In the age of entrepreneurship, startups or young ventures are becoming more innovative than big companies. Successful startups start from business ideas and provide jobs and new products and services to help grow our economy.
That's why modern startups are receiving considerable assistance, encouragement, and acknowledgment even at an early stage. However, before you officially enter the market, you must gather in-depth and critical information and take the right legally-compliant steps to make the most out of the business opportunities.
Startups are essential as they break the conventional barriers, tackle challenges, and encourage individuals to build the future. They introduce new and revolutionary ideas and design unique services, which can greatly contribute to satisfying the needs of individuals across the world.
Since the Government of India has been immensely encouraging startups to flourish, these emerging organizations enjoy a plethora of benefits, including easy financing options. This is why many people, mostly youth, are initiating their small businesses and trying to make room for themselves in the densely competitive market.
Eligibility for Registration under Startup India
Individuals must be over 18 years of age to register under the Startup India Initiative by the Government of India. The company must be a Partnership or a Private Limited Firm to apply under this program. Startup India prefers beginners over those with expertise & skills. It conjointly helps you climb the career ladder a lot quicker.
Here are some of the most prominent benefits that the government of India provides to the startups:
- Simple Process The government of India has launched a mobile application and a website that allows simple and expedited registration of startups. The complete process is online by filling up a straightforward form on the website and uploading certain documents.
- Reduction in Cost The government provides complete lists of facilitators of patents and trademarks. They also provide high-quality Intellectual Property Right Services and a quick examination of patents at lower fees. The government will bear all the facilitator fees, and thus the startup will solely bear the legislative costs.
- Easy Access To Funds The government encourages banks and different monetary foundations to provide venture capital to the Startup founders. The government's worth of funds for the supply of capital is INR 10,000 crores.
- Tax Holiday For 3 Years Startups are exempted from taxation for the initial three years underneath this program, provided they get a certification from Inter-Ministerial Board (IMB). Software like Small Business Accounting Software further simplify the processes related to accounting and tax records.
- Apply For Tenders It is applicable for Startups to apply for Government tenders. They are given incentives to receive government tenders under this scheme.
- R & D Facilities Seven brand new Research Parks are planned to be constructed in order to supply excellent facilities to the Startups within the R&D sector.
- No Time-consuming Compliances Several companies are streamlined for startups to save lots of time and money. Startups shall be allowed to self-certify compliance with nine labor laws and three environmental laws.
- Tax Saving For Investors To attract more investors, people investing their capital gains within the government's project funds can get an exemption from capital benefits.
- Choose Your Investors Startups are given the liberty to select their preferred Investor amongst the various Venture Capitalists.
- Easy Exit Entrepreneurs can shut their enterprise within 90 days from the date of application concerning winding up.
- Meet Other Entrepreneurs To benefit emerging entrepreneurs and to provide huge networking opportunities, the government organizes Startup fests annually, nationally, and internationally.
The startup culture continues to flourish in India on an impeccably large scale. The Government of India unfailingly promotes the Startup India Initiative to foster the economy, encourage young minds, and make proficient entrepreneurs.