Every entrepreneur feels like, working with a small kid while working on their dream project i.e. their startup idea. Every entrepreneur want to get all the facilities in order to grow their startup from a grounded level to a full-fledged company. During this period of growing a startup to a company, every govt. is providing all the needed facilities to a startup required by them.
Indian govt has also started the initiative to support the startups and provide them all the services and the benefits which are required by them. The govt. has given the name i.e. 'Startup India Initiative'. Let us see the complete story behind this initiative under the topic- 19 Startup India Benefits by Government for Every Aspiring Entrepreneur.
Startup India Benefits Program
Although, Startup India was launched by the Indian government on 16th January 2016. However, the aim of the program was to provide startup India benefits and celebrate the entrepreneurship spirit of youths in India. Moreover, the rate of office setups in India is at a different level, simply because the new generation is restless and also they’re socially active and tech savvy.
Likewise, Entrepreneurship in India is exciting and challenging as it provides an amazing experience. Similarly, this current generation doesn’t want to struggle in finding jobs and they do not want to sit on their butts. Even though, college students should be a little less enamored with startups than they currently are Indian environment has become more favorable and increasingly adaptable for college students to advantage of. Additionally, the startup culture has become the newest prestige class in the socio-economic echelon.
Startup India Benefits
Uniquely, the following should be the action plan for a start-up office and should comply these to take startup India benefits in India, in which the following must be included:
It’s an action point because of its reduction in regulatory liabilities. This will help the startup to get all the certification related documentations and many other things related to it very easily and all the other details easily, under a single roof without any problem.
2. Startup India hub
It helps the entrepreneur to exchange knowledge and access financial aid to kickstart their entrepreneurial journey. This is one of the important benefit which any startup gets as the economic factor is the one which helps a startup to revolve and move easily without any problem even any difficult situation of the life.
3. Register through an app
This includes an online portal, in the shape of a mobile application, which was launched to help start up foundations to easily register. Earlier, registration process takes a long time. This process use to be one of the hectic process and very time consuming also but now, the registration app has made the whole task very easy and that too without consuming too much of your precious time.
4. Patent protection
This system will help to promote awareness and adoption of the intellectual property right (IPR) by the startup offices to the aspiring entrepreneurs. This right helps in giving a protection or security to the entrepreneur from the side of its dream project as now, the project is now registered on the name of the single entity.
5. Rs. 10,000 crore fund
The life insurance corporation of India plays a major role in developing this corpus to give them great startup India benefits. This helps in giving a cover to the startup and to the entrepreneur by giving the benefit of an amount i.e. about Rs. 10,000 crores fund, depend upon the category and the future growth of a startup.
6. National credit guarantee trust company
It’s a national credit guarantee trust company with a budget of Rs 500 crore per year for the next four years to support the flow of funds to startups which is one of the major programmes by startup India to benefit entrepreneurs.
7. No capital gain’s tax
The same policy is being implemented on primary level investment in startups. This gives an edge to a startup over getting the maximum amount of fundings from their investors, without paying a single penny in the form of tax due to value addition to the startup.
8. No income tax for three years
The entrepreneur shouldn’t pay income tax for three years, which will make the startups grow in the future. This benefit helps a startup by giving the relaxation in the taxes. This helps a startup in minimizing the capital flow towards the govt. till a significant growth of a startup.
9. Tax exemption for investment of higher value
Investment of higher value than the market price should be exempt from paying tax. This is helping a startup to get a funding of bigger amount and that too very easy without any problem as, now they don't have to pay tax for it.
10. Building entrepreneurs.
There should be an annual incubator grand challenge to develop world-class incubators. This is just helping in increasing the amount of entrepreneurs and the successful startups and their businesses in the country.
11. At all innovation mission.
It should be launched to boost innovation and encourage talented youth. This innovation will help in creating new ideas related to the it and will create new jobs and other beneficial services for the citizens of the country
12. Setting up incubators.
There should be innovation centers at national institutes. The govt. is giving all the possible efforts in creating the incubator for the entrepreneurs which will help an entrepreneur to get all the facilities under a single roof and that too with a very low or minimized cost.
13. Research parks.
The government would set up an institute of technology on campuses with an investment of Rs. 100 crore each. These research parks will we some what working like the incubators only which will be provided will all the premium services and facilities which are required by any startup.
14. Entrepreneurship in biotechnology.
The government will establish biotechnology offices in the country.
15. Dedicated Programmes in schools.
The government will introduce innovation-related programs for students in school. For this, the govt. is now introducing the subject related to the startup and business. This will help in growing the mindset of the students towards the startup and so students will be going to bring some of the innovative ideas into existence with their hard work.
16. Legal support.
Legal support will be provided for new start-up facilities and other official documents will be given. This can be very beneficial for a startup in its initial stages.
A rebate that will amount to 80% will be provided. 80% of any tax is a huge amount which a startup can invest on its growth. This rebate is there when, any startup is is paying a huge amount of taxes and so, such startups are given the relaxation in the form of 80 % of rebate.
18. Easy rules
Public procurement and rules of trading have been simplified for the startups. The govt. has simplifies all the rules and regulations of any startups which can help a startup in easy business during its initial period.
19. Faster exits
If they fail again the government will provide an easy way out. This will help the entrepreneur to get an easy exit without any problem and so, this makes an easy entry and easy exit for an entrepreneur for his or her startup.