Startup India Registration - Defination, Benifits and Documents | 9 Benifits of Registration under Startup India
With the revision to the Companies Act, India's startup environment saw a number of changes. A significant accomplishment is the launch of the Startup India initiative by the Indian government. The Startup India initiative has various advantages and has played a significant role in the development of India's entrepreneurial culture.
It presents a chance to create jobs, make money, and advance indigenous industries. According to a NASSCOM and Zinnov research, India is the third-largest startup market worldwide. The goal of Startup India is to create an environment that encourages innovation and creativity. The programme Startup India offers a number of advantages.
The creation and invention of new goods and services are the objectives of Startup India. Additionally, it aims to boost India's employment rate. In addition to other advantages, Startup India aims to deliver the following:
Since its launch on January 16, 2016, Startup India has experienced an increase in creative ideas. Additionally, it has witnessed an unheard-of rise in the entrepreneurial spirit among the nation's youth.
Most Indian startups register as one of the following types of businesses:
Startups that meet the criteria outlined in G.S.R. announcement 127 (E) are eligible to apply for recognition under the Startup India Action Plan. When applying, startups must include supporting documentation.
For more details please refer to the attached notification here
To be able to take advantage of the benefits offered by the plan, the afore mentioned company(s) must first meet the following qualifying requirements:
Related: Startup India Scheme
Here are the top 9 benefits of Startup India scheme that a every startup founder and business owner can avail:
A business must adhere to numerous labour law requirements. Strict responsibility results from breaking these statutes. Due of their relative youth, startups tend to disregard eco-systems.
Startups are, however, permitted to self-certify compliance with nine labour and environmental regulations in order to lower their regulatory responsibilities. In this situation, there won't be any inspections for three years.
The startup registered under the Startup India programme are excused from paying taxes and this exemption is available for the first three years. Incubators are exempt from paying taxes on any investment they make that is worth more than the going rate.
Additionally, the strategy exempts investments made by angel investors. The startup can use all of the revenues for just business development thanks to a tax exemption for the first three years or attaining a particular threshold amount.
Allowing qualified businesses to register themselves using a single form is one of the advantages of Startup India. Through the Startup India mobile application, this is possible. A single form on the application enables startups to register themselves.
Additionally, this app offers single-window clearances for approvals, registrations, filing compliances, etc. for entrepreneurs. The simplest way for anyone to launch a startup is in this manner.
Anyone who has ever registered a patent will be familiar with how laborious the procedure is. However, the programme takes a number of measures to safeguard priceless intellectual property. This involves giving patent applications a quick review.
The efforts go beyond just expedited patent applications. Once the patent has been submitted, a rebate of 80% of the entire patent price is also given.
Previously, a business needed to have "previous experience" or a "requisite turnover" in order to apply for public procurement. But this is not the case. Startup India has opened the door for equal chances for beginning and seasoned business owners. The rules governing public procurement have now been loosened for startups. facilitating their decision to use public procurement.
The Startup India programme has an incubator component. In this module, the public-private collaboration is encouraged. The module equips the startup with the necessary information and assistance that start-ups need.
There are currently 118 incubators supporting India's startup ecosystem, which is fuelling it.
The programme gives startups the chance to network with other startup stakeholders at a certain location and time. These gatherings are organised as festivals. These festivals take place twice a year.
Both national and international levels are involved in the fests. This gives entrepreneurs a fantastic opportunity to look at other startups as they grow and develop in addition to seeking finance. Additionally, it gives them a wider perspective on their regular activities.
Government projects are usually large and have higher monetary incentives. However, it is fairly difficult to obtain one. The primary reason being the competitiveness involved in them.
However, under this scheme, startups are given incentives to receive government tenders. They are also not required to have any prior experience to be eligible to receive such tenders.
The most significant of them all is last. Those with an entrepreneurial aspiration are also encouraged to engage in research and innovation through Startup India. There are plans to establish seven new research parks. With the help of these parks, it will be possible for startups and students to conduct research and develop new products.
In India, this is a fantastic opportunity to launch your own company. Numerous advantages of Startup India might assist you in launching your firm. with a lot of opportunities and little compliance. Get them as soon as possible. This is the time to watch your business idea mature, expand, and materialise.
Best of luck!
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