Benefits Of Startup India Initiative?

One of the centrepiece initiatives of the Honourable Prime Minister Shri Narendra Modi Ji and his administration is Startup India. Both the number of startups and unicorns has increased significantly in India during the past several years. One of the causes of this is the government’s extensive backing of new businesses. To make the procedure for companies very comfortable, initiatives like startup India were developed.

Advantages of the Startup India Programme:

Environmental and Labour Laws Self Certification.

Three-year period of tax exemption.

Investments above fair market value are exempt from taxes.

Easy Business Closing.

IPR protection and startup patent application.

Norms for public procurement are being relaxed.

Fund of Funds SIDBI.

Personally, I even advise regular businesses to take use of these perks. There are also numerous funding schemes available that allow businesses to obtain government assistance. This can greatly help start-ups and new business owners.

The government just announced a seed investment initiative under which entrepreneurs can apply for grants of up to 25 lakhs and can even apply at the idea stage.

Startups will be able to confirm their own compliance with nine labour regulations and environmental legislation. For a period of three years, there won't be any inspections of labour regulations.

Tax Exemption: For a three-year term, all startups covered by the Startup India plan are exempt from paying taxes. Incubators and angel investors will also be free from paying taxes on any investments they make that are worth more than the market price.

An incubator setup - The introduction of an incubator module supports public-private partnerships and provides businesses with the help they require to succeed.

Mobile application: Startup India enables businesses to register and upload necessary paperwork using their mobile application. Startup India enables companies to register through their mobile application and upload relevant documents. There will also be single window clearances for approvals, registrations and filing compliances among other things.

Patent Protection - Simplified patent application process. A rebate of 80% of the patent application fee will be given to the Startup. Only the required payments will be paid by the startup; all facilitator fees will be covered by the government.

Learn from the best: Seven new research parks will be established to provide resources for businesses in the R&D industry, and the Startup India programme will stimulate research and innovation among students who are aspiring entrepreneurs.

Equal opportunity will be offered to both beginning and seasoned business owners. This was formerly impossible because all applicants had to have either "previous experience" or a "previous turnover." The rules governing public appropriation have recently been loosened for startups.

Determining to avail tax benefits:

For a period of three years, startups are exempt from paying income taxes. Only those who receive certification from the Inter-Ministerial Board (IMB) are eligible for these benefits. Startups recognised by the DIPP, Government of India, can now directly access Intellectual Property Rights (IPR)-related advantages without needing any further certification from IMB by just selecting "Yes" and the application would be shared with the Inter-Ministerial Board for review.

Additional Facilities Connected to the Startup India Programme Recognising Startup

An entrepreneur's ability to outperform the competition in the market is crucial, but doing so requires first understanding the competition and developing a terrifying business plan. A startup that registers will learn about all the other businesses in the same sector, which will aid in creating a plan for progress.

Networking

The business approach of "networking" pulls all the strings necessary to draw in investors, seize opportunities, increase customer awareness, and establish a strong brand identity.

Investors

Investors are also your company's stock speculators. A startup that has registered will have the opportunity to introduce themselves to a large group of investors and give them the chance to develop some level of trust in your company.

Mentor

A mentor allows you to see the hope inside yourself. A registered startup can search the right mentor who has gone through all the tough times that they are going to experience now for the survival of the business.

Accessibility for Startup

A registered firm will have access to a variety of online resources, including tools, without any hassles through the firm India platform.

All the information needed for a company, including important words, stakeholders, legal requirements, statistical data, business analysis, and more, is available online.

Associated services

This entails contacting all of the service providers who have agreed to work together, including banks, law offices, and cloud computing services, and utilising the best services offered by leading service providers.

Templates

It is possible to obtain templates for practically every function, including legal, human resources, and customer service, which could make it simpler to complete tasks with the least amount of people and money.

Conclusion

The Startup India Movement seeks to make bright entrepreneurial ambitions and ideas a reality, assisting the nation's overall development not just by boosting employment or producing high-quality goods but also by creating a standard for the global industrial development industry.