DPIIT Internship Scheme 2023 Apply Online

Under the Startup India initiative, eligible companies can be designated as Startups by the Department for Promotion of Industry and Internal Trade (DPIIT) to gain access to a slew of tax breaks, easier compliance, IPR expediting, and other benefits.

DPIIT:

The Startup India Scheme is a flagship programme announced by the Government of India in 2016. Through this effort, the government hopes to encourage startups to grow through design and innovation. The purpose of Startup India is to develop and innovate products and services while also increasing jobs in India. Under the Startup India initiative, qualifying enterprises can be classified as Startups by the Department for Promotion of Industry and Internal Trade (DPIIT) to gain access to a slew of tax breaks, easier compliance, IPR expediting, and other perks. The Department for Promotion of Industry and Internal Trade (DPIIT) oversees coordinating the Startup India initiative’s execution with other government agencies. The DPIIT is the monitoring agency for the Fund of Funds for Startups, while the Small Industries Development Bank of India (SIDBI) is the operational agency (FFS). The goal is to reduce the regulatory burden on startups, allowing them to focus on their core business while lowering compliance costs.

The Department for Promotion of Industry and Internal Trade, as part of the Government of India’s Startup India initiative, assists startups in obtaining self-certification and compliance with the country’s nine environmental and Labour laws. Startups recognised by DIPP also can benefit from Intellectual Property Rights benefits such as IPR fast track, etc. without requiring any other authorization from the Inter-Ministerial Board. Furthermore, the company can be wound up in less than 90 days under the Insolvency and Bankruptcy Code 2016. However, there are numerous other advantages to being identified as a Startup under DPIIT, which are explained in this article, as well as the procedure and eligibility requirements.

DPIIT Internship Scheme: Benefits of DPIIT Registration

Once a startup has earned the DPIIT Internship Certificate of Recognition for Startups, it can take advantage of the following benefits.

1. Self-Certification – After receiving the DPIIT internship Certificate of Recognition for Startups, your company may self-certify compliance with six labour laws and three environmental laws.
2. Tax Exemption – Startups recognised by DPIIT are qualified for a variety of tax breaks. Any startup can apply for Tax Exemption under Section 80 IAC of the Income Tax Act after acquiring the Certificate of Recognition. Furthermore, recognised startups can qualify for the Angel Tax Exemption. Once approved for tax exemption, DPIIT-recognized startups are immune from income tax for three consecutive fiscal years throughout their first ten years of operation since the formation.
3. Startup Patent Application – Startups recognised by the DPIIT must pay only 80% of patent, copyright, design, and trademark costs. Fast-tracking of patent applications is also accessible for DPIIT-recognized startups.
4. Smooth Public Procurement Norms – Startups recognised by DPIIT will be able to list their items on the Government e-marketplace. These Startups are also excluded from the requirement to submit an Earnest Money Deposit. DPIIT Startups are also exempt from any prior experience or turnover requirements in any Central Government Ministries and Departments.
5. Credit Guarantee Fund – Startups recognised under the DPIIT are eligible for a ₹2000 crore Credit Guarantee Fund over a four-year period from the National Credit Guarantee Trust Company or SIDBI.
6. Funds of Funds – Startups recognised by the DPIIT are eligible for funds of funds in the amount of ₹10000 crores from Alternative Investment Funds.
7. Easy Winding Up – According to the Insolvency and Bankruptcy Code of 2016, a startup authorized under the DPIIT can eventually end up in less than 90 days of filing for insolvency.

DPIIT Internship Scheme: Eligibility Criteria for DPIIT Registration

1. Entity Existence Period – The firm or entity cannot be older than 10 years from the date of incorporation.
2. Type of Entity- The DPIIT internship Certificate of Recognition is only available to companies that are incorporated as a Private Limited Company, a Registered Partnership Firm, or a Limited Liability Partnership.
3. Original Entity – The firm could not have been founded by splitting up or reconstructing an already existing firm or entity in order to obtain the DPIIT internship Certificate of Recognition.
4. Annual Revenue Limit – To be eligible for the DPIIT internship Certificate of Recognition, the firm must have an annual turnover exceeding ₹100 crores for any fiscal year from its inception.
5. Innovative Entity – To be recognised as a startup under the DPIIT, the firm or entity must be working to enhance or develop a product, service, or process.
6. Scalable Entity – In order to be regarded as a startup under the DPIIT, the firm or entity must have a scalable business model with a strong potential for wealth growth and job creation.

DPIIT Internship Scheme 2023: Procedure for DPIIT Registration

1. Business Incorporation – The first step is to register the company or firm as a Limited Liability Partnership or a Private Limited Company.
2. Application Filing – The next step is to submit the application to Startup India by filling out a form with the necessary information and submitting the necessary documentation. You must include the following information in your application: 
3. Details about the entity, such as its type, industry, sector, categories, full address, registration date, and incorporation number. Authorised Representative, directors and partners, intellectual property rights, and funding information.
4. Upload Documents – The third step is to upload all the documents required for filing the application, including any awards obtained by the firm, a questionnaire, and the firm’s incorporation certificate.
5. Self-Certify the Documents – The next step is to make sure that you validate all relevant details and documents before filing for DPIIT recognition.
6. Obtaining a Recognition Number – Once all relevant documents have been provided and the application has been reviewed, the DPIIT certificate of recognition for Startups will be issued. Once the entities are registered, they are permitted to use the DPIIT G2B portal to file online applications, and anyone can also raise questions about their business, pitch something, file an application for their licences, and keep track of the history of filed applications and licences obtained previously.

List of Documents Required for DPIIT Registration

The following documents are required to obtain a DPIIT Internship Certificate of Recognition for your startup:

• 1. The entity or firm’s Certificate of Registration and Incorporation.
  2. Proof of Funding is required to apply for the DPIIT Certificate of Recognition for Startups if the startup has already received funding.
  3. Patent documents published by the entity This requires the patent to be reported in patent journals.
  4. Documentation of the entity’s honours and honours received and won.
  5. A brief overview of the nature of the firm, including details on how the startup is working to bring creativity, product and service development, and the startup’s scalability in terms of wealth and employment generation.

Proof Documents for Funds

1. A letter of support from the Central Government, a state government, or any other institution recognised by the Government of India must be submitted.
2. The document for the finding must include at least 20% equity from angel or incubation funding.

Applicable Fees

The DPIIT Internship Certificate of Recognition for Startups does not require startups to pay any fees to the Ministry of Commerce and Industry.

Penalty for Forged Documents

In the event, that the documents provided by the entity with the application are forged, the applicant is responsible to pay a penalty of 50% of the startup’s paid-up capital, up to ₹25,000.

Conclusion

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