Indian government has been offering host of benefits to start-ups in the startup eco-system. The Prime Minister has recently announced a seed fund of Rs 1000 crore for start-ups. There are also more benefits. Just spare a few minutes to know about the benefits offered by the Union government.
India is the world’s 3rd largest start-up destination
A recent report by NASSCOM and Zinnov states that India is the third-largest startup destination in the world. The credit goes to the government under the leadership of PM Narendra Modi that started and promoted Startup India, which was launched in 16 January 2016. The initiative was aimed at promoting growth and help Indian economy. As a result of which many benefits are being given to entrepreneurs for establishing startups.
Start-ups can be started easily
The application process for start-ups is online and very simple. Government of India has launched a mobile App and a website for easy registration for startups. One simply needs to fill up a simple form on the website and upload certain documents.
Government provides lists of facilitators of patents and trademarks along with a high quality Intellectual Property Right Services including fast examination of patents at lower fees. The facilitator fees will be paid by the government and the startup will pay the statutory fees along with enjoying 80% reduction in cost of filing patents.
A Rs 1000 crore rupees seed fund is set-up by government to provide funds to the startups as venture capital. This apart, it gives guarantee to the lenders to encourage banks and other financial institutions for providing venture capital.
Tax exemption for startups and investors
Startups will be exempted from income tax for 3 years provided they get a certification from Inter-Ministerial Board (IMB). Meanwhile, people investing their capital gains in the venture funds setup by government will get exemption from capital gains. This will help startups to attract more investors. Along with this they will have the option to choose their investors.
Startups can apply for government tenders. They are exempted from the “prior experience/turnover” criteria applicable for normal companies answering to government tenders.
Seven new Research Parks will be set up to provide facilities to startups in the R&D sector.
Compliances have been simplified for startups to save time and money. Startups shall be allowed to self-certify compliance (through the Startup mobile app) with 9 labour and 3 environment laws.
Exit is easy
A startup can close its business within 90 days from the date of application of winding up.
Government has proposed to hold 2 startup fests annually both nationally and internationally to enable the various stakeholders of a startup to meet. This will provide huge networking opportunities.
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Keywords: chalgenius, start-ups, atmanirbhar bharat, vocalforlocal, Narendra Modi, Prime Minister
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