DPIIT Startup refers to a recognition and support system provided by the Department for Promotion of Industry and Internal Trade (DPIIT), which is a part of the Ministry of Commerce and Industry, Government of India. The DPIIT Startup initiative aims to foster innovation, promote entrepreneurship, and facilitate the growth of startups in India by providing various benefits and support mechanisms. Here's an overview of DPIIT Startup and its key features:
1. Recognition : Startups recognized by DPIIT are referred to as "DPIIT-registered startups" or simply "DPIIT Startups." To be eligible for recognition, startups must meet certain criteria, including being incorporated as a private limited company, a partnership firm, or a limited liability partnership (LLP) in India and having a turnover of less than INR 100 crore (approximately $13.7 million USD).
2. Benefits :
- Tax Benefits: DPIIT-registered startups may be eligible for various tax benefits, including exemptions from income tax for a specified period and eligibility for tax credit under the Goods and Services Tax (GST) regime.
- Self-Certification: Startups can self-certify compliance with certain labor and environmental laws for a specified period.
- Access to Funding: DPIIT-registered startups may have improved access to funding from venture capitalists, angel investors, and other sources.
- Government Procurement: Startups may be eligible to participate in government procurement processes with certain relaxations in eligibility criteria and prior experience requirements.
- Regulatory Support: Startups receive support and assistance from the government in resolving regulatory issues and navigating the regulatory environment.
3. Startup India Scheme : DPIIT Startup is a part of the broader Startup India initiative launched by the Government of India in 2016 to promote startups and entrepreneurship in the country. Startup India offers various incentives, schemes, and programs to support startups at different stages of their lifecycle.
4. Startup India Portal : DPIIT Startup registration and recognition process can be completed online through the Startup India portal (www.startupindia.gov.in). The portal serves as a one-stop platform for startups to access information, resources, and support services provided by the government.
5. Ecosystem Development : DPIIT Startup aims to foster a conducive ecosystem for startups by promoting innovation, providing mentorship and networking opportunities, facilitating industry-academia collaborations, and supporting technology commercialization efforts.
Overall, DPIIT Startup recognition offers several benefits and support mechanisms to startups in India, enabling them to thrive, innovate, and contribute to economic growth and job creation.