India has become a rising Startup Hub, with more and more entrepreneurs getting attracted to this new culture, Government is also trying it’s best to keep this vertical very lucrative.
Here are 10 startup benefits by GOI, That will explain the rising popularity of startups in India.
- Easy Registration
Government of India has launched a mobile app and a website for easy registration for startups. Anyone interested in setting up a startup can fill up a simple form on the website and upload certain documents. The entire process is completely online.
- High discounts of IP
Startup’s registered with Government of India under any of the program like Startup India, Istart etc, can enjoy upto 80% discounts on registrations of Intellectual property.
- Access to Startup Funds
A 10,000 crore rupees fund is set-up by government to provide funds to the startups as venture capital. The government is also giving guarantee to the lenders to encourage banks and other financial institutions for providing venture capital.
- 3 Years of TAX exemption
Startups will be exempted from income tax for 3 years provided they get a certification from Inter-Ministerial Board (IMB).This is one of the most lucrative benefits out of the 10 startup benefits by GOI
- Apply for tenders
Startups can apply for government tenders. They are exempted from the “prior experience/turnover” criteria applicable for normal companies answering to government tenders.
- R&D facilities
Seven new Research Parks will be set up to provide facilities to startups in the R&D sector
- No time-consuming compliances
Various 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 labor and 3 environment laws (for list of white industries which are eligible under self-compliance – click here” )
- Tax saving for investors
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.
- Choose your investor
After this plan, the startups will have an option to choose between the VCs, giving them the liberty to choose their investors.
- Easy exit
In case of exit – A startup can close its business within 90 days from the date of application of winding up
With all these amazing features, I am sure you could now go ahead with your startup registration without a second thought.
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