Startup Advisory
A startup needs holistic advice on all corporate law, accounting, tax and legal matters. The government is looking at Startups in India as an important contributor to the GDP and development of New India. We can manage all non-business services for a startup, which can then focus on the business and operations. Contribution of chartered accountants in supporting the start-up India campaign is critical for successful kick-off of a start-up.
Our team will give comprehensive assistant in availing the following benefits that are made available by the government for start-ups:
1. Simplification and Handholding of Statutory compliances:
- In case of Labour laws, no inspection will be conducted for a period of 3 years.
- In case of environment laws, start-ups which fall under the ‘white category’ would be able to self-certify compliance and only random checks would be carried out in such cases.
- Startup Intellectual Property Protection (SIPP) facilitates filing of Patents, Trademarks and Designs where there is fast-track examination of patent applications and rebate in fees.
- An equal platform has been given to start-ups to procure government contracts as that is given to experienced entrepreneurs/ companies.
- Fast Track dissolution process for start-ups is available under IBC,2016.
2. Business Funding Support and Incentives:
- Obtaining equity support from the Fund of funds for startups which is being operated and managed by the Small Industries Development Bank of India (SIDBI).
- Availing venture debt to startups, credit guarantee comfort through National Credit Guarantee Trust Company (NCGTC)/ SIDBI.
- Availing the benefit of exemption from income tax for a block of 3 years out of 10 years by getting a certificate of eligibility from the Inter-Ministerial Board (IMB).
- Capital Gain exemption to investors for investing in startups for the purpose of purchase of new assets.
- Acceptance of consideration for issue of shares which exceeds the Fair Market Value of such shares.
3. Obtaining Recognition:
- Application to Department for Promotion of Industry and Internal Trade (DPIIT) to get the recognition of startup in order to avail all the benefits available for startups.
- Self-certified declaration with respect to compliance of conditions related to the registration of the startup.