How Startups In India Get Benefits from Startup India Scheme?
A bunch of dreams and behind which there is always an idea. Launching a startup is a dream for many entrepreneurs. This is when the Hon’ble Prime Minister’s vision seems to be a guiding light for all entrepreneurs. Startup India is an initiative of the Government of India that promotes entrepreneurship by nurturing, mentoring, and facilitating startups throughout their entrepreneurial journey. January 2016 saw the launch of Startup India’s action plan. It is a big step taken by the government for startups in India. Under this scheme, the government of India is planning to set up 7 seven research parks in Research and Development sector. Your time and money are going to be saved. You would not have to pay taxes for the investors you got. Not just this you get to choose your own investor. The exit from the startup ecosystem was never easy before this.
Startup India is a unique platform that addresses your requirement and then it identifies and approaches the right mentor, incubators, accelerators, and investors. This is what Kanika Tekriwal, founder of Jet set Go, believes in. It is done in a few easy steps of registering yourself in the startup India platform. There are many reasons as to how startups in India get benefits from Startup India Scheme. Here are a bunch of these reasons.
Self-certification is a thing
A company is supposed to be obeying certain labor laws compliance. Non-compliance with these few laws leads to stringent accountability. While some of the startups work very well in this, but some new entrepreneurs end up neglecting them which leads to liability.
To reduce these administrative liabilities, under this scheme startups can self-certify with 6 labor laws and 3 environmental laws apprenticeship act. After this, there is no inspection for three years.
Financial benefits for startups in India
Startups under this scheme will get an 80% refund on the patent cost. So whenever any startup would want to appeal for a patent, the government should help the business by funding the defense of the patent.
Hence, the company gets a rebate of 80% on its fees. The government will also pay the fees of the facilitator and assist to get the patent. Patent registration and protection of Intellectual Property Rights (IPRs) will become quite quick and the process will become easy.
Registration in simple steps
You never knew that registration in startup investment platforms would be too easy. It provides you with easy access to this mobile app and website. It gives an opportunity to eligible companies to get a chance in turning their startup dream into reality. By uploading a few documents of the identity to your startup and the entrepreneur, you will able to access the benefits of this scheme. It would not require you to go and pay a visit to an office, everything is completed online. If you are registering in the app, you will be offered a single-window clearance for approvals, registrations, filling compliances, etc.
So guess you will have to see it yourself. The ease of this scheme will woo you with the immense benefits it has to provide you with. After this, you will be provided with high-quality intellectual Property Right Services. It will prove to be of great help in the startup ecosystem with the help it provides.
Tax holiday for three year
Paying tax in the initial stages of the business might tend to be problematic but with this scheme, it is as easy it gets. Startups will be released from paying income tax straight for 3 years. Not to mention, they would get a certification from Inter-Ministerial Board (IMB). this is a huge exemption when considered the stage you operate.
When we talk about financial help another major help that they offer is the one where the government provides 10,000 crore rupees fund as venture capital. They are making sure to encourage banks and other kinds of financial institutions for providing venture capital.
Other special benefits
We already mentioned as many of the benefits as it has to provide but here are some other benefits of it. With this scheme, startups do not have to raise to the standards of prior experience or turnover. Anyone could be a successful entrepreneur, this is what they believe. This help is provided regardless of the quality standards or the technical parameters. The continuous supply of funds is guaranteed to these new entrepreneurs for over a period of 4 years by the National Credit Guarantee Trust Company or SIDBI.
The biggest benefit is that if you think your startup is falling apart or if you get a better plan to start with another one you are issued 90 days wind up time. So you get to pack up your business in just a few days which is not guaranteed on any other site.