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There has been an astonishing increase in the number of entrepreneurs since Prime Minister Narendra Modi started Startup India. With the government’s many advantages and assistance, an increasing number of people are starting their businesses. The most fascinating characteristic is that most associations are led by youthful entrepreneurs and owners, which says volumes about India’s remarkable creative vision.
Since the initiative began, people have become more courageous, understanding that the government will support them in the process, and as a result, are innovating. Many people have plans but have no idea how to set up a business or how to turn those ideas into reality. Several others are unsure how to register with Startup India.
Criteria for being a start-up business
Few qualifications make your business a startup. These are as follows:
- The Department of Industrial Policy and Promotion (DIPP) must approve your company.
- It is important to obtain a sponsor guarantee from the Indian Patent and Trademark Office.
- You must obtain a letter of recommendation from an incubator.
- The company has to come up with new concepts and schemes.
- The Securities and Exchange Board of India, or SEBI, must be informed of all fundraising details.
- The startup must be a private limited company or a limited liability corporation to register with Startup India.
- The company remains a startup for the first ten years following registration. The Indian government has raised this from seven to ten years in terms of giving businesses greater opportunities and tax savings over the long run.
- The company is still regarded as a startup if its annual turnover does not surpass Rs 100 crores in any of the ten years. A company is no longer considered a startup once it reaches this stage. The Indian government has raised the limit from Rs 25 crore to Rs 100 crore.
Steps and Procedure to Register with Startup India
The step-by-step procedure to register with Startup India is as follows:
- Step 1: Form a corporation for your company.
First and foremost, you must establish your company as a Private Limited Company, a Limited ability Partnership, or a Partnership organisation. To obtain registration, you must follow the standard procedure, which includes filling out a form.
- Step 2: Create an account to register with Startup India.
Now you must register your organisation or company as a startup under the government’s Startup India scheme. All you have to do now is fill out the form on the Startup India website. You must complete all of the fields and upload a specified amount of documents for registration.
- Step 3: Get DPIIT Recognition
The company must first seek recognition from the DPIIT after creating a profile on the Startup India website. This accreditation allows businesses to take advantage of benefits, such as access to high-quality intellectual property services, among other things.
- Step 4: Documents for Registration.
I) You must only upload documents in PDF format.
- A letter of recommendation is required alongside the form.
This is the list of letters of recommendation that you can obtain:
- In a format recognised by the DIPP, a recommendation letter from an Incubator is known at a post-graduate college in India. This tells us about the business’s creative nature.
- A recommendation letter from an incubator that the Government of India finances as part of any specific scheme to foster innovation. You can also get a letter in DIPP format from any of the Government of India’s authorised incubators.
- A recommendation letter by the Indian government, central or state governments.
II) In areas related to the nature of the business being promoted, a patent is filed and published in the Indian Patent Office Journal.
III) Certificate of Registration or Incorporation
You must upload your business’s or LLP’s certificate of incorporation, or the partner company’s registration certificate.
IV) Description of your company in brief.
- Step 5: State if you require a tax exemption
In India, startups are exempt from paying income tax during the first three years, but they must be validated by the Inter-Ministerial Board (IMB) to qualify for these privileges. Companies that have registered with the DIPP are free from this requirement because registration is enough to receive the benefits.
- Step 6: Self-certification:
The conditions for self-certification are listed below:
- If you are a limited liability company (LLC), a limited liability partnership (LLP), or a partnership firm.
- Not earlier than 5 years, your firm must be incorporated or registered in India.
- Your company’s annual income must not surpass Rs 100 crore.
- The company must continue to come up with new ideas or enhance old systems in some way.
- Your company must be a new concept, not a division or remodelling of an existing one.
- Step 7: Obtain your identification number
You will receive an immediate recognition number after submitting this registration. Only once the administration has examined all of your uploaded documents will you earn a certificate of registration or incorporation.
Conclusion
A startup is a newly established, usually small business launched by a single person or group.
In 2016, the Indian government inaugurated the Startup India programme. The fundamental goal of this programme is to encourage the creation of new businesses in India. Under this scheme, the government has taken several necessary steps to establish a robust startup ecosystem and turn India into a country of job producers rather than job seekers. The Startup India Scheme is supervised by the Department of Industrial Policy and Promotion (DIPP). By establishing work prospects in the Indian economy, the startup India registration system has extended its development scope.
Prime Minister Narendra Modi visited Ireland on September 23, 2015. It was the second time an Indian Prime Minister had visited Ireland. The first being Jawaharlal Nehru’s visit in 1956. Ireland is an island nation located in Northwestern Europe and surrounded by the North Atlantic Ocean.
The Prime Minister of Ireland, Enda Kenny, had hosted PM Modi during his visit. The PM was attended by other dignitaries such as the Minister of Foreign Affairs and Trade, Charles Flanagan, and Ireland’s Ambassador to India, Feilim McLaughlin. The main aim of the visit was to create stronger ties and improve trade and cultural relations. Described below is the impact of the PM’s Ireland visit.
Impact on trade and commerce
India and Ireland have strong bilateral trade and business relations. Before the PM’s visit, trades with Ireland were valued at €650 million in business in 2014. This included exports worth €248m and imports worth €402 million.
The indigenous exports increased from €32 million in 2012 to €55 million in 2014. In 2019, the total bilateral trade was around €1.2 billion. The exports and the imports have also increased to €636 million and €480 million respectively. Currently, the total trade between India and Ireland is valued at €4.2 billion. This resulted from improved bilateral ties between the two nations, owing to Prime Minister Modi’s visit to Ireland.
Indian Companies in Ireland
Many Indian companies carry out trade and commerce in Ireland. They provide services to Irish markets and consumers across various industries. Pharmaceutical giants such as Reliance Genemedix and Amneal Pharmaceuticals operate in Ireland. Major IT companies such as Wipro, Infosys, TCS, and HCL also have a strong presence in the country. The trade relations were bolstered after Indian Prime Minister Narendra Modi visited Ireland.
Other companies like Crompton Greaves, Deepak Fasteners, Jain irrigation systems, and Shapoorji Pallonji provide consumer goods and services. Likewise, many Irish companies conduct their business in the Indian market. These companies include pharmaceutical and nutrition players like ICON and Glanbia, IT firms like Globoforce and other companies like Keventer, CRH Taxback Group, and Connolly Red Mills.
Impact on Education
Ireland has been a coveted destination for higher education for Indian students. Over 5000 Indian students have enrolled for higher studies in various institutions in Ireland. The students are admitted to engineering, technology, medicine and management colleges. More than 30 research agreements have been signed between the two nations that allow institutes in both countries to collaborate.
Many reputed institutes like Trinity College, Dublin, and Thapar University, Patiala, have signed MOUs for engineering and science disciplines programmes. Thus, Ireland is an essential collaborator in graduate and doctoral research. This collaboration is also considered an impact of the PM’s Ireland visit.
Indian Community in Ireland
Ireland is diplomatically significant for India also due to the large number of Indian citizens residing there. The Indian origin population is approximately 45,000 people, of whom 18,500 are Non-Resident Indians (NRI), and others are Persons of Indian Origin (PIO). The majority of the residents are working professionals employed in engineering, healthcare and management positions.
It has helped in establishing many policies for the Indian origin population. Two such policies in practice are wearing hijab as a part of the police uniform and the non-requirement of obtaining an additional work permit for the spouse or the partner of Critical Skill Employment Permit holders.
Cultural Impact
As a result of a large population of Indian origin citizens in Ireland and the relationship between the two nations, Ireland promotes Indian culture in various forms. One such example is the celebration of Diwali in Ireland since 2008. The event is organised every year in collaboration with Irish and Indian committees.
Further, an annual contemporary film festival is also a part of the celebration of Indian culture. The promotion of such events indicates the importance of cultural exchange between the two nations. The Irish communities also take a keen interest in conventional practices such as cultivating and consuming Indian herbs and spices. This connects the agricultural practices between the two nations. The cultural ties between the countries were strong, and Prime Minister Modi’s visit to Ireland helped strengthen them further.
Another significant practice is the celebration of International Yoga Day in Ireland. The Irish communities have accepted Yoga as a form of a healthy lifestyle. The practice is similar to the Indian tradition.
Tourism
India attracts around 44,000 Irish tourists every year. Indian tourists too visit Ireland in similar numbers. This was facilitated by the introduction of the common British-Irish visa scheme. This scheme allows the tourists to visit the U.K. and Ireland under one visa, rather than applying for two separate visas. It is valid for short stays. India also extended its Electronic Tourist Visa facility to Ireland to digitally facilitate visa approval and generation. The impact of the PM’s Ireland visit was such that it has also helped establish the tourism sector in both countries.
Conclusion
The diplomatic ties between Ireland and India have been impacted positively after Prime Minister Modi visited Ireland in 2015. It was an essential step toward strengthening the bilateral relationship between these two nations. India and Ireland have been important to each other since the 1900s.
In 2010 and 2017, two honorary consulates were established in Chennai and Kolkata. Later in 2019, a formal and fully functional consulate general in Mumbai. Ireland and India have also shown their allegiance to fighting terrorism after the Pulwama attack. India has also hosted several Irish dignitaries on various occasions. These visits were directed toward engagement in business, education, health and tourism.
Further, many agreements were signed to provide opportunities for employment to people of both countries. Prime Minister Modi’s visit to Ireland helped revive relatively stagnant relations between these two nations. Several cultural and historically similar instances bind these two nations. From Yeats and Tagore to cricket and Diwali, the cultural semblance between these two nations has helped create a strong tie between them.
