly ambitious and with time they get so absorbed in making their ideas work that sometimes an irrelevant amount of expenditure and investment is lost which is hard to recoup hence understanding business finances and spending graph is necessary for a startup.
6. Providing a service or making a product that is unique is what makes a startup but most startups even after utilizing a substantial time and money fail to find their unique selling point.
7. An idea alone cannot change the world, it needs the right amount of technical expertise, good communication skills, collaborations with people who have prior business experience, and a dedicated developmental team which is not on the agenda of most startups.

How Enterslice Will Help You in Facing These Challenges

1. Strategies Tailor-made for You

   Enterslice startup and entrepreneurship support will help you in planning your growth by analyzing the correct market segment, researching the industry trends circling around your ideas, and conducting a competitive analysis by studying the target market and the user behavior towards it. Ultimately we will customize a final strategy for you based on our research so that you can make your idea a reality.

2. Discovering the Right Talent for You

   It is a challenge for startups to find people who understand their ideologies and concept of business, also very few people like to be part of a business that is at its nascent stage

   We can help you find the right workforce with the help of the Enterslice HR consultation unit, they have the right database and segregated resumes based on the skills and preferences of the people and can help you find the right fit for your business.

3. Managing Your Products and Their Processes

   Creating a product is one thing but making it survive through the market is on the whole a different hustle, we will help you manage your business by doing lead generation for you, marketing and advertising your business through the right channels, and ultimately branding it in a way that it attains the correct digital growth.

4. Building a Precise Financial Framework

   Finances are the most important aspect of any business without which no business can survive, we will help in articulating the finest financial plan for you based on your future goals, and we will ensure that your funds are utilized in a wholesome manner to ensure 360-degree utilization of resources.

5. Streamlining Company Management

   We will help you in deciding and managing the tasks, their determination, and requirements. We will assist you in hiring, training, building the workforce as per the required goal, and conducting training sessions.

6. Assisting in Legal & Compliance

   Our compliance consultants will make your startup legally literate we will from time to time make you aware of the government rules and regulations and establish your company as per the standards set by the laws in existence.

7. Effortless Registration Process

   Registration of a company or an IPR is an intricate process that requires educated and skilled advisors to walk you through this process. Enterslice startup and entrepreneurship support team have the right set of advisors to assist you in verifying and scrutinizing the Documents for you to make the process of registration hassle-free.