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The Startup India Scheme is an initiative by the Government of India to promote and support the growth of startups in India. In January 2016 the Prime Minister Narendra Modi launched the scheme with an aim to create a favourable environment for startups to grow in India.
Under the scheme various incentives and benefits are provided to startups. Below are all the benefits that startups can avail and use to grow.
The Businesses who want to register under the Startup India Scheme must fulfil these criteria for registration:
Any entity which is formed by splitting up or reconstructing an existing business will not be considered a ‘Startup’. In the following cases a startup registration will not take:
The businesses can take the benefits of the Startup India Scheme, save cost, get market exposure and much more. Check the benefits below:
To register a startup, you don’t need to visit any government office physically. The complete process is online and the Government of India has launched a website and an app for fast and easy registration. Anyone who is looking to register can simply fill a form and submit the documents from their laptop.
A list of facilitators of patents and trademarks is provided by the Government. They provide high quality intellectual property services at lower cost. Government bears the fees of facilitators and for startup registration will only have to pay the statutory fees. There is a cost reduction of around 80% in filing patents.
Intellectual property rights (IPR) are important for startups to safeguard business ideas and innovations. Under the Startup India Scheme business can take benefits and incentives to protect IPR such as fast application of patent applications, and also provide assistance to file international patents. It helps startups to protect their innovations from the competitors in the market.
The funding is an aspect where most startups face challenges. Under the startup registration India scheme the government understands this issue very well. The government has set a 10,000 rupees fund to provide to startups as a venture capital. Also the government is encouraging banks and financial institutions to provide venture capital to the startups. The Startup India Seed Fund Scheme provides financial assistance of Rs. 5 crore.
The tax is a burden on startups but under the scheme, every startup provides tax exemption for 3 years. The startups which are incorporated after April 1st, 2016 with a turnover of less than Rs. 25 crore are eligible for the exemption. Sectors such as biotechnology, IT, and renewable energy are exempted from tax.
The people who are investing their capital gains in a startups venture fund. Then that amount is exempted from the tax in the capital gain section. These benefits will help startups to attract more investors.
For women entrepreneurs setting up a startup is challenging because of different reasons such as limited access to resources, funds and cultural barriers. The Startup India scheme provides special benefits to women entrepreneurs such as financial assistance and mentorship. Women entrepreneurship platforms are set up and it provides support to women led startups to encourage more women to set up their own businesses.
Complex procedures and paperwork for startup company registration is another challenge that many entrepreneurs face. The Startup India Scheme makes the regulatory compliances simple and provides them a single window clearance mechanism for different registrations and approvals. Through a single window business can file the application for a patent, get approvals. This reduces the time and cost involved in regulatory compliance.
Networking is important for startups and this scheme is providing different opportunities for startups to connect with investors, and mentors. Annually the government has proposed 2 startup fests both nationally and internationally. This is a great opportunity for startups for networking.
Other than this, startups get access to various events, and workshops. Where investors can pitch their ideas and connect with others. International exposure is important to attract global customers, investors and talent. Example - In Global Entrepreneurship Summit, startups will get exposure.
Along with this, the scheme provides support to participate in the international competition and awards such as the Startup World Cup to give them global stage recognition.
Access to Government Procurement
Government procurement is a significant source of revenue for many businesses, including startups. However, accessing government procurement opportunities can be challenging for startups, especially those that need more resources and experience.
The Startup India Scheme aims to address this challenge by providing startups with access to government procurement opportunities through the GeM (Government e-Marketplace) portal. Startups can register on the portal and bid for various government tenders, opening up a new avenue for revenue generation.
To conclude, the government is encouraging startups and that’s why many entrepreneurs are setting up startups. The Startup Registration India Scheme is an initiative by the Government of India to promote startups growth. Scheme has many benefits as mentioned above.
Registrationwala assists businesses from company registration,IPR protection and government procurement. Also to get the funding, networking, and get benefits from government schemes. With the help of our expertise, setup and grow your business.
Hey there, I'm Dushyant Sharma. With the extensive knowledge I've gained in past 8 years, I have been creating content on various subjects such as banking, insurance, telecom, and all the important registration and licensing processes for various companies. I'm here to help everyone with my expertise in these areas through my articles.
