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Programs like Startup India have turned India into a global hub for entrepreneurs. The Government of India launched Startup India in 2016 to provide financial support, tax incentives and other incentives for upcoming entrepreneurs. If you are an aspiring entrepreneur, understanding Startup India registration may be a significant step towards your entrepreneurial goals. This article covers everything you should know about Startup India registration including its merits, prerequisites and process of application.
Startup India registration avails a plethora of benefits that can be used by any budding startup as an advantage over their competition. Below are some major benefits:
Among others, one of the most attractive aspects of registering with Startup India is that you get tax breaks. Therefore, for three years startups that register under this scheme are allowed income tax holidays for the initial ten years after certification. The presence of such exemptions on tax made them very important especially to new firms since they facilitate growth through reinvestment of their own profits into the same businesses.
With easy compliance processes, new enterprises do not have to face too many rules and regulations imposed by the Indian government anymoreNow, under labor and environmental laws, startups may self-certify for the purpose of reducing red tape and time saving.
By creating a Fund of Funds, which directly invests in Alternative Investment Funds (AIFs) by the government, entrepreneurs are provided with financial assistance. Thus companies can expand their operations without necessarily borrowing at high interest rates due to this available financing.
For registered startups, the government provides expedited scrutiny and a rebate on filing patents, trademarks and designs. As a result, this would greatly reduce costs related to IPR while at the same time fast-tracking its processes.
Registered startups get access to events that bring together investors, mentors and others in their sphere. Through this sort of networking one may find partnerships or collaborations worth millions.
Before going through the Startup India registration, it’s important to understand who can apply. Your business must fulfill these requirements:
Only private limited companies and partnership firms are eligible for this program. Sole proprietorships or public companies will not qualify under these terms at all.
The business should be incorporated within the last ten years before applying. Earlier it was just five years but now this term has been extended so that more startups could come into existence.
The turnover of the firm must not be more than INR hundred crores in any financial year since it was incorporated. This cap ensures that the benefits are availed by genuinely emerging startups.
A startup must strive towards innovation, development or improvement of products or services. The business model should be scalable and have the potential for growing employment opportunities and creating wealth.
The business should not have been formed by splitting up or reconstructing an already existing business. This clause ensures that only genuinely new startups benefit from the initiative.
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Now that you are conversant with the criteria and advantages of being a member this is the right time to start with the rainy day actions. To register your start-up in accordance with the startup India initiate, follow these steps:
As regards to favoring Startup India, registration of entrepreneurs who want to venture into Indian markets are improving due to funding support, tax incentives and simpler compliance procedures that can translate fresh ideas into thriving businesses. If you have a unique business proposal that can stimulate innovation as well as development, it is always good to register through Startup India and make use of the wide range of opportunities and resources at your disposal. You could become the next big success story in India!
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