Startups are becoming very preferred in India. The federal government under the leadership of PM Narendra Modi has begun and promoted Startup India.
To promote the development and support of the Indian financial system, many advantages are being given to entrepreneurs establishing startups.
- Discount in cost
The federal government also provides lists of facilitators of patents and logos. They are going to provide high-quality intellectual Property right offerings, including a quick examination of patients at cut down the charges. The federal government will undergo all facilitator charges and the startup will bear handiest the statutory expenses. They’re going to experience 80% discount in rate of submitting patents.
- Easy method
Govt of India has launched a mobile app and a site for convenient registration for startups. Anyone excited by establishing a startup can replace a simple model on the website and upload distinctive records. The entire process is thoroughly online.
- A convenient approach to money
10,000 crore rupee fund is set-up via government to provide funds to the startups as enterprise capital. The government can be given assurance to the lenders to encourage banks and different financial associations for supplying venture capital.
- Practice for tenders
Startups can practice for government tenders. They’re exempted from the “prior expertise/turnover” standards relevant for normal firms answering to executive tenders.
- R&D facilities
Seven new study Parks shall be hooked up to furnish amenities to startups within the R&D sector
- Tax holiday for three Years
The startup can be exempted from income tax for 3 years supplied they get a certification from Inter-Ministerial Board (IMB).
- No time-consuming compliances
Quite a lot of compliances were simplified for startups to avoid wasting money and time. Startups will be allowed to self-certify compliance with 9 labor and 3 environment legal guidelines
- Select your investor
After this plan, the startups could have an alternative to deciding upon between the VCs, giving them the freedom to select their buyers.
- Effortless exit
In case of exit – A startup can close its industry in 90 days from the date of the utility of turning up.
- Tax saving for buyers
Persons investing their capital positive aspects in the enterprise funds set up by way of government will get an exemption from capital positive aspects. This will help startups to draw more traders.
- Meet different entrepreneurs
The government has proposed to preserve 2 startup fests annually each nationally and internationally to allow the various stakeholders of a startup to satisfy. This may increasingly furnish big networking possibilities.
A startup is being incredibly encouraged by way of the federal government. The advantages loved via them are massive, which is why extra individuals are developing startups.