In India, start-ups are growing in popularity. Under Prime Minister Narendra Modi‘s direction, the government launched and supported Start-up India. The Start-up India project aims to create a robust environment that is supportive to the development of entrepreneurs. It strives to provide entrepreneurs with the tools they need to use innovation and technology to grow.
Numerous perks are offered to business owners launching start-ups in order to encourage growth and support the Indian economy. The Start-up India programme offers plenty of perks to start-ups that wish to launch their own companies in India.
ELIGIBILITY FOR REGISTRATION UNDER THE START-UP INDIA PROGRAMME:
The following requirements must be met in accordance with the Start-up India Action Plan in order to qualify as a start-up:
- Being established or registered in India for a period of up to ten years after that date.
- Is registered as a limited liability partnership, a partnership business, or a private limited company.
- Has not exceeded Rs. 100 crores in yearly revenue in any of the fiscal years since formation or registration.
- If it is a scalable company model with a great potential for creating money or new jobs, or if it is working toward innovation, development, or enhancement of goods, processes, or services.
WHY SHOULD YOU NOT WAIT TO GET REGISTERED?
The early stages of a start-up’s lifespan are when they are most susceptible to failure. These organisations frequently struggled to protect their survival from threats like government regulations. But with the help of Start-up India programmes, which loosen certain stringent rules, they are given a cushion against such turmoil. As of this now, start-ups are allowed to self-certify under nine labour and environmental rules.
Under the start-up India programme, companies will get a chance to connect with 50K+ start-ups across all sectors and levels. To allow the numerous stakeholders of a company to interact, the government has suggested holding two start-up fests yearly on both a national and international level.
Get the mentor your start-up needs
Start-ups get the opportunity to get trained and mentored by industry experts and experienced professionals who will give the much needed insight into the growth of the start-up.
Bid Adieu to taxes for 3 years
If start-ups obtain accreditation from the Inter-Ministerial Board, they will be free from income tax for three years (IMB).
Smooth application for Government tenders
Applicants seeking government contracts are not subject to the “previous experience/turnover” requirements that apply to regular businesses that respond to government bids.
Pick out the investor of your choice
After implementing this strategy, companies will have the freedom to select their investors from among the VCs.
Research and Innovation
Start-up India encourages individuals who envision themselves as entrepreneurs in the future to innovate and conduct research. The government is doing everything it can to help these people. For the purpose of conducting product research and development, the government is committed to creating seven new research parks. One of the key advantages of registering with Start-up India is accepting new concepts and innovation.