Startup India is an initiative taken by the government of India on 16th January 2016. The initiative was meant for aiding the entrepreneurs and developing a dynamic startup ecosystem. Moreover, it’s about transforming the nation into a job-creating nation rather than a nation of job seekers.
There are various advantages of startup India scheme that the budding entrepreneurs must make the most of.
Perks of Startup India Scheme
Startup India scheme allows the companies to get self-certified as per the Labor and Environment regulations. Advantage of this is to minimize the regulatory stress on start-ups, ensuring they concentrate on their fundamental business and to keep the budget of compliances on nominal side.
Relaxation with taxes
Profits gained through the certified start-ups can enjoy income tax exemption for three straight years upon obtaining an inter-ministerial board.
Greater aid with patent Application of the start-ups and IPR
Startup India comes up with incredible Intellectual property services and resources for enabling start-ups in safeguarding and commercializing the IPRs.
Exemptions with norms of Public Procurement
To meet aspects concerned with quality control and technical aspects, departments of the Indian government, departments of different ministries, and PSUs have been provided with the authorization of relaxing the conditions about public procurement.
It enables a startup to enjoy relaxation with an extensive amount of financial deposits, obligations with norms of experience related to government tenders, etc. Moreover, it enables start-ups to be acknowledged as the sellers over the biggest e-Procurement portal of the government, which is called GeM.
Greater scope of government funding
Indian government has allocated a hefty amount of 10k crore INR, which is handled by SIDBI and is meant for offering support with equity funding to enrich the start-ups driven by creativity. In other words, here, the government helps towards the capital amounts of the funds registered with SEBI. As these funds invest in start-ups again, it is called as the funds of funding.
Apart from these, it also allows the companies to get winded up as per the insolvency and bankruptcy code, in a timeline of 90 days
To enjoy these benefits, one needs to have a startup India registration.