A startup is a freshly established business, usually small, founded by one or more people. With the revision to the Companies Act, India's corporate regime saw a wave of reforms. The launch of the Startup India program by the Government of India is a significant step forward. The benefits of the Startup India initiative are numerous, and it has played an important role in the development of India's entrepreneurship culture.
BENEFITS OF STARTUP REGISTRATION IN INDIA
It is a chance for job creation, income creation, and the promotion of indigenous industries. According to research by NASSCOM and Zinnov, India is the world's third-largest startup destination. Startup India is an attempt to create an ecosystem that fosters entrepreneurship. Startups are becoming increasingly popular in India. Prime Minister Narendra Modi's government has developed and sponsored the Startup India project, which aims to encourage entrepreneurs to create more jobs in the country. The Startup India project aims to build a strong startup ecosystem in India.
The Indian government has developed a program called Startup India to assist anyone who has a viable business idea. The campaign was first unveiled on August 15, 2015, during a speech by Indian Prime Minister Narendra Modi. A startup, according to the authorities, is an Indian company that was created less than ten years ago and has an annual turnover of less than Rs 100 crore (US$14 million). The Startup India initiative has various advantages such as:-
Various labor laws must be complied with by a company. A corporation is strictly liable for noncompliance. Startups are relatively new to the eco-systems, so they tend to neglect them.
Startups, however, have the option to self-certify compliance with nine labor and
environmental laws to reduce regulatory liability. If such an inspection is
conducted within three years, it will not be conducted again.
Under the Startup India scheme, startups are exempt from paying taxes for the first three years. A tax exemption is also available for cash received from incubators and angel investors. Startups can invest the money as they see fit and use it for expansion during the three-year tax exemption period. Tax relief is also available for up-front investments valued above fair market value. This is probably one of the most obvious benefits of registering under the Startup India scheme.
The Startup scheme in India consists of an incubator module. Public-private partnerships are supported in this module. It provides startups with the knowledge and support they need. . Currently, 118 incubators throughout India are fuelling the startup environment and assisting the startup ecosystem.
RESEARCH AND INNOVATION BENEFITS
This is one of the most crucial benefits of all. In addition, Startup India promotes entrepreneurial research and innovation among those with an aspiration to become entrepreneurs. A total of seven research parks are being planned. The parks will ensure that startups and students have access to research and development facilities.
The time is right for you to start your own business in India. Startup India offers numerous benefits that can help you start your own business.
TENDERS FROM GOVERNMENT
Government initiatives are based on monetary incentives as well as the chance of evolution. Because of the high degree of competition, no company can obtain government tenders. Companies that are self-certified, on the other hand, will be placed higher on the priority list when authorities issue tenders, allowing them to better establish themselves in the market.
CLEARANCE OF A SINGLE WINDOW USING A MOBILE APP
Businesses that qualify can register for Startup India using a single form, which is one of its advantages. The app is available for download on Android and iOS. Startups can register via a single form on the app. In addition to offering approvals, registrations, and filing compliances, this app offers a single-window clearance system. Starting a business has never been easier.
The initiative provides opportunities for companies to meet other startup stakeholders at a specific location and time. These gatherings are organized as festivals. These festivals are held twice a year.
The festivals are held on both a national and international scale. This gives entrepreneurs an excellent opportunity to not only seek finance but also to learn and improve by observing other startups. It also gives them a broader perspective on their daily activities.